| Abstract | The industrial policy（IP），typical selectedin china, which not only providing many resources, creating internal conditions for industry-supported enterprises to diversify,but also causing a greater transformative pressure , making a external drive for non-supported enterprises to diversify. In that way, IP promoted which are more diversified businessin the end: supported enterprises or non-supported enterprises? Based on the sample data ofA shares-Listed Companies from 2002 to 2014, we found that: Compared with supported enterprises, non-supported enterprises may be more diversified, and the diversified business were more involved in the industry that supported by IP, in addition, the diversification of non-supported enterprises adapt tothe dynamic adjustment of IP; To explore the reason behind the phenomenon and further found that, There was significantly less government subsidies, credit funds, investment opportunities, and obviously more income tax expenses for non-supported enterprises, while whose diversification help relieve the reduction of resource. Finally, we deeply investigate the Non-support enterprises’ value and industrial upgrading after the diversification, evidence show that the above diversification was good for the promotion of micro enterprise value , as well as beneficial for the upgrading of the industry. The above findings help us to understand the prevailing diversification in emerging market countries, while also provide a reference and mirror for the evaluation of the effect of industrial policy implementation. |