为分析多元化经营对公司价值产生影响的传导路径,国外学者越来越关注多元化经营对R&D投入的影响。以R&D投入作为影响公司价值的内在机制,探索不同多元化经营类型对公司R&D投入的影响,结果发现:非相关多元化战略时公司的技术创新活动有显著的抑制作用,而相关多元化战略显著地促进公司的技术创新活动。
In order to analyze the transmission mechanism of diversification influencing finn value, the foreign scholars are increasingly concerned about the influence of diversification on R&D expenditure. This study considers R&D expenditure as the internal mechanism influencing firm value to find out how the different types of diversification influence it. Empirical evidence shows that unrelated diversification significantly restrains the innovation activities while related diversification significantly promotes the innovation activities.