The Dynamic Impact of Diversification Strategy Based on Enterprise Scale Threshold on the Business Performance of Sports Enterprises

Using the panel data of 20 sports enterprises in China from 2018 to 2023 and using SYS-GMM model to overcome the endogenous problem of diversification, this paper discusses the dynamic impact of diversification strategy on the business performance of sports enterprises, constructs a dynamic threshold model, and analyzes the nonlinear relationship between diversification strategy and business performance of sports enterprises under different business sizes. It is found that under the condition of controlling the endogeneity of diversification, there is a premium effect on the impact of diversification strategy on business performance of sports enterprises; The interaction term between business size and business diversification index is included, and there is a trend from diversification discount effect to diversification premium effect; The regression results of the dynamic threshold model show that there is indeed a phenomenon that the diversification discount effect has changed into the diversification premium effect, and compared with sports service enterprises, sports goods enterprises need a larger business size to implement the diversification strategy.