基于多元化战略：进入房地产业对上市公司绩效影响研究
发布时间：2018-09-11 17:35
【摘要】：多元化战略作为企业战略管理中的核心内容之一，一直是管理学者们研究的热点。而制定多元化战略的动因与企业绩效有着不容忽视的联系，多元化战略实施的效果也往往通过企业绩效来衡量。由于近年来房地产业的迅猛发展，进入房地产业的企业有如过江之鲫，，甚至许多主营业务并非房产开发的企业也纷纷实施了多元化战略，开始涉足房地产业。但是这种战略选择对上市公司绩效的影响如何，这些上市公司所在的行业是否应该或能够进入房地产业等问题都还不清楚。 本文以沪深两市在2001-2008年间新进入房地产业的97家上市公司2001-2010年间的面板数据为样本，试图揭示主营业务为非房地产的上市公司，实施多元化战略进入房地产业后对企业绩效的影响。本文在回顾及评述国内外文献的基础上，结合所研究上市公司的特殊性，进行规范性分析，提出研究假设；并采用描述性统计分析、Pearson相关性分析和多元回归分析等多种统计计量方法进行实证检验，首先研究进入房地产业的企业多元化程度与企业绩效的关系，接着比较相关多元化和非相关多元化对企业绩效的影响是否存在差异，然后分析企业涉足房地产业的程度与企业绩效的关系，最后探讨行业因素等在多元化与企业绩效关系中是否存在一定影响。 通过分析实证研究结果，得出以下结论：一是选择进入房地产业的多元化上市公司，企业绩效随着多元化程度的加深而提高，特别是采掘业、制造业、建筑业等属于第二产业的公司更为明显；二是实施不同类型的多元化战略与企业绩效的关系存在一定的差异，样本企业更倾向于实施非相关多元化战略；三是在进入房地产业前资产收益率大于零的多元化上市公司，涉足房地产的程度与企业绩效正相关；四是选择进入房地产业的多元化上市公司绩效，既受到企业规模和资产负债率等内部因素的影响，也受到宏观经济形势和行业状况等外部因素的影响。 根据实证分析研究结论，本文对我国上市公司实施多元化战略选择提出相关建议，以期对多元化企业选择进入房地产业时提供决策参考，也希望能促进房地产业本身的健康可持续发展：一是企业实施多元化战略前应进行系统的内外部环境分析，确定企业的资源和能力是否能满足多元化的需要；二是企业实施多元化战略要适度，且要保证充裕稳定的现金流；三是企业实施多元化战略的行业选择应慎重，应符合国家产业结构调整的方向；四是企业在实施多元化战略的同时要培养核心能力，形成竞争优势；五是企业实施多元化战略要建立适当的组织结构，培养专业的综合性人才，弘扬凝聚的企业文化。
[Abstract]:As one of the core contents of enterprise strategic management, diversification strategy has always been a hot research topic of management scholars. The motivation of formulating diversification strategy is closely related to enterprise performance, and the effect of diversification strategy is often measured by enterprise performance. Because of the rapid development of the real estate industry in recent years, the enterprises entering the real estate industry are like crucian carp. Even many enterprises whose main business is not the real estate development have implemented the diversification strategy one after another and started to set foot in the real estate industry. However, it is not clear how this strategic choice affects the performance of listed companies and whether the industry in which the listed companies belong should or can enter the real estate industry. Based on the panel data of 97 listed companies newly entering the real estate industry between 2001 and 2008 in Shanghai and Shenzhen stock markets, this paper tries to reveal that the main business is non-real estate listed companies. Implementation of diversification strategy into the real estate industry after the impact on corporate performance. On the basis of reviewing and commenting on domestic and foreign literature, this paper makes normative analysis combined with the particularity of listed companies studied, and puts forward the research hypotheses. The empirical tests are carried out by using descriptive statistical analysis Pearson correlation analysis and multiple regression analysis. Firstly, the relationship between the degree of diversification and the performance of enterprises entering the real estate industry is studied. Then it compares the influence of correlation diversification and non-correlation diversification on enterprise performance, and then analyzes the relationship between the degree of enterprise involvement in real estate industry and enterprise performance. Finally, this paper discusses whether there is a certain influence of industry factors in the relationship between diversification and enterprise performance. Through the analysis of the empirical research results, the following conclusions are drawn: first, the diversification of listed companies into the real estate industry, enterprise performance with the deepening of diversification, especially the extractive industry, manufacturing industry, Second, there are some differences between the implementation of different types of diversification strategy and enterprise performance, sample enterprises are more inclined to implement non-related diversification strategy; Third, before entering the real estate industry, the diversified listed companies whose returns on assets are greater than zero, the degree of involvement in real estate is positively related to the performance of the enterprises; fourth, the performance of the diversified listed companies that choose to enter the real estate industry. It is influenced not only by internal factors such as enterprise size, asset-liability ratio, but also by external factors such as macroeconomic situation and industry situation. According to the conclusions of empirical analysis, this paper puts forward some suggestions on the diversification strategy choice of listed companies in China, in order to provide a decision reference for the diversified enterprises to choose to enter the real estate industry. It also hopes to promote the healthy and sustainable development of the real estate industry itself: first, enterprises should carry out systematic internal and external environment analysis before implementing diversification strategy to determine whether the resources and capabilities of enterprises can meet the needs of diversification; Second, the enterprise should implement the diversification strategy moderately, and should ensure the abundant and stable cash flow, third, the enterprise should choose the diversification strategy cautiously, should accord with the national industrial structure adjustment direction; Fourth, enterprises should cultivate core competence and form competitive advantage while implementing diversification strategy. Fifth, enterprises should set up appropriate organizational structure, train professional comprehensive talents and carry forward condensed corporate culture.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.3;F832.51;F224
本文编号：2237384
[Abstract]:As one of the core contents of enterprise strategic management, diversification strategy has always been a hot research topic of management scholars. The motivation of formulating diversification strategy is closely related to enterprise performance, and the effect of diversification strategy is often measured by enterprise performance. Because of the rapid development of the real estate industry in recent years, the enterprises entering the real estate industry are like crucian carp. Even many enterprises whose main business is not the real estate development have implemented the diversification strategy one after another and started to set foot in the real estate industry. However, it is not clear how this strategic choice affects the performance of listed companies and whether the industry in which the listed companies belong should or can enter the real estate industry. Based on the panel data of 97 listed companies newly entering the real estate industry between 2001 and 2008 in Shanghai and Shenzhen stock markets, this paper tries to reveal that the main business is non-real estate listed companies. Implementation of diversification strategy into the real estate industry after the impact on corporate performance. On the basis of reviewing and commenting on domestic and foreign literature, this paper makes normative analysis combined with the particularity of listed companies studied, and puts forward the research hypotheses. The empirical tests are carried out by using descriptive statistical analysis Pearson correlation analysis and multiple regression analysis. Firstly, the relationship between the degree of diversification and the performance of enterprises entering the real estate industry is studied. Then it compares the influence of correlation diversification and non-correlation diversification on enterprise performance, and then analyzes the relationship between the degree of enterprise involvement in real estate industry and enterprise performance. Finally, this paper discusses whether there is a certain influence of industry factors in the relationship between diversification and enterprise performance. Through the analysis of the empirical research results, the following conclusions are drawn: first, the diversification of listed companies into the real estate industry, enterprise performance with the deepening of diversification, especially the extractive industry, manufacturing industry, Second, there are some differences between the implementation of different types of diversification strategy and enterprise performance, sample enterprises are more inclined to implement non-related diversification strategy; Third, before entering the real estate industry, the diversified listed companies whose returns on assets are greater than zero, the degree of involvement in real estate is positively related to the performance of the enterprises; fourth, the performance of the diversified listed companies that choose to enter the real estate industry. It is influenced not only by internal factors such as enterprise size, asset-liability ratio, but also by external factors such as macroeconomic situation and industry situation. According to the conclusions of empirical analysis, this paper puts forward some suggestions on the diversification strategy choice of listed companies in China, in order to provide a decision reference for the diversified enterprises to choose to enter the real estate industry. It also hopes to promote the healthy and sustainable development of the real estate industry itself: first, enterprises should carry out systematic internal and external environment analysis before implementing diversification strategy to determine whether the resources and capabilities of enterprises can meet the needs of diversification; Second, the enterprise should implement the diversification strategy moderately, and should ensure the abundant and stable cash flow, third, the enterprise should choose the diversification strategy cautiously, should accord with the national industrial structure adjustment direction; Fourth, enterprises should cultivate core competence and form competitive advantage while implementing diversification strategy. Fifth, enterprises should set up appropriate organizational structure, train professional comprehensive talents and carry forward condensed corporate culture.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.3;F832.51;F224
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