Research On The Influence Of Innovation Performance On Enterprise Diversification Strategy Choice

At present,the "innovation-driven development strategy" advocated by our country has become an important guide for the development of science and technology,and is regarded as an important strategic support for improving social productivity and comprehensive national strength.Considering the changes of the times and the market,innovation has become an important driving force for enterprises to gain competitive advantages,occupy the market ecology,and promote transformation and upgrading,and its position in enterprise development has become increasingly prominent.Diversification strategy is also an important strategic means in the development of enterprises.There are many influencing factors and driving variables about the diversification strategy of enterprises.According to the theory of enterprise innovation,resource-based theory and internal capital market theory,innovation is an important resource in enterprises.Ability has a certain influence on the strategic decision-making of enterprises.In view of this,this study takes my country’s listed companies as sample objects to explore the relationship between corporate innovation performance and diversified strategic choices,in order to provide practical reference for companies to formulate future strategies.This paper first reviews the relevant domestic and foreign research status according to the two aspects of enterprise innovation and enterprise diversification development,and finds that there is a lack of research on the impact of innovation performance on the choice of enterprise diversification strategy.Secondly,this paper sorts out the concepts,influencing factors and measurement methods of innovation performance and enterprise diversification strategy respectively,and summarizes the ideas and viewpoints of innovation theory,resource-based theory and internal capital market theory,and puts forward some ideas about innovation performance and enterprise diversification strategy.Four hypotheses on the relationship between corporate diversification strategy choices and the moderating effects of profitability,corporate age,and inventory-to-total asset ratio.Next,after screening and comparing the completeness and accuracy of the database,this study chooses to conduct empirical research based on the data of China’s A-share listed companies from 2011 to 2017.According to the research results,innovation performance significantly affects the decision-making of enterprises in diversification strategy:the improvement of innovation performance level will make enterprises more likely to choose diversification development strategy;the relationship between profitability and innovation performance and diversification strategy choice Played a negative moderating role,weakening the impact of innovation performance on corporate diversification strategic choice;corporate age played an interfering role in the relationship between innovation performance and diversification strategic choice;The relationship between corporate diversification strategic choices will have an inhibitory effect.In the further analysis of this study,the sample data were grouped,and the conclusion was drawn through empirical research,that is,in enterprises with state-owned properties,high financial leverage and high return on invested capital,the impact of innovation performance on the formulation of corporate diversification strategies Be more covert.The research innovations of this paper are mainly reflected in the expansion of the research on the subsequent impact of innovation performance and the motivation analysis of corporate diversification strategic choices.In addition,this paper uses relative innovation performance to measure corporate innovation capabilities,that is,the relationship between corporate innovation levels and industry innovation levels.The gap can more objectively reflect the level of enterprise innovation performance in the industry,and better analyze the impact of innovation performance on the enterprise’s choice of diversified business strategies.The research results of this paper can promote enterprises to pay attention to enterprise innovation performance and diversified strategic choices,and make research and analysis on some factors that may affect the relationship between the two,and promote enterprises to uphold the concept of sustainable development and make more beneficial enterprise value maximize strategic decisions.