房地产上市公司多元化战略与企业绩效关系研究

发布时间：2018-01-07 05:16

本文关键词：房地产上市公司多元化战略与企业绩效关系研究　出处：《广西大学》2012年硕士论文　论文类型：学位论文

【摘要】：多元化经营战略从其诞生开始,一直是实业界和理论界关注的焦点。随着多元化经营模式在企业发展中的普及,企业进行多元化经营是否能带来经营绩效的提升,该问题一直是理论界争论的话题。国内外学者运用实证分析研究多元化战略与公司绩效之间关系,研究结果各有不同,但可以将他们的研究结果分为三类：多元化溢价、多元化折价、多元化经营与公司绩效不相关。房地产行业作为我国的支柱产业之一,它的发展关系着国计民生。受到2007年以来的次贷金融危机和近期的宏观调控影响,我国房地产行业目前并不景气且竞争日趋激烈,房地产行业环境产生了较大的变换,不少企业开始对自身进行重新定位,规划着进行多元化经营甚至非相关多元化经营,一些公司已经开始了多元化的经营。多元化经营与公司绩效之间的关系,特别对于房地产这一特殊的行业,又成为了我们应该重点关注的问题。本文以我国房地产上市公司作为样本,对其2008-2010年三年的财务数据进行实证分析,研究我国房地产企业多元化经营与公司绩效之间的关系。在具体的实证过程中,使用改良后的赫芬达尔指数来衡量企业多元化程度的大小,企业绩效运用总资产收益率ROA、净资产收益率ROE和每股收益EPS三个指标来衡量。研究结果表明：我国房地产上市公司存在多元化折价现象,即多元化经营与公司绩效存在负相关关系；在不同类型的房地产企业中,单一业务型企业绩效最好,专业化经营型绩效优于多元化经营,相关多元化型企业与非相关多元化型相比具有更好的企业绩效。在文章最后,就前而章节的实证分析结果对我国房地产企业的多元化发展提出对策建议。
[Abstract]:The diversification strategy from its birth, has been the focus of industrial and academic circles. With the popularity of diversified business model in the development of enterprises, enterprise diversification would bring business performance improvement, the problem has been a topic of debate in theory. The use of domestic and foreign scholars empirical analysis of the relationship between the diversification strategy and the performance of the company, the results are different, but their results can be divided into three categories: diversification premium, diversification discount, unrelated diversification and firm performance.
The real estate industry as a pillar industry of China, the relationship between the development of it. Since 2007 is beneficial to the people's livelihood subprime financial crisis and the recent macro-control, China's real estate industry is not booming and increasingly fierce competition, the real estate industry environment has a large change, many enterprises began to carry out re positioning of their own planning, diversification and unrelated diversification, some companies have started the diversified operation. The relationship between diversification and firm performance, especially for the real estate industry which has become a special industry, we should focus on the problem.
Based on China's real estate listed companies as samples, the empirical analysis of the 2008-2010 three years of financial data, the relationship between China's real estate enterprises diversification and corporate performance. In the case of the specific process, using the modified Beh Finn Dahl index to measure the degree of diversification of the size of enterprise performance by revenue the ROA rate of total assets, rate of return on net assets and earnings per share ROE EPS three indicators. The results show that there are diversification discount phenomenon in China's real estate listed companies, namely, diversification and firm performance is negatively correlated; in different types of real estate enterprises, the best single business enterprise performance, professional business performance is better than that of diversification, related diversification enterprises with better corporate performance compared with the non related diversification type. In the end, and former chapters The results of the empirical analysis put forward some countermeasures and suggestions for the diversified development of China's real estate enterprises.

【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.3;F832.51;F224

【引证文献】