技术多元化、创新开放度与企业绩效 ——来自我国制造业上市公司的证据

从理论上分析技术多元化对企业绩效的影响，着重探讨创新开放度在其中发挥的作用，并利用沪深两市高技术上市公司2004-2018年面板数据进行实证分析。研究表明，技术多元化与企业绩效间呈现倒“U”型关系，技术多元化水平上升对企业绩效的影响在创新开放程度较高环境中被进一步放大。据估算，企业创新开放度每提高10%，技术多元化程度上升对企业绩效的影响将增加0.011个百分点。此外，企业技术多元化战略经营绩效提升作用具有明显的技术密集属性和行业产权结构属性差异，高技术密集型企业技术多元化水平每提高1%，企业经营绩效水平将实现高达0.052 4%的攀升幅度，且低国有化企业实施技术多元化战略的效果明显优于高国有化企业。

Technology Diversification,Innovation Openness and Enterprise Performance

This paper theoretically analyzes the influence of technology diversification on enterprise performance and emphatically discusses the role of innovation openness in it.The panel data of high-tech listed companies in Shanghai and shenzhen from 2004 to 2018 are used for empirical analysis.Research shows that technology between diversification and corporate performance appears inverted "U" shaped relationship, technology diversification level rising influence on enterprise performance in the environment of the high degree of innovation and opening to be amplified, an estimated 10% increase in openness, enterprise innovation lead to rising technology diversification effects on enterprise performance increased by 0.011%.In addition, the improvement of business performance of enterprise technology diversification strategy has obvious differences in the attributes of technology intensive and industrial property right structure.Every 1% increase in the level of technology diversification of high-tech intensive enterprises leads to an increase of up to 0.052 4% in the level of business performance.But the effect of implementing technology diversification strategy in low nationalization enterprises is obviously better than that in high nationalization enterprises.