【摘要】：近年來，由于受房地產(chǎn)業(yè)高額利潤的驅使，大量非房地產(chǎn)行業(yè)的上市公司爭相進軍房地產(chǎn)業(yè)，以求尋找“新的利潤增長點”。中國社會科學院在2011年《住房綠皮書》中指出：近年來，房地產(chǎn)市場呈現(xiàn)出爆發(fā)式增長的勢頭。在A股上市公司中，涉及房地產(chǎn)業(yè)的公司數(shù)量直線上升。我國上市公司在整體上涉足房地產(chǎn)業(yè)面廣，同時也說明房地產(chǎn)業(yè)已成為眾多企業(yè)進行多元化發(fā)展的首選。隨著國家房地產(chǎn)政策調(diào)控的升溫，樓市的深化調(diào)整，房地產(chǎn)這一曾經(jīng)的“香餑餑”已然成為“燙手山芋”，很多企業(yè)競相拋售房地產(chǎn)股權、變賣房地產(chǎn)項目。這股“新潮流”引起了社會各界的廣泛關注和討論。 我國深滬兩地眾多上市公司不同程度涉足了房地產(chǎn)業(yè)，其對企業(yè)績效的影響如何，主業(yè)非房地產(chǎn)上市公司涉足房地產(chǎn)開發(fā)能否改善企業(yè)績效、提升企業(yè)盈利能力，國內(nèi)外對此進行詳細研究的文獻很鮮見。因此，，有必要對我國上市公司涉足房地產(chǎn)業(yè)的經(jīng)濟結果加以客觀評價，以期得到一個關于我國非房地產(chǎn)主業(yè)公司涉足房地產(chǎn)開發(fā)業(yè)績變化的研究結論。 本文以我國上市公司涉足房地產(chǎn)開發(fā)對企業(yè)績效的影響為研究對象，在對涉足房地產(chǎn)開發(fā)(簡稱涉房)的上市公司范圍和涉房深度的界定之后，通過上市公司涉房前后、涉房公司與非涉房公司、涉房公司與老牌專業(yè)房地產(chǎn)公司三個視角的對比，研究上市公司涉房對企業(yè)績效的影響。 本文選取2002-2010年220家深滬上市公司的混合截面數(shù)據(jù)，運用SPSS17.0和Eviews6.0軟件，采用非參數(shù)檢驗法、多元回歸分析法和均值比較檢驗法進行實證分析。檢驗結果發(fā)現(xiàn)，上市公司涉房后的短期績效優(yōu)于涉房前，但長期的發(fā)展空間有限。涉房公司的績效短期內(nèi)略優(yōu)于非涉房公司，長期則遜色于非涉房公司。針對老牌專業(yè)房地產(chǎn)企業(yè)和涉房企業(yè)之間房地產(chǎn)業(yè)務的盈利能力比對結果看，專業(yè)房地產(chǎn)企業(yè)并非占絕對優(yōu)勢。 本研究是多元化經(jīng)營和轉型理論在房地產(chǎn)業(yè)的運用擴展，所得結論不僅豐富和發(fā)展了多元化經(jīng)營和轉型的研究成果，引起人們對“涉房”熱潮的反思，還為上市公司進行產(chǎn)業(yè)戰(zhàn)略選擇、外部投資者做出股票投資決策、政府制定房地產(chǎn)業(yè)宏觀調(diào)控政策提供參考。
[Abstract]:In recent years, driven by the high profits of the real estate industry, a large number of listed companies in the non-real estate industry are scrambling to enter the real estate industry in order to find a "new profit growth point". The Chinese Academy of Social Sciences pointed out in the 2011 Housing Green Paper: in recent years, the real estate market has shown a momentum of explosive growth. In A-share listed companies, the number of companies involved in the real estate industry skyrocketed. The listed companies in China are involved in the real estate industry as a whole, which also shows that the real estate industry has become the first choice for the diversified development of many enterprises. With the heating up of the national real estate policy and the deepening adjustment of the real estate market, real estate, once the "hot spot", has become a hot potato, and many enterprises are bidding to sell off the real estate shares and sell the real estate projects. This "new trend" has aroused widespread concern and discussion from all walks of life. Many listed companies in Shenzhen and Shanghai have been involved in the real estate industry to varying degrees. How does it affect the performance of the enterprises? can the main non-real estate listed companies get involved in real estate development to improve the performance of enterprises and enhance the profitability of enterprises? There are few literatures about this at home and abroad. Therefore, it is necessary to make an objective evaluation on the economic results of Chinese listed companies involved in real estate industry, in order to obtain a research conclusion on the change of performance of non-real estate companies in real estate development. This paper takes the impact of real estate development on the performance of the listed companies as the research object, after defining the scope and depth of the listed companies involved in real estate development (referred to as real estate development), through the listed companies before and after the housing. In this paper, the author studies the influence of the listed company on the performance of the listed company. The comparison between the real estate company and the private company, the real estate company and the old professional real estate company. In this paper, the mixed cross-section data of 220 Shenzhen-Shanghai listed companies from 2002 to 2010 are selected, and the non-parametric test method, multivariate regression analysis method and mean value comparison test method are used to carry out the empirical analysis by using SPSS17.0 and Eviews6.0 software. The results show that the short-term performance of listed companies is better than that of pre-housing, but the long-term development space is limited. The short-term performance of the company is slightly better than that of the non-housing company, and the long-term performance is inferior to that of the non-housing company. According to the comparison of the profit ability between the old professional real estate enterprise and the real estate enterprise, the professional real estate enterprise is not the absolute advantage. This study is an extension of the theory of diversification and transformation in real estate industry. The conclusion not only enriches and develops the research results of diversification and transformation, but also causes people to reflect on the upsurge of "house-wading". It also provides a reference for listed companies to choose industrial strategy, external investors to make stock investment decisions, and the government to formulate macro-control policies of real estate industry.
【學位授予單位】：電子科技大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F272.5;F299.233.4

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