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1、ABSTRACTThispaperaimstoprovideareferenceforthedevelopmentstrategyofmiddleandsmall-sizedenterprises(SMEs)bystudyingenterprisediversificationaswellastherelationshipbetweendiversificationandgrowthofSMEsinChina'slistedcompanies.ForthedefinitionofSMEs,thisarticleisinreferencetoforeignexperienceandourco
2、untry’sownclassificationstandardonSMEs.Firstofall,onthebasisofthereviewofdomesticandforeignliterature,thispaperdescribesthegrowththeoryanddiversificationtheoryofSMEsaswellasthecurrentsituationoftherelationshipbetweenbusinessgrowthanddiversification,andthenitmakesatheoreticalanalysisfromtheperspect
3、iveofthediversification’simpactonthebusinessgrowth.Secondly,whenevaluatingthegrowthofthecompany,itadoptsapproachesoffactoranalysisandprincipalcomponentanalysis(pca),andmakesacomprehensivestudyfromthefouraspects:profitability,scaleexpansionability,operationcapacityandcashflowgrowthability.Thispaper
4、chooses136smallbusinessesassamplewhichlistedbeforeDecember31,2012.Byempiricalresearching,itfoundtheparticularityofdiversificationdegree,andrevisedtheRumeltspecializationratio’sdivisionstandardondiversifiedtypes.ItalsodeterminesspecializationratioandHerfindahlindexasameasureofenterprisediversificat
5、ionapproach.Finally,intheempiricalanalysispart,thispaperusesthedescriptivestatisticalanalysisandregressionanalysisinordertocomparethedifferentdegreeofdiversificationforthegrowthofSMEs.Besides,itsegmentsspecificallyofthediversityofdifferenttypes,includingoveralldiversification,relateddiversificatio
6、nandunrelateddiversification.andthenitrespectivelyanalyzedtheirinfluenceonthegrowthofSMEs.Theresultsfromregressionanalysisareasfollowing:First,forsmallandmedium-sizedenterprises,thehigherthedegreeofdiversification,thelowertheenterprisegrowth;Second,unrelateddiversificationandcorporategrowthwasnega
7、tivelycorrelated,andtheimpactofrelateddiversificationandspecializationonbusinessgrowthisuncertain.Forrelateddiversification,itisconducivetotheformationofscaleeffect,thusmoreconducivetothedevelopmentofenterprisesb
