The Influence of Diversification on Performance of State-owned Enterprises: An Empirical Study Based on Panel Threshold Model

摘要

The Panel Threshold auto-regression model has been used in this paper to study on Threshold Effect between diversification and performance of state-owned enterprises, and test whether there is an optimal threshold value of diversification index which cause more than two interval relationships of corporate performance that appear vertical asymmetric due to diversification effect. Empirical study shows that there is a double Threshold Effect between diversified index and corporate performance, in which, all interval influence coefficients are negative, that is, the promotion of diversification to corporate performance appears a gradually accelerating tendency.