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中文摘要：
本文系统收集整理了2002～2004年887家A股上市公司的行业收入构成和相关财务数据，研究多元化与公司绩效的关系，并基于代理成本理论，研究股权结构对多元化与公司绩效关系的影响，以探讨多元化损害或提高公司绩效的原因。研究发现：第一，总体上，多元化损害了公司绩效，并且多元化程度越高，公司绩效越差；第二，多元化对公司绩效的影响程度与多元化相关性有关；第三，多元化对公司绩效的影响程度与控股股东股权性质无关，与控股股东持股比例有关。本文认为，代理问题是导致多元化损害公司绩效的原因。
英文摘要：
The paper collected and processed the industrial income composition and relative financial data of 887A-share listed companies from 2002 to 2004, and studied the interaction between the diversification and companies＇ performance. Moreover, the paper studied the impact of ownership structure on the interaction between diversification and performance based on agency theory, and explored the reason whether the diversification will decrease （or increase） the performance of companies. The results are as followings： first, in general, diversification decreased the companies＇ performance and the higher degree of diversification, the poorer the performance. Second, the impact of diversification on performance depends on the relatedness of diversification. Third, the character of controlling shareholder has no impact of diversification while the stake of controlling shareholder has. The paper pointed out the agency problem should be the cause of the negative correlation between diversification and performance.
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