過去文獻皆討論多角化策略如何影響企業經營績效，但企業可能為了因應經營績效不佳或外部環境的改變，而欲透過多角化策略來增加其獲利率，和延續企業生命。故本研究試圖利用生命週期的概念，探討企業經營績效與多角化策略之關係。此外，本研究也試圖找出一個較簡便且正確的生命週期分類模型，期能提供後續研究之用。

在生命週期分類模型方面，根據可靠性與有效性之驗證，使用企業年齡、企業規模、企業員工數、銷售成長率、負債比率、現金股利發放率、資產報酬率以及資本支出比率八變數為較佳之分類模型。

本研究實證結果也發現，在不同生命週期下，企業經營績效與多角化策略有不同的影響關係。在成長期，由多角化策略影響企業經營績效，且為負向關係。原因可能為成長期企業營運尚未完全穩定，應專注於本業，而不應該分心投入於其他事業。在成熟期，由企業經營績效影響多角化策略，且為正向影響。這是因為當企業經營績效越高時，就越有能力進行多角化策略。在衰退期時，則由多角化策略影響企業經營績效，且不同策略類型對經營績效有不同方向的影響。若公司採取相關多角化策略，將會減損企業經營績效；若公司採行非相關多角化策略，則會增加企業經營績效。

In most relative references, they were based on an assumption that the diversification affects the performance. But corporates may take the stragety of diversification just because the low performance or the change of environment. This research tries to find out a convenient and applicable model of corporate life-cycle, and to explain the relationship between the performance and diversification.

According to reliability and validity, this paper select more applicable model which contains corporate years, scale, employees, sales growth rate, debt ratio, dividend payout rate, return on assets and capital expenditure to divide the corport life-cycle into three groups.

This paper finds out the firm in the different life-cycle stage have the different relationship between corporate performance and diversification. In the growth stage, it would be that the diversified strategy affets the corporate performance negatively, so firms in this stage should focus their core business. In the maturity stage, it would be that the corporate performance affets the diversified strategy positively. This means that firms with higher performance have higher capacity for diversifying their business.In the decline stage, it would be that the diversified strategy affets the corporate performance, but types of diversification decide the level of the performance. When firms take relative diversification in, it would decrease the performance; when firms take unrelative diversification in, it would increase the performance.

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