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| Technology Diversification, Innovation Openness and Enterprise Performance |
| Zhang Liao,Huang Leiqiong |
| （School of Economics，Hangzhou Dianzi University，Hangzhou 310018，China） |
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Abstract 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.
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Received: 31 October 2019
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