本文關(guān)鍵詞：多元化與歸核化戰(zhàn)略選擇對零售企業(yè)績效的影響　出處：《上海師范大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

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【摘要】：不同的企業(yè)在發(fā)展過程中會選擇不同的發(fā)展戰(zhàn)略,從企業(yè)經(jīng)營行業(yè)廣泛度出發(fā),我們可以將企業(yè)劃分為多元化經(jīng)營企業(yè)和歸核化經(jīng)營企業(yè)。多元化經(jīng)營即企業(yè)除了在自身主業(yè)經(jīng)營之外還選擇涉足主業(yè)以外的行業(yè);而歸核化之路則是指企業(yè)經(jīng)營過程中一直保持在主業(yè)經(jīng)營的一種狀態(tài)。過去學(xué)者對企業(yè)多元化與歸核化經(jīng)營做出過許多的研究,提出過許多相關(guān)理論。多元化理論提出企業(yè)多元化不僅會給企業(yè)帶來范圍經(jīng)濟(jì)、協(xié)同效應(yīng)、內(nèi)部資本市場等優(yōu)勢,也會給企業(yè)帶來代理問題、過度投資、跨行業(yè)補(bǔ)貼、資本配置無效率等缺點(diǎn);歸核化經(jīng)營理論支持者則從資源理論出發(fā),認(rèn)為只有企業(yè)擁有了核心資源才能獲得好的業(yè)績和競爭優(yōu)勢;從價值鏈理論出發(fā),提出企業(yè)只能在整個價值鏈的某一個環(huán)節(jié)具有優(yōu)勢,所以要專注于自己的主業(yè)經(jīng)營。多年以來,學(xué)者在討論選擇哪一種道路對企業(yè)業(yè)績有更好的作用時并沒有得出一個確定的結(jié)果。以往研究當(dāng)中也有許多學(xué)者對企業(yè)多元化與歸核化對經(jīng)營業(yè)績影響做出過相關(guān)實(shí)證研究,其中包括將所有行業(yè)企業(yè)一起作為樣本的研究,也有針對某一個行業(yè)的研究,但是最后都沒有形成一個定論。本文則是選取了百貨零售行業(yè)上市公司作為研究樣本,零售行業(yè)具有現(xiàn)金流充裕的特點(diǎn),這就給零售行業(yè)多元化發(fā)展提供了基本條件;零售行業(yè)同時也受到國外大型零售企業(yè)的沖擊和網(wǎng)絡(luò)零售的影響,綜合利潤率一直偏低,這使零售行業(yè)有很強(qiáng)烈的動機(jī)進(jìn)行多元化發(fā)展。本文首先從理論上分析了多元化與歸核化給零售企業(yè)帶來的影響作用,然后實(shí)證部分以凈資產(chǎn)收益率、總資產(chǎn)報酬率、每股收益為綜合業(yè)績指標(biāo),以總體多元化熵指數(shù)為企業(yè)多元化程度衡量指標(biāo),通過統(tǒng)計檢驗(yàn)、相關(guān)性分析和面板數(shù)據(jù)回歸模型研究百貨零售企業(yè)多元化程度與業(yè)績水平的影響;最后針對所得出的結(jié)果,以凈資產(chǎn)收益率為例,選擇杜邦財務(wù)分析模型,進(jìn)一步研究業(yè)績差異的來源。通過本文研究,我們得到了百貨零售企業(yè)多元化經(jīng)營會降低企業(yè)經(jīng)營綜合績效的結(jié)論,也即百貨零售企業(yè)經(jīng)營越分散,企業(yè)業(yè)績水平越低。同時驗(yàn)證了相關(guān)理論,即零售企業(yè)多元化經(jīng)營提升了企業(yè)的銷售毛利率和銷售凈利率,但是卻顯著降低了企業(yè)的資產(chǎn)周轉(zhuǎn)率,最后帶來企業(yè)的綜合業(yè)績水平較低。
[Abstract]:Different enterprises will choose different development strategies in the process of development. We can divide the enterprises into diversified enterprises and refocused enterprises. Diversification means that enterprises choose to set foot in other industries besides their own main business operations. However, the road of refocusing refers to a state in which the enterprise has been operating in the main business all the time. In the past, scholars have made a lot of research on the diversification and refocusing of enterprises. Put forward a lot of relevant theories. Diversification theory put forward that diversification will not only bring scope economy, synergy effect, internal capital market and other advantages, but also bring agency problems and excessive investment to enterprises. Cross-industry subsidies, inefficient capital allocation and other shortcomings; On the other hand, the backers of the core management theory think that only the enterprises have the core resources can obtain good performance and competitive advantage. Starting from the value chain theory, it is proposed that enterprises can only have an advantage in one link of the whole value chain, so they should focus on their main business operation for many years. When scholars discuss which way to choose has a better effect on enterprise performance, there is not a definite result. In the past, many scholars have made the influence of diversification and refocusing on business performance. Guan empirical study. This includes the study of all industries and enterprises as a sample, as well as the study of a particular industry. However, there is no final conclusion in the end. This paper selects the department store retail industry listed companies as the research sample, the retail industry has the characteristics of abundant cash flow. This provides the basic conditions for the diversified development of retail industry; At the same time, the retail industry is also affected by the impact of foreign large retail enterprises and the impact of online retailing, the overall profit margin has been low. This makes the retail industry have a strong motivation for diversification. Firstly, this paper theoretically analyzes the impact of diversification and refocusing on retail enterprises, and then the empirical part of the return on net assets. The return rate of total assets, earnings per share is a comprehensive performance index, with the total diversity entropy index as a measure of the degree of enterprise diversification, through the statistical test. Correlation analysis and panel data regression model to study the impact of the degree of diversification and performance of retail enterprises; Finally, in view of the results, take the return of net assets as an example, choose DuPont financial analysis model to further study the source of performance differences. We get the conclusion that the diversification of department store retailing enterprise will reduce the comprehensive performance of the enterprise, that is, the more decentralized the department store retail business, the lower the performance level of the enterprise. At the same time, the relevant theory is verified. That is, the diversification of retail enterprises increases the gross profit rate of sales and net interest rate of sales, but significantly reduces the turnover rate of assets, and finally leads to the low level of comprehensive performance.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F724.2

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