【摘要】：多元化戰(zhàn)略作為企業(yè)戰(zhàn)略管理中的核心內(nèi)容之一，一直是管理學(xué)者們研究的熱點(diǎn)。而制定多元化戰(zhàn)略的動(dòng)因與企業(yè)績(jī)效有著不容忽視的聯(lián)系，多元化戰(zhàn)略實(shí)施的效果也往往通過(guò)企業(yè)績(jī)效來(lái)衡量。由于近年來(lái)房地產(chǎn)業(yè)的迅猛發(fā)展，進(jìn)入房地產(chǎn)業(yè)的企業(yè)有如過(guò)江之鯽，，甚至許多主營(yíng)業(yè)務(wù)并非房產(chǎn)開(kāi)發(fā)的企業(yè)也紛紛實(shí)施了多元化戰(zhàn)略，開(kāi)始涉足房地產(chǎn)業(yè)。但是這種戰(zhàn)略選擇對(duì)上市公司績(jī)效的影響如何，這些上市公司所在的行業(yè)是否應(yīng)該或能夠進(jìn)入房地產(chǎn)業(yè)等問(wèn)題都還不清楚。 本文以滬深兩市在2001-2008年間新進(jìn)入房地產(chǎn)業(yè)的97家上市公司2001-2010年間的面板數(shù)據(jù)為樣本，試圖揭示主營(yíng)業(yè)務(wù)為非房地產(chǎn)的上市公司，實(shí)施多元化戰(zhàn)略進(jìn)入房地產(chǎn)業(yè)后對(duì)企業(yè)績(jī)效的影響。本文在回顧及評(píng)述國(guó)內(nèi)外文獻(xiàn)的基礎(chǔ)上，結(jié)合所研究上市公司的特殊性，進(jìn)行規(guī)范性分析，提出研究假設(shè)；并采用描述性統(tǒng)計(jì)分析、Pearson相關(guān)性分析和多元回歸分析等多種統(tǒng)計(jì)計(jì)量方法進(jìn)行實(shí)證檢驗(yàn)，首先研究進(jìn)入房地產(chǎn)業(yè)的企業(yè)多元化程度與企業(yè)績(jī)效的關(guān)系，接著比較相關(guān)多元化和非相關(guān)多元化對(duì)企業(yè)績(jī)效的影響是否存在差異，然后分析企業(yè)涉足房地產(chǎn)業(yè)的程度與企業(yè)績(jī)效的關(guān)系，最后探討行業(yè)因素等在多元化與企業(yè)績(jī)效關(guān)系中是否存在一定影響。 通過(guò)分析實(shí)證研究結(jié)果，得出以下結(jié)論：一是選擇進(jìn)入房地產(chǎn)業(yè)的多元化上市公司，企業(yè)績(jī)效隨著多元化程度的加深而提高，特別是采掘業(yè)、制造業(yè)、建筑業(yè)等屬于第二產(chǎn)業(yè)的公司更為明顯；二是實(shí)施不同類型的多元化戰(zhàn)略與企業(yè)績(jī)效的關(guān)系存在一定的差異，樣本企業(yè)更傾向于實(shí)施非相關(guān)多元化戰(zhàn)略；三是在進(jìn)入房地產(chǎn)業(yè)前資產(chǎn)收益率大于零的多元化上市公司，涉足房地產(chǎn)的程度與企業(yè)績(jī)效正相關(guān)；四是選擇進(jìn)入房地產(chǎn)業(yè)的多元化上市公司績(jī)效，既受到企業(yè)規(guī)模和資產(chǎn)負(fù)債率等內(nèi)部因素的影響，也受到宏觀經(jīng)濟(jì)形勢(shì)和行業(yè)狀況等外部因素的影響。 根據(jù)實(shí)證分析研究結(jié)論，本文對(duì)我國(guó)上市公司實(shí)施多元化戰(zhàn)略選擇提出相關(guān)建議，以期對(duì)多元化企業(yè)選擇進(jìn)入房地產(chǎn)業(yè)時(shí)提供決策參考，也希望能促進(jìn)房地產(chǎn)業(yè)本身的健康可持續(xù)發(fā)展：一是企業(yè)實(shí)施多元化戰(zhàn)略前應(yīng)進(jìn)行系統(tǒng)的內(nèi)外部環(huán)境分析，確定企業(yè)的資源和能力是否能滿足多元化的需要；二是企業(yè)實(shí)施多元化戰(zhàn)略要適度，且要保證充裕穩(wěn)定的現(xiàn)金流；三是企業(yè)實(shí)施多元化戰(zhàn)略的行業(yè)選擇應(yīng)慎重，應(yīng)符合國(guó)家產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的方向；四是企業(yè)在實(shí)施多元化戰(zhàn)略的同時(shí)要培養(yǎng)核心能力，形成競(jìng)爭(zhēng)優(yōu)勢(shì)；五是企業(yè)實(shí)施多元化戰(zhàn)略要建立適當(dāng)?shù)慕M織結(jié)構(gòu)，培養(yǎng)專業(yè)的綜合性人才，弘揚(yáng)凝聚的企業(yè)文化。
[Abstract]:As one of the core contents of enterprise strategic management, diversification strategy has always been a hot research topic of management scholars. The motivation of formulating diversification strategy is closely related to enterprise performance, and the effect of diversification strategy is often measured by enterprise performance. Because of the rapid development of the real estate industry in recent years, the enterprises entering the real estate industry are like crucian carp. Even many enterprises whose main business is not the real estate development have implemented the diversification strategy one after another and started to set foot in the real estate industry. However, it is not clear how this strategic choice affects the performance of listed companies and whether the industry in which the listed companies belong should or can enter the real estate industry. Based on the panel data of 97 listed companies newly entering the real estate industry between 2001 and 2008 in Shanghai and Shenzhen stock markets, this paper tries to reveal that the main business is non-real estate listed companies. Implementation of diversification strategy into the real estate industry after the impact on corporate performance. On the basis of reviewing and commenting on domestic and foreign literature, this paper makes normative analysis combined with the particularity of listed companies studied, and puts forward the research hypotheses. The empirical tests are carried out by using descriptive statistical analysis Pearson correlation analysis and multiple regression analysis. Firstly, the relationship between the degree of diversification and the performance of enterprises entering the real estate industry is studied. Then it compares the influence of correlation diversification and non-correlation diversification on enterprise performance, and then analyzes the relationship between the degree of enterprise involvement in real estate industry and enterprise performance. Finally, this paper discusses whether there is a certain influence of industry factors in the relationship between diversification and enterprise performance. Through the analysis of the empirical research results, the following conclusions are drawn: first, the diversification of listed companies into the real estate industry, enterprise performance with the deepening of diversification, especially the extractive industry, manufacturing industry, Second, there are some differences between the implementation of different types of diversification strategy and enterprise performance, sample enterprises are more inclined to implement non-related diversification strategy; Third, before entering the real estate industry, the diversified listed companies whose returns on assets are greater than zero, the degree of involvement in real estate is positively related to the performance of the enterprises; fourth, the performance of the diversified listed companies that choose to enter the real estate industry. It is influenced not only by internal factors such as enterprise size, asset-liability ratio, but also by external factors such as macroeconomic situation and industry situation. According to the conclusions of empirical analysis, this paper puts forward some suggestions on the diversification strategy choice of listed companies in China, in order to provide a decision reference for the diversified enterprises to choose to enter the real estate industry. It also hopes to promote the healthy and sustainable development of the real estate industry itself: first, enterprises should carry out systematic internal and external environment analysis before implementing diversification strategy to determine whether the resources and capabilities of enterprises can meet the needs of diversification; Second, the enterprise should implement the diversification strategy moderately, and should ensure the abundant and stable cash flow, third, the enterprise should choose the diversification strategy cautiously, should accord with the national industrial structure adjustment direction; Fourth, enterprises should cultivate core competence and form competitive advantage while implementing diversification strategy. Fifth, enterprises should set up appropriate organizational structure, train professional comprehensive talents and carry forward condensed corporate culture.
【學(xué)位授予單位】：南京財(cái)經(jīng)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

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