我国建筑业上市公司多元化经营与财务绩效的实证研究

发布时间：2018-05-02 06:28

本文选题：建筑行业 + 多元化程度　；参考：《武汉理工大学》2014年硕士论文

【摘要】：20世纪50年代美国的一位战略管理专家Ansoff提出了企业多元化经营的概念，自此之后，多元化经营逐渐被世界众多经济发达国家实践运用，，被引用为提高资本使用效率、规避风险、增加企业利润、扩大企业规模的有效手段。多元化经营主要采取开发新产品，或者吸收、合并行业外的公司，或者重组公司内部产品结构等经营模式。然而多元化经营对企业产生的效应问题一直是各界学者关注的热点问题，也是一个存在着极大争议的话题。多元化经营与财务绩效之间存在怎样的关系，各界学者之间没有达成共识，不同行业之间往往存在不同的结论。本文选择作为国民经济支柱产业的建筑业上市公司作为研究对象。以2011年至2013年沪深两市的建筑行业上市公司为样本，探讨多元化经营与企业财务绩效之间的关系，主要包括两部分，第一部分探讨多元化程度与企业财务绩效的关系；第二部分探讨不同多元化类型与财务绩效的关系。本文选用熵指数作为度量多元化程度的指标，选用总资产收益率、每股收益、资产负债率、速动比率等指标从盈利能力、偿债能力两方面评价财务绩效，并选择了企业规模、第一股东持股比例、公司成长能力等指标作为控制变量，通过构建财务绩效指标与熵指数以及控制变量之间的多元线性回归模型进行实证分析，得出我国建筑业企业多元化程度与财务绩效之间存在负相关关系的结论；并构建了代表是否为相关多元化经营的虚拟变量，对不同多元化类型下的财务绩效进行描述性分析以及回归分析，得出我国建筑业相关多元化企业财务绩效高于非相关多元化企业财务绩效的结论。本文通过对建筑业上市公司进行实证分析，得出结论，我国建筑业上市公司实施多元化，并不一定会带来良好的经济效益，反而有可能降低财务绩效。
[Abstract]:In the 1950s, Ansoff, a strategic management expert in the United States, put forward the concept of diversification of enterprises. Since then, diversification has been gradually applied by many developed countries in the world and cited to improve the efficiency of capital use. Avoid risk, increase enterprise profit, expand the effective means of enterprise scale. Diversification mainly adopts developing new products, absorbing and merging companies outside the industry, or restructuring the internal product structure of the company. However, the effect of diversification on enterprises has always been a hot issue that scholars from all walks of life pay close attention to, and it is also a controversial topic. What is the relationship between diversification and financial performance, scholars from all walks of life do not reach a consensus, and different industries often have different conclusions. This paper chooses the listed companies of the construction industry as the pillar industry of national economy as the research object. Taking the listed companies of construction industry in Shanghai and Shenzhen stock markets from 2011 to 2013 as samples, this paper discusses the relationship between diversification and enterprise financial performance, including two parts. The first part discusses the relationship between diversification degree and enterprise financial performance. The second part discusses the relationship between different diversification types and financial performance. In this paper, entropy index is chosen as the index to measure the degree of diversification, and the total return on assets, earnings per share, asset-liability ratio and quick ratio are selected to evaluate the financial performance from two aspects of profitability and solvency, and the scale of the enterprise is chosen. The first shareholder's shareholding ratio and the growth ability of the company are taken as control variables, and the multiple linear regression model between financial performance index, entropy index and control variable is constructed to carry out empirical analysis. The conclusion that there is a negative correlation between the degree of diversification and financial performance of construction enterprises in China is drawn, and the fictitious variable whether the representative of diversification is related to diversification is constructed. Based on the descriptive analysis and regression analysis of the financial performance of different diversification types, the conclusion is drawn that the financial performance of the diversified enterprises in construction industry is higher than that of the non-related diversified enterprises. Based on the empirical analysis of listed companies in construction industry, this paper draws a conclusion that diversification of listed companies in construction industry in China will not necessarily bring good economic benefits, but may reduce financial performance.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.92

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