房地产企业多元化经营与盈利质量关系的研究
发布时间：2018-08-24 16:38
【摘要】：近几年，国家关于土地、财税及金融方面的深化改革，对房地产企业的生存环境产生了巨大影响。面对快速变化的产业环境和日趋激烈的市场竞争态势，许多房地产企业开始进行战略调整，寻求行业外的发展机遇，踏上多元化经营道路。作为国民经济的主要拉动力量，房地产企业的多元化行为对企业的盈利状况是促进还是损害，对企业的运营发展又有何影响，值得我们探究。 本文以2008年-2012年我国房地产上市公司为研究对象，首先基于房地产行业特征及房地产公司特点，从偿债能力、获利能力、获现能力及成长能力四个维度构建房地产上市公司盈利质量综合评价模型，并运用因子分析法计算各房地产上市公司盈利质量及四个维度能力的得分值。在此基础上，进一步探究房地产上市公司多元化经营与盈利质量及四个维度能力之间的关系，实证结果显示：房地产上市公司的多元化经营行为会显著损害公司的盈利质量及获利能力，表现为折价效应，且尚没有证据表明房地产上市公司多元化经营与盈利质量之间存在拐点；多元化经营与公司偿债能力、成长能力均存在不显著的正相关关系，说明尽管整体而言，房地产上市公司的多元化经营是折价的，但对公司也存在一定积极作用。 因此，房地产企业应基于行业排名强化弱势维度能力投入，立足核心业务选择合适的多元化战略，构建企业资源利用效率跟踪系统，优化股权结构并强化董事会治理效应，，以提高企业的综合盈利质量及行业竞争力。
[Abstract]:In recent years, the deepening reform of land, finance and finance has had a great impact on the living environment of real estate enterprises. In the face of the rapidly changing industrial environment and the increasingly fierce market competition, many real estate enterprises begin to adjust their strategies, seek opportunities for development outside the industry, and set foot on the road of diversified management. As the main driving force of the national economy, the diversification behavior of the real estate enterprises is to promote or damage the profit status of the enterprises, and what impact on the operation and development of the enterprises, it is worth us to explore. This paper takes China's listed real estate companies from 2008 to 2012 as the research object. Firstly, based on the characteristics of real estate industry and real estate companies, from the solvency, profitability, This paper constructs a comprehensive evaluation model of profit quality of real estate listed companies according to four dimensions of earning ability and growth ability, and calculates the score of profit quality and four dimensions ability of real estate listed companies by factor analysis. On this basis, we further explore the relationship between the diversification of real estate listed companies and the quality of profit and the ability of four dimensions. The empirical results show that the diversification behavior of listed real estate companies will significantly damage the profit quality and profitability of the company, showing the discount effect. And there is no evidence that there is an inflection point between diversification and profit quality of listed real estate companies, and there is no significant positive correlation between diversification and the ability to repay debt, growth ability of the company, indicating that although the overall, The diversification of listed real estate companies is a discount, but there is also a positive role for the company. Therefore, real estate enterprises should strengthen the ability input of weak dimension based on industry ranking, choose the appropriate diversification strategy based on core business, construct enterprise resource utilization efficiency tracking system, optimize the ownership structure and strengthen the governance effect of board of directors. In order to improve the overall profit quality and industry competitiveness.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42;F272.3
本文编号：2201397
[Abstract]:In recent years, the deepening reform of land, finance and finance has had a great impact on the living environment of real estate enterprises. In the face of the rapidly changing industrial environment and the increasingly fierce market competition, many real estate enterprises begin to adjust their strategies, seek opportunities for development outside the industry, and set foot on the road of diversified management. As the main driving force of the national economy, the diversification behavior of the real estate enterprises is to promote or damage the profit status of the enterprises, and what impact on the operation and development of the enterprises, it is worth us to explore. This paper takes China's listed real estate companies from 2008 to 2012 as the research object. Firstly, based on the characteristics of real estate industry and real estate companies, from the solvency, profitability, This paper constructs a comprehensive evaluation model of profit quality of real estate listed companies according to four dimensions of earning ability and growth ability, and calculates the score of profit quality and four dimensions ability of real estate listed companies by factor analysis. On this basis, we further explore the relationship between the diversification of real estate listed companies and the quality of profit and the ability of four dimensions. The empirical results show that the diversification behavior of listed real estate companies will significantly damage the profit quality and profitability of the company, showing the discount effect. And there is no evidence that there is an inflection point between diversification and profit quality of listed real estate companies, and there is no significant positive correlation between diversification and the ability to repay debt, growth ability of the company, indicating that although the overall, The diversification of listed real estate companies is a discount, but there is also a positive role for the company. Therefore, real estate enterprises should strengthen the ability input of weak dimension based on industry ranking, choose the appropriate diversification strategy based on core business, construct enterprise resource utilization efficiency tracking system, optimize the ownership structure and strengthen the governance effect of board of directors. In order to improve the overall profit quality and industry competitiveness.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42;F272.3
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