Abstract: There are remarkable differences in firm's characteristic and industry characteristic between high-correlative and low-correlative industry transition.the better the enterprise performance,the higher the proportion of state stock,the smaller the management risk,the richer the practicality assets,immaterial assets and external funds is,the listed companies will trend to choose high-correlative industry transition.On the contrary,the listed companies will trend to choose low-correlative industry transition.

Key words: firm’s characteristic, industry characteristic, transition style, industry transition

摘要： 选择强相关型转型和弱相关型转型的企业在转型之前,其公司特征和行业特征存在显著差异。公司业绩越好,国有股比例越高,公司规模越大,经营风险越小,实物资产、无形资产和外部资金越丰富,越倾向于进行强相关型产业转型;反之,则倾向于进行弱相关型产业转型。

关键词: 公司特征, 行业特征, 转型类型, 产业转型