20世纪90年代末，管理层收购作为探索我国国有企业产权改革的一种方式，被引入中国。管理层一旦掌握了决策控制权，就会重新设计内部管理机制、整合业务，提高企业竞争力，从而取得远远优于原先的股东回报。多元化经营作为向外扩张的重要手段和企业价值密切相关，也和公司治理有紧密联系，有学者发现高管激励和监管水平对多元化水平有显著的影响，而在实施了管理层收购的上市公司中对高管的激励又显著区别于普通上市公司，因此研究管理层收购和多元化变动的关联关系是十分必要和重要的课题。
本文以激励强度假说这一视角为出发点，以1999-2004年实施管理层收购的公司和对照类上市公司为研究对象，考察了管理层收购和多元化变动的关联性:
首先,考察多元化变动对于管理层收购的影响，建立了Logistic回归模型来考察多元化变动对于管理层收购的预测能力；
其次，考察管理层收购对于多元化的影响，以激励强度假说为理论基础，通过比较管理层收购公司和没有进行管理层收购的公司在多元化程度和方向上的变化，考察管理层收购对于多元化变动有没有显著影响；
通过这些分析，得出研究结论：多元化的程度和方向变化对是否实施管理层收购有一定的预示作用；由于激励方式和激励强度的改变，管理层收购对多元化有显著影响。

In 1990s,MBO has been brought to China as a way of reforming the ownership of state-owned enterprises.Once the managers has the control right of deciding,they will redesign the internal-management mechanism and readjust the operations to enhance the competitive ability of their enterprises.By doing so,they could get much more reward than the original shareholders.Diversification is closely related to the value and governance of a company as it is an important way to expand.Some scholars find that the incentive to managers and supervision level have a remarkable effect on diversification level.Unlike others,the incentive to managers in MBO listed companies is much higher and special. So it is necessary to study the relationship between MBO and diversification.
This paper is started from the incentive-intensity hypothesis. Sample of this paper includes the MBO and the matched non-MBO listed companies from 1999 to 2004,then we analysed the relationship between MBO and change of diversification:
Firstly,we establish a Logistic model to analyse if change of diversification has some impact on MBO and if the change of diversification is a predictor of MBO.
Secondly,we test the effect of MBO on diversification.This part includes is to test if MBO has a remarkable effect on change of diversification according to the incentive-intensity hypothesis.
Lastly,we conclude the extent and direction of diversification could be a predictor of MBO to some degree, change of incentive has made managers to readjust diversification in order to increase the value of their companies.