本文關(guān)鍵詞：房地產(chǎn)上市公司多元化戰(zhàn)略與企業(yè)績(jī)效關(guān)系研究　出處：《廣西大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：多元化經(jīng)營(yíng)戰(zhàn)略從其誕生開始,一直是實(shí)業(yè)界和理論界關(guān)注的焦點(diǎn)。隨著多元化經(jīng)營(yíng)模式在企業(yè)發(fā)展中的普及,企業(yè)進(jìn)行多元化經(jīng)營(yíng)是否能帶來(lái)經(jīng)營(yíng)績(jī)效的提升,該問題一直是理論界爭(zhēng)論的話題。國(guó)內(nèi)外學(xué)者運(yùn)用實(shí)證分析研究多元化戰(zhàn)略與公司績(jī)效之間關(guān)系,研究結(jié)果各有不同,但可以將他們的研究結(jié)果分為三類：多元化溢價(jià)、多元化折價(jià)、多元化經(jīng)營(yíng)與公司績(jī)效不相關(guān)。 房地產(chǎn)行業(yè)作為我國(guó)的支柱產(chǎn)業(yè)之一,它的發(fā)展關(guān)系著國(guó)計(jì)民生。受到2007年以來(lái)的次貸金融危機(jī)和近期的宏觀調(diào)控影響,我國(guó)房地產(chǎn)行業(yè)目前并不景氣且競(jìng)爭(zhēng)日趨激烈,房地產(chǎn)行業(yè)環(huán)境產(chǎn)生了較大的變換,不少企業(yè)開始對(duì)自身進(jìn)行重新定位,規(guī)劃著進(jìn)行多元化經(jīng)營(yíng)甚至非相關(guān)多元化經(jīng)營(yíng),一些公司已經(jīng)開始了多元化的經(jīng)營(yíng)。多元化經(jīng)營(yíng)與公司績(jī)效之間的關(guān)系,特別對(duì)于房地產(chǎn)這一特殊的行業(yè),又成為了我們應(yīng)該重點(diǎn)關(guān)注的問題。 本文以我國(guó)房地產(chǎn)上市公司作為樣本,對(duì)其2008-2010年三年的財(cái)務(wù)數(shù)據(jù)進(jìn)行實(shí)證分析,研究我國(guó)房地產(chǎn)企業(yè)多元化經(jīng)營(yíng)與公司績(jī)效之間的關(guān)系。在具體的實(shí)證過程中,使用改良后的赫芬達(dá)爾指數(shù)來(lái)衡量企業(yè)多元化程度的大小,企業(yè)績(jī)效運(yùn)用總資產(chǎn)收益率ROA、凈資產(chǎn)收益率ROE和每股收益EPS三個(gè)指標(biāo)來(lái)衡量。研究結(jié)果表明：我國(guó)房地產(chǎn)上市公司存在多元化折價(jià)現(xiàn)象,即多元化經(jīng)營(yíng)與公司績(jī)效存在負(fù)相關(guān)關(guān)系；在不同類型的房地產(chǎn)企業(yè)中,單一業(yè)務(wù)型企業(yè)績(jī)效最好,專業(yè)化經(jīng)營(yíng)型績(jī)效優(yōu)于多元化經(jīng)營(yíng),相關(guān)多元化型企業(yè)與非相關(guān)多元化型相比具有更好的企業(yè)績(jī)效。在文章最后,就前而章節(jié)的實(shí)證分析結(jié)果對(duì)我國(guó)房地產(chǎn)企業(yè)的多元化發(fā)展提出對(duì)策建議。
[Abstract]:The diversification strategy from its birth, has been the focus of industrial and academic circles. With the popularity of diversified business model in the development of enterprises, enterprise diversification would bring business performance improvement, the problem has been a topic of debate in theory. The use of domestic and foreign scholars empirical analysis of the relationship between the diversification strategy and the performance of the company, the results are different, but their results can be divided into three categories: diversification premium, diversification discount, unrelated diversification and firm performance.
The real estate industry as a pillar industry of China, the relationship between the development of it. Since 2007 is beneficial to the people's livelihood subprime financial crisis and the recent macro-control, China's real estate industry is not booming and increasingly fierce competition, the real estate industry environment has a large change, many enterprises began to carry out re positioning of their own planning, diversification and unrelated diversification, some companies have started the diversified operation. The relationship between diversification and firm performance, especially for the real estate industry which has become a special industry, we should focus on the problem.
Based on China's real estate listed companies as samples, the empirical analysis of the 2008-2010 three years of financial data, the relationship between China's real estate enterprises diversification and corporate performance. In the case of the specific process, using the modified Beh Finn Dahl index to measure the degree of diversification of the size of enterprise performance by revenue the ROA rate of total assets, rate of return on net assets and earnings per share ROE EPS three indicators. The results show that there are diversification discount phenomenon in China's real estate listed companies, namely, diversification and firm performance is negatively correlated; in different types of real estate enterprises, the best single business enterprise performance, professional business performance is better than that of diversification, related diversification enterprises with better corporate performance compared with the non related diversification type. In the end, and former chapters The results of the empirical analysis put forward some countermeasures and suggestions for the diversified development of China's real estate enterprises.

【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F293.3;F832.51;F224

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 游哲;房地產(chǎn)上市公司多元化經(jīng)營(yíng)與企業(yè)績(jī)效實(shí)證研究[D];山西財(cái)經(jīng)大學(xué);2013年

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本文編號(hào)：1391127