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中文摘要：
本文从证券分析师关注度的视角，以2007至2011年我国A股上市公司的1930个观测对象为样本，研究了多元化战略对企业资本市场价值的影响路径，以及这种路径下实施多元化战略的上市公司其市场价值偏离基本价值的机制。研究结果表明，上市公司的非相关多元化对企业价值有负向作用，且证券分析师关注度在这种负向作用中发挥了部分中介效应，从而使得市场价值在基本价值的基础上存在向下偏离；相关多元化对企业价值有正向作用，且证券分析师关注度在这种正向作用中发挥了部分中介效应，从而使得市场价值在基本价值的基础上存在向上偏离。这一结论不仅拓展和深化了有关多元化战略对企业价值影响研究的理论框架，同时为上市公司、证券分析师和投资者的决策也提供了新的依据。
英文摘要：
From the perspective of security analyst coverage, this paper uses 1930 A-share sample listcos in 2007-2011 to study how the diversification strategy affects a company＇s value in the capital market. The results show that unrelated diversification strategy has a negative effect on enterprise value, and security analyst coverage plays a mediating role in the process, which in fact drags a listco＇s market value down from its basic value. Related diversification strategy has positive effect on enterprise value, and the security analyst coverage plays a mediating role in the process, which in fact drives a listco＇s market value above its basic value. This conclusion not only expands the research framework of the relationship between diversification strategy and enterprise value in theory, but also provides new decision evidence for management, analysts and investors in practice.
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