理论建模和实证分析表明,在股票市场资源配置缺乏效率的情况下,多元化经营对上市公司的市场价值和生产效率具有不同影响。多元化经营最大化了市场价值,但却显著降低了生产效率。这一发现揭示了新兴市场下多元化经营有着自身特点,它体现出一种市场机会主义的短视行为,并由此导致了公司投资扭曲和长期绩效损失。 Theoretical modeling and empirical analysis show that in the absence of efficient resource allocation in the stock market, diversification has different effects on the market value and production efficiency of listed companies. Diversification maximizes market value but significantly reduces productivity. This finding reveals that the diversification of emerging markets has its own characteristics, which reflects a short-sighted behavior of market opportunism, resulting in distorted investment and long-term performance loss.