Fig. 2 inversed results for shallow invasion .

图2浅侵人地层的反演结果。

We find that state-owned equity is negatively related to corporate diversification , that corporate equity is related to diversification in inversed " u " pattern , that tradable equity is negatively related to diversification , that equity concentration , institution equity percentage and management equity percentage are negatively related to diversification .

我们发现，国有股权与公司多元化程度呈现负相关关系，法人股与多元化程度呈倒u形曲线关系，流通股与多元化程度呈正比例关系；股权集中度、机构持股比例和管理层持股与多元化程度呈负相关关系。