| Research on effects of diversified management on corporate innovation performance is the focus in the field of strategic management.Since 1950s,the controversy about diversification is always massive,especially among foreign scholars.In recent years,the study of diversification in China has also been deepened,while no consensus has been drawn yet.Diversified premium,diversified discount and diversified neutral theory are supported by some scholars.That's because most scholars study the impact of diversification on enterprise performance.However,the factors influencing diversification strategy are very broad,and different conclusions can be drawn when different factors emphasized.The existing research has not been yet the correlation among diversification strategies and the functional mechanism of the enterprises innovation performance enterprises.Is the three diversifications complementary relationship or substitution relationship?What is the difference of the impacts of the three diversifications on corporate performance?And how does the functional mechanism work?All of these questions need further research.This paper attempts to introduce the production efficiency as the intermediary variable to explore the functional mechanism of the diversification of China's listed companies in the enterprise innovation performance.It has a useful attempt to explore the "dark box" which affects the innovation performance of enterprises.Based on the previous literature on the production efficiency,this text proposes that the process of improving production efficiency is to get the maximum output with the rational allocation of tangible resources and the proper application of intangible resources.At the same time,this study introduces the securities analyst attention as the regulation variable,and then explore the regulation effects of the securities analyst attention on the degree of diversification and the productivity of the enterprise.This study takes data from 310 listed companies in the manufacturing sector as the samples,which are non-ST share manufacturing companies listed on the Shanghai stock exchange.In this study,with the help of STATA13.0 software,a linear regression model is used to analyze the relationship between diversity degree and corporate innovation performance under the condition of the attention of different securities analysts.Besides,mediating effects of cost efficiency and technical efficiency on diversification degree and enterprise innovation performance are examined.The results show that the degree of diversification has a significant positive effect on corporate innovation performance,and both of the cost efficiency and the technical efficiency are mediating the relationship between diversity and innovation performance.However,the intermediary relationship will be different affected by the attention of enterprise securities analysts.The relationship between diversity degree and cost efficiency is adjusted by the attention of corporate securities analysts.In the end,we summarized the research value of this study,based on the results of the empirical study.It proposes corresponding strategy adjustment suggestions for the current diversified enterprises in manufacturing industry,to make diversified manufacturing industries less likely to take a road to building a powerful nation and make meaningful contribution to the transformation and development of China's manufacturing industry. |
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