中文摘要：

以2002-2006年实施多元化战略的集团公司为研究对象，利用分层线性模型的实证检验结果表明：母公司显著地影响了上市子公司的经营绩效，反映了母公司对多元化战略实施的重要作用。但通过进一步分析发现，对于实施非相关多元化战略的集团公司而言，母公司对子公司的干预更具有价值性，结果多元化集团中的母合优势分析支持了“母合优势”理论；而对于实施相关多元化战略的集团公司而言，母公司的干预会损害子公司的经营绩效。

英文摘要：

Based on the group companies those implemented diversified strategies in 2002 through 2006, the result of the empirical tests with the hierarchical linear model shows that the differentiation of parent companies has significantly explained the differentiation of business performances between listed subsidiaries. The conclusion indicates the importance of parent companies on the diversified strategies. However, the effects of parent companies on subsidiaries are more valuable for the group companies which have implemented unrelated diversification strategies, which is consistent with the Parenting Advantage theory, while the interference of group parent companies which posses nothing but related businesses impairs the business performance of subsidiaries.