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1、RESEARCHONTHERELATIONSHIPBETWEENENTERPRISESANDGOVERNMENT,DIVERSIFICATIONOFINVESTMENTANDITSECONOMICCONSEQUENCESABSTRACTDiversificationstrategyisacommonphenomenonamongthelistedcompaniesinourcountryunderthebackgroundoftransitioneconomics.However,diversificationstrategyindiffer
2、enttypesofcompaniesleadstodifferenteconomicconsequences.Whereinthedevelopedareas,wearemorelikelytoseethediversificationstrategyplaysanimportantroleintheprivatelistedcompanyandleadstogoodperformance.Onthecontrary,itiseasiertosaythebadperformanceandthenegativeimpactwhichcause
3、bythediversificationstrategyinthestate-ownedlistedcompaniesintheunderdevelopedareas.Howdidthishappen?Inthispaper,we'dliketoanswerthisquestion.Wewillstartfromtheperspectiveofmotivationbehavior,takingthebackgroundofourcountrysystemunderconsideration,combingwiththeagencytheory
4、,diversifiedinvestmenttheoryandgovernancetheorytodeeplyanswerthisproblem.Inthispaper,wechoosethelocallistedcompaniesastheresearchobjects,wealsousethetheoreticalanalysisandempiricalresearchmethodtostudythedifferenteffectofdiversificationstrategyaffectedbygovernmentinterventi
5、onindifferenttypesofcompanyanddifferentareas.Wefindoutthattheeffectdependsontheinvestmentbehaviorofthecompany,whenenterprisestaketheinitiativetochoosediversification,businessperformancewillbeimproved,whenaffectedbythegovernmentandenterpriseinthepassivediversificationoftenle
6、adstodiversificationdiscounteffect.Amongit,relationshipbetweengovernmentandenterpriseshavesignificantregulationeffect.Themorestrongeroftherelationship,thehigherdegreeofdiversification,besides,therelationshipwillincreasethepremiumordiscounttheeffectofdiversification.Specific
7、allyspeaking,wheninthedevelopedareas,theprivateenterpriseshastheleastlikelytothegovernmentintervene,andthestrongeroftherelationshipcanbringsignificantdiversificationpremiumeffect.Whenintheunderdevelopedareas,thestate-ownedenterpriseshasmorelikelytothegovernmentintervene,and
8、thestrongeroftherelationshipcanbringsignificanteffectofpassivediversificationdisco
