资源赋存量大的特点，使煤炭成为我国主要能源消费，作为基础能源，对其如何有效开采和利用问题历来受到高度关注。“十三五”时期我国执行强有力的去产能政策，煤炭市场进入平稳运行阶段，但从长远来看，煤炭能源消费增速持续下滑、煤炭领域供给侧改革政策的深化落实、进口煤和新能源等替代清洁能源的发展、储能技术的进步、人们对环境保护观念的增强，这些因素都会影响到煤炭市场的不稳定，需引起我们的高度关注。能源革命进程加速推进，我国煤炭企业须放弃传统的单一化经营模式，实行多渠道、多元化发展模式。同时，应重视科技创新在生产、应用过程中发挥的积极作用，提高科技成果转化的速度。 本文基于煤炭企业中普遍采取多元化经营战略的背景，结合目前国内外相关文献研究现状，对多元化战略、研发活动与企业绩效进行综合分析和研究，尤其对研发投入的传递路径及作用机制进行分析解释。以截止2016年底在我国A股上市的煤炭企业2011-2016年的数据为研究样本，利用线性回归法分析变量之间的内在关联性，利用路径分析方法解释影响轨迹。 回归结果显示：多元化对研发活动投入和长期绩效的影响均表现为显著正向性效应，研发活动中经费投入量对长期绩效的影响是显著且同方向的，即资金投入量在多元化与长期绩效相关关系中扮演传递者的角色，符合中介效应的理论。路径分析结果表明：在多元化与相关变量长期绩效的关系中，资金投入量的多少对其关系影响程度大于人力资本投入程度，这一结果为我国煤炭企业重视技术研发活动提供理论支持。

Due to the large amount of resources, coal has become China's main energy consumption. As a basic energy source, it has always been highly concerned about how to effectively mine and use it. During the “Thirteenth Five-Year Plan” period, China implemented a strong capacity-reduction policy, and the coal market entered a stage of stable operation. However, in the long run, the growth rate of coal energy consumption continued to decline, and the reform of the coal supply-side reform policy was deepened, import coal and new The development of alternative clean energy sources such as energy, advances in energy storage technologies, and enhancements in people’s perception of environmental protection will all affect the instability of the coal market and require our attention. The acceleration of the energy revolution process, China's coal companies must abandon the traditional mode of single management, implementation of multi-channel, diversified development model. At the same time, we should pay attention to the positive role of technological innovation in the production and application process, and increase the speed of the transformation of scientific and technological achievements. Based on the background of the diversified business strategy adopted by coal companies, combined with the current research status of relevant literature at home and abroad, this paper comprehensively analyzes and studies the diversification strategy, R&D activities and corporate performance, especially the transmission path and mechanism of R&D investment. Analyze and explain. Taking the data of 2011-2016 for coal companies listed on China's A-shares at the end of 2016 as research samples, the linear regression method was used to analyze the intrinsic correlations among variables and the path analysis method was used to explain the influence trajectory. The regression results show that: Diversification has a significant positive effect on R&D investment and long-term performance. The impact of the amount of funds invested on R&D activities on long-term performance is significant and in the same direction. That is, the amount of capital input is diversified. The role of the transmitter in the long-term performance-related relationship is consistent with the theory of mediating effects. The results of path analysis show that in the relationship between diversification and the long-term performance of related variables, the amount of capital input has a greater influence on the relationship than the input of human capital. This result provides theoretical support for Chinese coal companies to focus on technology R&D activities.