中文摘要：

国有企业多元化战略选择具有自身的逻辑,主要取决于合法性作用机制。在地方市场分割情境下,中央政府尤其是地方政府构成了国有企业最重要的内部与外部的制度压力来源,企业高管也是国有企业重要的内部制度压力来源;中央企业选择区域多元化或者相关多元化具有内外部合法性,而地方性国企选择区域内的业务多元化战略具有内外部合法性,这种合法性的差异导致了中央企业与地方性国企多元化战略选择的差异。

英文摘要：

The diversification strategy of state-owned enterprise has its own logic,and mainly depends on the legitimacy mechanism.This paper shows that the central government and especially local government constitute the most important internal and external sources of institutional pressure on the state-owned enterprises under the context of local market segmentation,and the corporate executives are also important internal sources of institutional pressure.Thus,central enterprises tend to select the regional diversification or related diversification,while local state-owned enterprises tend to select the business diversification strategy under the internal and external legitimacy institutional pressure.In the other words,the differences of legitimacy institutional pressure leads to diversification strategy selection differences between the central and local state-owned enterprises.