中文摘要：

利用2000年-2008年企业面板数据，分析中国多元化经营的上市公司会出现会计业绩与市场业绩相背离的现象，即市场业绩折价而会计业绩溢价。这种业绩背离的现象可能是上市公司盈余管理的结果。

英文摘要：

Different from the previous studies, the paper finds that enterprises of diversification strategy experience the deviation between corporate accounting performance and market performance. By a horizontal comparison, enterprise diversification destroys market per- formance but has no significant effect on accounting performance. If compared vertically, enterprise accounting performance increases but market performance decreases when the degree of diversification boosts up. Further analysis shows that the deviation phenomenon is the result of earnings management.