我国上市公司涉足房地产开发的企业绩效实证研究
发布时间：2018-11-19 08:13
【摘要】：近年来，由于受房地产业高额利润的驱使，大量非房地产行业的上市公司争相进军房地产业，以求寻找“新的利润增长点”。中国社会科学院在2011年《住房绿皮书》中指出：近年来，房地产市场呈现出爆发式增长的势头。在A股上市公司中，涉及房地产业的公司数量直线上升。我国上市公司在整体上涉足房地产业面广，同时也说明房地产业已成为众多企业进行多元化发展的首选。随着国家房地产政策调控的升温，楼市的深化调整，房地产这一曾经的“香饽饽”已然成为“烫手山芋”，很多企业竞相抛售房地产股权、变卖房地产项目。这股“新潮流”引起了社会各界的广泛关注和讨论。 我国深沪两地众多上市公司不同程度涉足了房地产业，其对企业绩效的影响如何，主业非房地产上市公司涉足房地产开发能否改善企业绩效、提升企业盈利能力，国内外对此进行详细研究的文献很鲜见。因此，，有必要对我国上市公司涉足房地产业的经济结果加以客观评价，以期得到一个关于我国非房地产主业公司涉足房地产开发业绩变化的研究结论。 本文以我国上市公司涉足房地产开发对企业绩效的影响为研究对象，在对涉足房地产开发(简称涉房)的上市公司范围和涉房深度的界定之后，通过上市公司涉房前后、涉房公司与非涉房公司、涉房公司与老牌专业房地产公司三个视角的对比，研究上市公司涉房对企业绩效的影响。 本文选取2002-2010年220家深沪上市公司的混合截面数据，运用SPSS17.0和Eviews6.0软件，采用非参数检验法、多元回归分析法和均值比较检验法进行实证分析。检验结果发现，上市公司涉房后的短期绩效优于涉房前，但长期的发展空间有限。涉房公司的绩效短期内略优于非涉房公司，长期则逊色于非涉房公司。针对老牌专业房地产企业和涉房企业之间房地产业务的盈利能力比对结果看，专业房地产企业并非占绝对优势。 本研究是多元化经营和转型理论在房地产业的运用扩展，所得结论不仅丰富和发展了多元化经营和转型的研究成果，引起人们对“涉房”热潮的反思，还为上市公司进行产业战略选择、外部投资者做出股票投资决策、政府制定房地产业宏观调控政策提供参考。
[Abstract]:In recent years, driven by the high profits of the real estate industry, a large number of listed companies in the non-real estate industry are scrambling to enter the real estate industry in order to find a "new profit growth point". The Chinese Academy of Social Sciences pointed out in the 2011 Housing Green Paper: in recent years, the real estate market has shown a momentum of explosive growth. In A-share listed companies, the number of companies involved in the real estate industry skyrocketed. The listed companies in China are involved in the real estate industry as a whole, which also shows that the real estate industry has become the first choice for the diversified development of many enterprises. With the heating up of the national real estate policy and the deepening adjustment of the real estate market, real estate, once the "hot spot", has become a hot potato, and many enterprises are bidding to sell off the real estate shares and sell the real estate projects. This "new trend" has aroused widespread concern and discussion from all walks of life. Many listed companies in Shenzhen and Shanghai have been involved in the real estate industry to varying degrees. How does it affect the performance of the enterprises? can the main non-real estate listed companies get involved in real estate development to improve the performance of enterprises and enhance the profitability of enterprises? There are few literatures about this at home and abroad. Therefore, it is necessary to make an objective evaluation on the economic results of Chinese listed companies involved in real estate industry, in order to obtain a research conclusion on the change of performance of non-real estate companies in real estate development. This paper takes the impact of real estate development on the performance of the listed companies as the research object, after defining the scope and depth of the listed companies involved in real estate development (referred to as real estate development), through the listed companies before and after the housing. In this paper, the author studies the influence of the listed company on the performance of the listed company. The comparison between the real estate company and the private company, the real estate company and the old professional real estate company. In this paper, the mixed cross-section data of 220 Shenzhen-Shanghai listed companies from 2002 to 2010 are selected, and the non-parametric test method, multivariate regression analysis method and mean value comparison test method are used to carry out the empirical analysis by using SPSS17.0 and Eviews6.0 software. The results show that the short-term performance of listed companies is better than that of pre-housing, but the long-term development space is limited. The short-term performance of the company is slightly better than that of the non-housing company, and the long-term performance is inferior to that of the non-housing company. According to the comparison of the profit ability between the old professional real estate enterprise and the real estate enterprise, the professional real estate enterprise is not the absolute advantage. This study is an extension of the theory of diversification and transformation in real estate industry. The conclusion not only enriches and develops the research results of diversification and transformation, but also causes people to reflect on the upsurge of "house-wading". It also provides a reference for listed companies to choose industrial strategy, external investors to make stock investment decisions, and the government to formulate macro-control policies of real estate industry.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.5;F299.233.4
本文编号：2341661
[Abstract]:In recent years, driven by the high profits of the real estate industry, a large number of listed companies in the non-real estate industry are scrambling to enter the real estate industry in order to find a "new profit growth point". The Chinese Academy of Social Sciences pointed out in the 2011 Housing Green Paper: in recent years, the real estate market has shown a momentum of explosive growth. In A-share listed companies, the number of companies involved in the real estate industry skyrocketed. The listed companies in China are involved in the real estate industry as a whole, which also shows that the real estate industry has become the first choice for the diversified development of many enterprises. With the heating up of the national real estate policy and the deepening adjustment of the real estate market, real estate, once the "hot spot", has become a hot potato, and many enterprises are bidding to sell off the real estate shares and sell the real estate projects. This "new trend" has aroused widespread concern and discussion from all walks of life. Many listed companies in Shenzhen and Shanghai have been involved in the real estate industry to varying degrees. How does it affect the performance of the enterprises? can the main non-real estate listed companies get involved in real estate development to improve the performance of enterprises and enhance the profitability of enterprises? There are few literatures about this at home and abroad. Therefore, it is necessary to make an objective evaluation on the economic results of Chinese listed companies involved in real estate industry, in order to obtain a research conclusion on the change of performance of non-real estate companies in real estate development. This paper takes the impact of real estate development on the performance of the listed companies as the research object, after defining the scope and depth of the listed companies involved in real estate development (referred to as real estate development), through the listed companies before and after the housing. In this paper, the author studies the influence of the listed company on the performance of the listed company. The comparison between the real estate company and the private company, the real estate company and the old professional real estate company. In this paper, the mixed cross-section data of 220 Shenzhen-Shanghai listed companies from 2002 to 2010 are selected, and the non-parametric test method, multivariate regression analysis method and mean value comparison test method are used to carry out the empirical analysis by using SPSS17.0 and Eviews6.0 software. The results show that the short-term performance of listed companies is better than that of pre-housing, but the long-term development space is limited. The short-term performance of the company is slightly better than that of the non-housing company, and the long-term performance is inferior to that of the non-housing company. According to the comparison of the profit ability between the old professional real estate enterprise and the real estate enterprise, the professional real estate enterprise is not the absolute advantage. This study is an extension of the theory of diversification and transformation in real estate industry. The conclusion not only enriches and develops the research results of diversification and transformation, but also causes people to reflect on the upsurge of "house-wading". It also provides a reference for listed companies to choose industrial strategy, external investors to make stock investment decisions, and the government to formulate macro-control policies of real estate industry.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.5;F299.233.4
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