【摘要】：近幾年，國家關于土地、財稅及金融方面的深化改革，對房地產(chǎn)企業(yè)的生存環(huán)境產(chǎn)生了巨大影響。面對快速變化的產(chǎn)業(yè)環(huán)境和日趨激烈的市場競爭態(tài)勢，許多房地產(chǎn)企業(yè)開始進行戰(zhàn)略調(diào)整，尋求行業(yè)外的發(fā)展機遇，踏上多元化經(jīng)營道路。作為國民經(jīng)濟的主要拉動力量，房地產(chǎn)企業(yè)的多元化行為對企業(yè)的盈利狀況是促進還是損害，對企業(yè)的運營發(fā)展又有何影響，值得我們探究。 本文以2008年-2012年我國房地產(chǎn)上市公司為研究對象，首先基于房地產(chǎn)行業(yè)特征及房地產(chǎn)公司特點，從償債能力、獲利能力、獲現(xiàn)能力及成長能力四個維度構(gòu)建房地產(chǎn)上市公司盈利質(zhì)量綜合評價模型，并運用因子分析法計算各房地產(chǎn)上市公司盈利質(zhì)量及四個維度能力的得分值。在此基礎上，進一步探究房地產(chǎn)上市公司多元化經(jīng)營與盈利質(zhì)量及四個維度能力之間的關系，實證結(jié)果顯示：房地產(chǎn)上市公司的多元化經(jīng)營行為會顯著損害公司的盈利質(zhì)量及獲利能力，表現(xiàn)為折價效應，且尚沒有證據(jù)表明房地產(chǎn)上市公司多元化經(jīng)營與盈利質(zhì)量之間存在拐點；多元化經(jīng)營與公司償債能力、成長能力均存在不顯著的正相關關系，說明盡管整體而言，房地產(chǎn)上市公司的多元化經(jīng)營是折價的，但對公司也存在一定積極作用。 因此，房地產(chǎn)企業(yè)應基于行業(yè)排名強化弱勢維度能力投入，立足核心業(yè)務選擇合適的多元化戰(zhàn)略，構(gòu)建企業(yè)資源利用效率跟蹤系統(tǒng)，優(yōu)化股權(quán)結(jié)構(gòu)并強化董事會治理效應，，以提高企業(yè)的綜合盈利質(zhì)量及行業(yè)競爭力。
[Abstract]:In recent years, the deepening reform of land, finance and finance has had a great impact on the living environment of real estate enterprises. In the face of the rapidly changing industrial environment and the increasingly fierce market competition, many real estate enterprises begin to adjust their strategies, seek opportunities for development outside the industry, and set foot on the road of diversified management. As the main driving force of the national economy, the diversification behavior of the real estate enterprises is to promote or damage the profit status of the enterprises, and what impact on the operation and development of the enterprises, it is worth us to explore. This paper takes China's listed real estate companies from 2008 to 2012 as the research object. Firstly, based on the characteristics of real estate industry and real estate companies, from the solvency, profitability, This paper constructs a comprehensive evaluation model of profit quality of real estate listed companies according to four dimensions of earning ability and growth ability, and calculates the score of profit quality and four dimensions ability of real estate listed companies by factor analysis. On this basis, we further explore the relationship between the diversification of real estate listed companies and the quality of profit and the ability of four dimensions. The empirical results show that the diversification behavior of listed real estate companies will significantly damage the profit quality and profitability of the company, showing the discount effect. And there is no evidence that there is an inflection point between diversification and profit quality of listed real estate companies, and there is no significant positive correlation between diversification and the ability to repay debt, growth ability of the company, indicating that although the overall, The diversification of listed real estate companies is a discount, but there is also a positive role for the company. Therefore, real estate enterprises should strengthen the ability input of weak dimension based on industry ranking, choose the appropriate diversification strategy based on core business, construct enterprise resource utilization efficiency tracking system, optimize the ownership structure and strengthen the governance effect of board of directors. In order to improve the overall profit quality and industry competitiveness.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.233.42;F272.3

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