本文關(guān)鍵詞： 房地產(chǎn)行業(yè) 多元化經(jīng)營 實證研究 建議　出處：《山西財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：當(dāng)企業(yè)發(fā)展到一定程度，要想獲取可持續(xù)的發(fā)展、更高的利潤，往往會選擇多元化戰(zhàn)略。但是企業(yè)決定進(jìn)行多元化經(jīng)營成果是好是壞，目前還沒有精確的定論。發(fā)展初期，在歐美等發(fā)達(dá)國家及地區(qū)，很多企業(yè)為了獲得更高的利潤，都爭相進(jìn)行多元化經(jīng)營，但是實施了一段時間后，，多元化經(jīng)營的弊端就顯現(xiàn)出來了。于是，大量企業(yè)為了急于擺脫多元化經(jīng)營帶來的弊端，都開始進(jìn)行大規(guī)模的業(yè)務(wù)剝離。1957年，美國著名企業(yè)戰(zhàn)略管理學(xué)者H.Igor Ansoff發(fā)表了“多元化戰(zhàn)略”一文，文中明確提出了企業(yè)多元化經(jīng)營戰(zhàn)略的內(nèi)容，開啟了企業(yè)多元化研究的新紀(jì)元。長久以來，很多中外研究者研究出了大量關(guān)于多元化經(jīng)營的理論和實證文獻(xiàn)，自從20世紀(jì)80年代以來，企業(yè)多元化經(jīng)營實踐的弊端開始逐漸暴露出來，引來更多學(xué)者的關(guān)注，學(xué)術(shù)界的大量學(xué)者們開始反思和檢討多元化經(jīng)營的種種問題。 房地產(chǎn)行業(yè)關(guān)系著國計民生，是我國的支柱產(chǎn)業(yè)。由于我國對房地產(chǎn)行業(yè)宏觀調(diào)控的力度加大和受到次貸危機(jī)的影響，對我國房地產(chǎn)行業(yè)環(huán)境影響較大。我國房地產(chǎn)行業(yè)競爭日趨激烈和房地產(chǎn)投資的高風(fēng)險性，越來越多的房地產(chǎn)公司實施了多元化戰(zhàn)略，以提高自身的競爭力和在其他行業(yè)規(guī)避風(fēng)險的目的。由于房地產(chǎn)行業(yè)的特殊性，房地產(chǎn)企業(yè)的多元化經(jīng)營應(yīng)該成為本文關(guān)注的問題。 本文以我國房地產(chǎn)上市公司作為研究樣本，以房地產(chǎn)企業(yè)多元化經(jīng)營對企業(yè)績效的影響作為研究對象，以這些公司2009年到2011年的財務(wù)報表為基礎(chǔ)進(jìn)行分析研究，對該行業(yè)營業(yè)總收入中各類收入的構(gòu)成比例和相關(guān)財務(wù)數(shù)據(jù)進(jìn)行研究分析并且整理進(jìn)而得出結(jié)論。企業(yè)績效運(yùn)用凈資產(chǎn)收益率、總資產(chǎn)收益率和每股收益三個財務(wù)指標(biāo)進(jìn)行衡量。在實證研究過程中，企業(yè)多元化程度的大小使用赫芬達(dá)爾指數(shù)來衡量。研究結(jié)果表明：多元化經(jīng)營與績效之間存在負(fù)相關(guān)關(guān)系，也就是說多元化經(jīng)營程度越強(qiáng)，公司的效益反而越低；在各類房地產(chǎn)企業(yè)中，只發(fā)展核心業(yè)務(wù)的單一型房地產(chǎn)企業(yè)的績效是最好的，進(jìn)行專業(yè)化經(jīng)營的房地產(chǎn)企業(yè)的績效次之。通過對進(jìn)行多元化經(jīng)營的房地產(chǎn)企業(yè)進(jìn)行比較可知：多元化經(jīng)營的房地產(chǎn)企業(yè)的效益不如前兩者的效益高，另外，進(jìn)行相關(guān)多元化經(jīng)營的企業(yè)的效益優(yōu)于進(jìn)行非相關(guān)多元化經(jīng)營的企業(yè)的效益。在本文的最后章節(jié)中，根據(jù)前面的實證分析結(jié)果，提出對我國房地產(chǎn)企業(yè)多元化經(jīng)營的建議。
[Abstract]:When the enterprise develops to a certain degree, in order to obtain the sustainable development, the higher profit, often will choose the diversification strategy, but the enterprise decides to carry on the diversification management result is good or bad. At present, there is no precise conclusion. In the early stage of development, in Europe and the United States and other developed countries and regions, many enterprises in order to obtain higher profits, are competing for diversification, but the implementation of a period of time. Therefore, a large number of enterprises are eager to get rid of the malpractice brought about by diversification, they all began to carry out large-scale business divestiture. 1957. H.Igor Ansoff, a famous American enterprise strategy management scholar, has published the article "diversification Strategy", in which the content of diversification strategy is clearly put forward. For a long time, many Chinese and foreign researchers have developed a large number of theoretical and empirical literature on diversification since 1980s. The malpractice of enterprise diversification began to be exposed gradually and attracted more scholars' attention. A large number of scholars in academic circles began to reflect on and review the various problems of diversification. The real estate industry relates to the national economy and the people's livelihood and is the pillar industry of our country. It has a great impact on the environment of the real estate industry in our country. The competition of the real estate industry in our country is becoming more and more intense and the high risk of the real estate investment, more and more real estate companies have implemented the diversification strategy. Because of the particularity of the real estate industry, the diversification of the real estate enterprise should become the problem that this article pays close attention to. This article takes the real estate listed company as the research sample, takes the real estate enterprise diversification to the enterprise performance influence as the research object. The analysis is based on the financial statements of these companies for the period from 2009 to 2011. This paper studies and analyzes the proportion of all kinds of income and related financial data in the total operating income of the industry and concludes that the performance of the enterprise applies the return on net assets. Total return on assets and earnings per share are measured. In the process of empirical research. The degree of diversification is measured by Hefendal index. The results show that there is a negative correlation between diversification and performance, that is, the stronger the degree of diversification. On the contrary, the efficiency of the company is lower; Among all kinds of real estate enterprises, the performance of a single real estate enterprise which only develops its core business is the best. Through the comparison of the real estate enterprises with diversified management, we can know that the benefits of the diversified real estate enterprises are not as high as the former two. In addition. The benefit of the related diversification enterprises is better than that of the non-related diversification enterprises. In the last chapter of this paper, according to the previous empirical analysis results. Put forward to our country real estate enterprise diversification management suggestion.
【學(xué)位授予單位】：山西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F272.3;F299.233.4

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前2條

1 潘瑞姣;多元化理論與中國上市公司多元化經(jīng)營影響因素研究[D];復(fù)旦大學(xué);2005年

2 林曉輝;中國上市公司多元化的動因和績效研究[D];廈門大學(xué);2008年

本文編號：1493201