国有企业与家族企业的股权集中度对公司多元化的影响

his paper examines the impact of ownership on corparate diversification. While ownership concentration has received considerable attention from internal capital market theory and defense hypothesis this paper argue that a more nuanced analysis is necessary. This paper consider how the identity of owners moderates the impact of ownership concentration on diversification strategies. Based on a study of 451 China's public companies in manufacturing industry we show that family ownership concentration has a positive impact on corporate diversification and state ownership concentration has a negative impact on corporate diversification. This is the first study to explain how ownership concentration and identity interact and affect corporate diversificaton in China.