過往將研究重點放在多角化策略對績效的影響，然後隨著新興市場的崛起，一些研究指出，不同於的已開發國家的外部環境，採取相同多角化策略可能會導致不同的績效表現。
因此，本研究選擇台灣與中國作為已開發國家和新興國家的樣本來源代表。接著，本研究比較採取相關多角化策略以及非相關多角化策略在台灣與中國的績效表現，並檢視是否因為國家經濟發展程度不同，帶給公司績效表現較好的多角化策略也不相。此外本研究考慮到最佳的多角化策略可能因產業不同而改變，因此本研究將樣本限縮於單一產業，即食品與飲料產業。
實證結果顯示相關多角化策略帶給中國該產業較好的績效表現且此績效表現顯著優於採取相同策略的台灣公司。此外非相關多角化則帶給台灣該產業較好的績效表現且此績效表現顯著優於採取相同策略的中國公司。本研究建議因為經濟外部環境的不同，像是產品市場不同、政府與企業之間的關係不同與金融市場不同等等，因此即使屬於同產業的公司，在決定採取相關多角化策略或是非相關多角化策略時，不僅得考慮公司內部因素像是財務狀況，且得考慮外部環境的因素。

Previous studies focus on the effect of different diversification strategies on performances. With the prosperity of emerging markets, some studies points out that because of the different external environments, the same diversification strategy may results in the different performances in different economic markets.
Therefore, this article chooses Taiwan and China as the representatives of developed markets and emerging markets. Then, this article compares corporate performance of different diversification strategies across different economies and examines which diversification strategies for different stages of development in economies can foster better corporate performance and steward corporate. Additionally, this article considers that the best diversification strategy may differ from different industries. Therefore, this article only focuses on single industry, food and beverages industry.
Our Empirical results shows that related diversification brings better performances for firms in China and its performances is better than firms taking the same strategy in Taiwan . Unrelated diversification brings better performances for firms in Taiwan and its performances is better than firms taking the same strategy in China area. This study suggests that because of those differences such us market of products, the relationship between business and government, financial market, even though firms are in the same industry, they should not only consider their internal factors such as financial condition but those external factors when they decide to take the strategies of related diversification or unrelated diversification.

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