H集团多元化经营对财务绩效的影响研究

发布时间：2018-06-12 17:58

本文选题：多元化经营 + 多元化动因　；参考：《广东工业大学》2017年硕士论文

【摘要】：随着国家出台的宏观政策对房地产行业的具体调控,房地产行业的发展一波三折,市场形势和竞争格局发生根本性变革,促使我国房地产企业通过多元化经营寻求逆势突破,弯道超车,实现企业财务绩效的增长以及企业的增值。但是,这种跨界的多元化经营,是否真能如企业初愿,实现企业财务绩效的持续增长呢?笔者通过阅读大量的文献和资料,发现目前针对多元化的财务绩效研究主要集中在大样本的实证研究,由于大样本实证研究的宏观性,对具体案例的深层次问题缺乏深入的分析。因此,本文突破以往的研究形式,采用案例研究的方法对这一问题进行深入探讨,结合规范研究和对比研究法为案例企业找出在多元化经营过程中出现的问题,并分析多元化经营对企业财务绩效的影响,以期从案例研究中挖掘有价值的信息,为内地房地产企业的做大做强提供参考。本文首先对多元化和财务绩效的理论基础以及多元化的财务绩效的相关文献进行了梳理和总结,其次对H集团的基本情况和多元化背景,以及集团目前的财务状况进行了介绍。然后从财务指标以及企业价值两个角度分析了案例公司的财务绩效,揭示出集团实施多元化之后,财务绩效各指标有不同程度的下降。同时运用对比分析法对H集团和W公司的盈利能力、营运能力和成长性等指标进行比较分析。通过比较H集团和W公司的盈利能力的差别,发现H集团比W公司净资产收益率略高的原因在于负债率过高。多元化业务对H集团的负贡献拉低了集团整体的净资产收益率,同时运用连环替代法分析得出集团营收的增长与资产的增加不匹配,从而导致H集团的总资产报酬率降低。通过对比分析H集团和W公司的成长能力,拆解估算得出H集团非地产业务对集团净利润的影响为负。通过对比H集团与W公司的营运能力,发现多元化业务对关联方的依赖会降低集团的应收账款周转率,从而影响房地产业务的现金流。综上所述,本文认为H集团的非相关多元化业务对集团的财务绩效有负面影响。同时提出如下建议:企业发展多元化业务,除了发挥企业的资源优势,还要兼顾各业务的协同效应;另外多元化必须稳定现金流,不能造成对主业健康发展的阻碍。本文的研究可以为其他房地产公司发展多元化战略提供参考,对促进房地产业的健康发展亦有一定的积极意义。
[Abstract]:With the specific regulation and control of the real estate industry, the development of the real estate industry and the fundamental changes in the market situation and the competition pattern have prompted our real estate enterprises to seek a breakthrough in the reverse trend through diversified management. Bend overtaking, to achieve the growth of corporate financial performance and corporate value-added. However, this kind of cross-border diversification, can the enterprise achieve the financial performance of the sustained growth? By reading a large number of documents and materials, the author finds that the current financial performance research focused on the large sample of empirical research, because of the macro of the large sample empirical research. Lack of in-depth analysis of the deep-seated problems of specific cases. Therefore, this article breaks through the previous research form, uses the case study method to carry on the thorough discussion to this question, unifies the standard research and the contrast research method to find out the question which appears in the diversification process for the case enterprise. It also analyzes the influence of diversification on the financial performance of enterprises in order to excavate valuable information from the case study and provide a reference for the mainland real estate enterprises to become bigger and stronger. In this paper, the theoretical basis of diversification and financial performance, as well as the related literature on diversification of financial performance are reviewed and summarized. Secondly, the basic situation and diversified background of H Group and the current financial situation of H Group are introduced. Then the financial performance of the case company is analyzed from two angles of financial index and enterprise value, and it is revealed that after the diversification of the group, the financial performance of each index has different degrees of decline. At the same time, comparative analysis is made on the profitability, operation ability and growth of H Group and W Company. By comparing the difference of profitability between H Group and W Company, it is found that the reason why H Group is slightly higher than W company is that the debt ratio is too high. The negative contribution of diversified business to H Group lowers the overall net asset return rate of H Group. Meanwhile, by using the method of serial substitution, it is concluded that the revenue growth of H Group does not match the increase of assets, which leads to a lower return on total assets of H Group. By comparing and analyzing the growth ability of H Group and W Company, it is concluded that the influence of Group H's non-real estate business on the group's net profit is negative. By comparing the operating ability of H Group and W Company, it is found that the dependence of diversified business on related parties will reduce the turnover of accounts receivable of the Group, thus affecting the cash flow of real estate business. To sum up, this paper argues that H Group's non-related diversified business has a negative impact on its financial performance. At the same time, the following suggestions are put forward: apart from giving full play to the resource advantages of the enterprise, the diversified business should take into account the synergy effect of the various businesses; in addition, diversification must stabilize the cash flow and cannot cause obstacles to the healthy development of the main business. The research in this paper can provide a reference for other real estate companies to develop diversification strategy, and also has certain positive significance to promote the healthy development of real estate industry.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F279.26

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