多元化与归核化战略选择对零售企业绩效的影响

发布时间：2018-01-02 00:18

本文关键词：多元化与归核化战略选择对零售企业绩效的影响　出处：《上海师范大学》2015年硕士论文　论文类型：学位论文

更多相关文章： 多元化 归核化 零售企业 绩效影响

【摘要】：不同的企业在发展过程中会选择不同的发展战略,从企业经营行业广泛度出发,我们可以将企业划分为多元化经营企业和归核化经营企业。多元化经营即企业除了在自身主业经营之外还选择涉足主业以外的行业;而归核化之路则是指企业经营过程中一直保持在主业经营的一种状态。过去学者对企业多元化与归核化经营做出过许多的研究,提出过许多相关理论。多元化理论提出企业多元化不仅会给企业带来范围经济、协同效应、内部资本市场等优势,也会给企业带来代理问题、过度投资、跨行业补贴、资本配置无效率等缺点;归核化经营理论支持者则从资源理论出发,认为只有企业拥有了核心资源才能获得好的业绩和竞争优势;从价值链理论出发,提出企业只能在整个价值链的某一个环节具有优势,所以要专注于自己的主业经营。多年以来,学者在讨论选择哪一种道路对企业业绩有更好的作用时并没有得出一个确定的结果。以往研究当中也有许多学者对企业多元化与归核化对经营业绩影响做出过相关实证研究,其中包括将所有行业企业一起作为样本的研究,也有针对某一个行业的研究,但是最后都没有形成一个定论。本文则是选取了百货零售行业上市公司作为研究样本,零售行业具有现金流充裕的特点,这就给零售行业多元化发展提供了基本条件;零售行业同时也受到国外大型零售企业的冲击和网络零售的影响,综合利润率一直偏低,这使零售行业有很强烈的动机进行多元化发展。本文首先从理论上分析了多元化与归核化给零售企业带来的影响作用,然后实证部分以净资产收益率、总资产报酬率、每股收益为综合业绩指标,以总体多元化熵指数为企业多元化程度衡量指标,通过统计检验、相关性分析和面板数据回归模型研究百货零售企业多元化程度与业绩水平的影响;最后针对所得出的结果,以净资产收益率为例,选择杜邦财务分析模型,进一步研究业绩差异的来源。通过本文研究,我们得到了百货零售企业多元化经营会降低企业经营综合绩效的结论,也即百货零售企业经营越分散,企业业绩水平越低。同时验证了相关理论,即零售企业多元化经营提升了企业的销售毛利率和销售净利率,但是却显著降低了企业的资产周转率,最后带来企业的综合业绩水平较低。
[Abstract]:Different enterprises will choose different development strategies in the process of development. We can divide the enterprises into diversified enterprises and refocused enterprises. Diversification means that enterprises choose to set foot in other industries besides their own main business operations. However, the road of refocusing refers to a state in which the enterprise has been operating in the main business all the time. In the past, scholars have made a lot of research on the diversification and refocusing of enterprises. Put forward a lot of relevant theories. Diversification theory put forward that diversification will not only bring scope economy, synergy effect, internal capital market and other advantages, but also bring agency problems and excessive investment to enterprises. Cross-industry subsidies, inefficient capital allocation and other shortcomings; On the other hand, the backers of the core management theory think that only the enterprises have the core resources can obtain good performance and competitive advantage. Starting from the value chain theory, it is proposed that enterprises can only have an advantage in one link of the whole value chain, so they should focus on their main business operation for many years. When scholars discuss which way to choose has a better effect on enterprise performance, there is not a definite result. In the past, many scholars have made the influence of diversification and refocusing on business performance. Guan empirical study. This includes the study of all industries and enterprises as a sample, as well as the study of a particular industry. However, there is no final conclusion in the end. This paper selects the department store retail industry listed companies as the research sample, the retail industry has the characteristics of abundant cash flow. This provides the basic conditions for the diversified development of retail industry; At the same time, the retail industry is also affected by the impact of foreign large retail enterprises and the impact of online retailing, the overall profit margin has been low. This makes the retail industry have a strong motivation for diversification. Firstly, this paper theoretically analyzes the impact of diversification and refocusing on retail enterprises, and then the empirical part of the return on net assets. The return rate of total assets, earnings per share is a comprehensive performance index, with the total diversity entropy index as a measure of the degree of enterprise diversification, through the statistical test. Correlation analysis and panel data regression model to study the impact of the degree of diversification and performance of retail enterprises; Finally, in view of the results, take the return of net assets as an example, choose DuPont financial analysis model to further study the source of performance differences. We get the conclusion that the diversification of department store retailing enterprise will reduce the comprehensive performance of the enterprise, that is, the more decentralized the department store retail business, the lower the performance level of the enterprise. At the same time, the relevant theory is verified. That is, the diversification of retail enterprises increases the gross profit rate of sales and net interest rate of sales, but significantly reduces the turnover rate of assets, and finally leads to the low level of comprehensive performance.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F724.2

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