本文選題：多元化經(jīng)營 + 多元化動因��； 參考：《廣東工業(yè)大學(xué)》2017年碩士論文

【摘要】：隨著國家出臺的宏觀政策對房地產(chǎn)行業(yè)的具體調(diào)控,房地產(chǎn)行業(yè)的發(fā)展一波三折,市場形勢和競爭格局發(fā)生根本性變革,促使我國房地產(chǎn)企業(yè)通過多元化經(jīng)營尋求逆勢突破,彎道超車,實現(xiàn)企業(yè)財務(wù)績效的增長以及企業(yè)的增值。但是,這種跨界的多元化經(jīng)營,是否真能如企業(yè)初愿,實現(xiàn)企業(yè)財務(wù)績效的持續(xù)增長呢?筆者通過閱讀大量的文獻和資料,發(fā)現(xiàn)目前針對多元化的財務(wù)績效研究主要集中在大樣本的實證研究,由于大樣本實證研究的宏觀性,對具體案例的深層次問題缺乏深入的分析。因此,本文突破以往的研究形式,采用案例研究的方法對這一問題進行深入探討,結(jié)合規(guī)范研究和對比研究法為案例企業(yè)找出在多元化經(jīng)營過程中出現(xiàn)的問題,并分析多元化經(jīng)營對企業(yè)財務(wù)績效的影響,以期從案例研究中挖掘有價值的信息,為內(nèi)地房地產(chǎn)企業(yè)的做大做強提供參考。本文首先對多元化和財務(wù)績效的理論基礎(chǔ)以及多元化的財務(wù)績效的相關(guān)文獻進行了梳理和總結(jié),其次對H集團的基本情況和多元化背景,以及集團目前的財務(wù)狀況進行了介紹。然后從財務(wù)指標(biāo)以及企業(yè)價值兩個角度分析了案例公司的財務(wù)績效,揭示出集團實施多元化之后,財務(wù)績效各指標(biāo)有不同程度的下降。同時運用對比分析法對H集團和W公司的盈利能力、營運能力和成長性等指標(biāo)進行比較分析。通過比較H集團和W公司的盈利能力的差別,發(fā)現(xiàn)H集團比W公司凈資產(chǎn)收益率略高的原因在于負債率過高。多元化業(yè)務(wù)對H集團的負貢獻拉低了集團整體的凈資產(chǎn)收益率,同時運用連環(huán)替代法分析得出集團營收的增長與資產(chǎn)的增加不匹配,從而導(dǎo)致H集團的總資產(chǎn)報酬率降低。通過對比分析H集團和W公司的成長能力,拆解估算得出H集團非地產(chǎn)業(yè)務(wù)對集團凈利潤的影響為負。通過對比H集團與W公司的營運能力,發(fā)現(xiàn)多元化業(yè)務(wù)對關(guān)聯(lián)方的依賴會降低集團的應(yīng)收賬款周轉(zhuǎn)率,從而影響房地產(chǎn)業(yè)務(wù)的現(xiàn)金流。綜上所述,本文認為H集團的非相關(guān)多元化業(yè)務(wù)對集團的財務(wù)績效有負面影響。同時提出如下建議:企業(yè)發(fā)展多元化業(yè)務(wù),除了發(fā)揮企業(yè)的資源優(yōu)勢,還要兼顧各業(yè)務(wù)的協(xié)同效應(yīng);另外多元化必須穩(wěn)定現(xiàn)金流,不能造成對主業(yè)健康發(fā)展的阻礙。本文的研究可以為其他房地產(chǎn)公司發(fā)展多元化戰(zhàn)略提供參考,對促進房地產(chǎn)業(yè)的健康發(fā)展亦有一定的積極意義。
[Abstract]:With the specific regulation and control of the real estate industry, the development of the real estate industry and the fundamental changes in the market situation and the competition pattern have prompted our real estate enterprises to seek a breakthrough in the reverse trend through diversified management. Bend overtaking, to achieve the growth of corporate financial performance and corporate value-added. However, this kind of cross-border diversification, can the enterprise achieve the financial performance of the sustained growth? By reading a large number of documents and materials, the author finds that the current financial performance research focused on the large sample of empirical research, because of the macro of the large sample empirical research. Lack of in-depth analysis of the deep-seated problems of specific cases. Therefore, this article breaks through the previous research form, uses the case study method to carry on the thorough discussion to this question, unifies the standard research and the contrast research method to find out the question which appears in the diversification process for the case enterprise. It also analyzes the influence of diversification on the financial performance of enterprises in order to excavate valuable information from the case study and provide a reference for the mainland real estate enterprises to become bigger and stronger. In this paper, the theoretical basis of diversification and financial performance, as well as the related literature on diversification of financial performance are reviewed and summarized. Secondly, the basic situation and diversified background of H Group and the current financial situation of H Group are introduced. Then the financial performance of the case company is analyzed from two angles of financial index and enterprise value, and it is revealed that after the diversification of the group, the financial performance of each index has different degrees of decline. At the same time, comparative analysis is made on the profitability, operation ability and growth of H Group and W Company. By comparing the difference of profitability between H Group and W Company, it is found that the reason why H Group is slightly higher than W company is that the debt ratio is too high. The negative contribution of diversified business to H Group lowers the overall net asset return rate of H Group. Meanwhile, by using the method of serial substitution, it is concluded that the revenue growth of H Group does not match the increase of assets, which leads to a lower return on total assets of H Group. By comparing and analyzing the growth ability of H Group and W Company, it is concluded that the influence of Group H's non-real estate business on the group's net profit is negative. By comparing the operating ability of H Group and W Company, it is found that the dependence of diversified business on related parties will reduce the turnover of accounts receivable of the Group, thus affecting the cash flow of real estate business. To sum up, this paper argues that H Group's non-related diversified business has a negative impact on its financial performance. At the same time, the following suggestions are put forward: apart from giving full play to the resource advantages of the enterprise, the diversified business should take into account the synergy effect of the various businesses; in addition, diversification must stabilize the cash flow and cannot cause obstacles to the healthy development of the main business. The research in this paper can provide a reference for other real estate companies to develop diversification strategy, and also has certain positive significance to promote the healthy development of real estate industry.
【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F279.26

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