Research On The Influence Mechanism Of Technological Diversification On Firm Performance In Manufacturing Enterprises

With the rapid development of knowledge economy and the intensification of market competition,science and technology have become the key factors affecting the sustainable development of enterprises.In the complex and changeable competitive environment,more and more enterprises realize that relying only on a single technology and high-quality products cannot guarantee the long-term development of enterprises.The diversified technological strategy has become an important way for enterprises to cope with market changes,promote innovation and obtain long-term competitive advantages.It is necessary for enterprises to study how to implement technological diversification strategy to improve their competitive advantage and corporate performance.This paper reviews domestic and foreign literature on technological diversification,product diversification,business model and firm performance,analyzes the impact of relevant and unrelated technological diversification on firm financial performance and innovation performance,and explores the mediating role of product diversification between technological diversification and financial performance,as well as the moderating role of novel business model.This paper divides the dimensions of research variables,constructs a reasonable index system,and puts forward corresponding assumptions on the basis of theoretical analysis.A total of 126 Shanghai and Shenzhen A-share manufacturing enterprises with relatively complete information disclosure were selected as the research samples.The data were collected from CSMAR and the National Intellectual Property Administration.The research data period was from 2015 to 2019,and the fixed effect model of Stata16.0 was used for empirical analysis.Taking Gree Electric Appliances as the research object,longitudinal case analysis is carried out to verify the research conclusions of this paper.The results show that: Related technological diversification positively affects the financial performance;Unrelated technological diversification negatively affects the financial performance.Related technological diversification positively affects innovation performance;Unrelated technological diversification positively affects the innovation performance.Product diversification plays a partial mediating role in the relationship between unrelated technological diversification and financial performance.Novelty business model positively moderates the relationship between related technological diversification and financial performance;Novelty business model positively moderates the relationship between unrelated technological diversification and financial performance.This paper enriches the related research on technological diversification and firm performance,and expands the mediating factors and situational factors of technological diversification affecting firm performance.According to the empirical research results of this paper,the corresponding countermeasures and suggestions are obtained to guide enterprises to develop the technology diversification strategy reasonably.Enterprises should have a clear understanding of innovation direction and technology positioning,choose different technology diversification modes according to their own characteristics,rationally allocate innovation resources,and better enhance competitiveness and enterprise performance.