本文選題：建筑行業(yè) + 多元化程度　； 參考：《武漢理工大學(xué)》2014年碩士論文

【摘要】：20世紀(jì)50年代美國(guó)的一位戰(zhàn)略管理專(zhuān)家Ansoff提出了企業(yè)多元化經(jīng)營(yíng)的概念，自此之后，多元化經(jīng)營(yíng)逐漸被世界眾多經(jīng)濟(jì)發(fā)達(dá)國(guó)家實(shí)踐運(yùn)用，，被引用為提高資本使用效率、規(guī)避風(fēng)險(xiǎn)、增加企業(yè)利潤(rùn)、擴(kuò)大企業(yè)規(guī)模的有效手段。多元化經(jīng)營(yíng)主要采取開(kāi)發(fā)新產(chǎn)品，或者吸收、合并行業(yè)外的公司，或者重組公司內(nèi)部產(chǎn)品結(jié)構(gòu)等經(jīng)營(yíng)模式。 然而多元化經(jīng)營(yíng)對(duì)企業(yè)產(chǎn)生的效應(yīng)問(wèn)題一直是各界學(xué)者關(guān)注的熱點(diǎn)問(wèn)題，也是一個(gè)存在著極大爭(zhēng)議的話題。多元化經(jīng)營(yíng)與財(cái)務(wù)績(jī)效之間存在怎樣的關(guān)系，各界學(xué)者之間沒(méi)有達(dá)成共識(shí)，不同行業(yè)之間往往存在不同的結(jié)論。 本文選擇作為國(guó)民經(jīng)濟(jì)支柱產(chǎn)業(yè)的建筑業(yè)上市公司作為研究對(duì)象。以2011年至2013年滬深兩市的建筑行業(yè)上市公司為樣本，探討多元化經(jīng)營(yíng)與企業(yè)財(cái)務(wù)績(jī)效之間的關(guān)系，主要包括兩部分，第一部分探討多元化程度與企業(yè)財(cái)務(wù)績(jī)效的關(guān)系；第二部分探討不同多元化類(lèi)型與財(cái)務(wù)績(jī)效的關(guān)系。本文選用熵指數(shù)作為度量多元化程度的指標(biāo)，選用總資產(chǎn)收益率、每股收益、資產(chǎn)負(fù)債率、速動(dòng)比率等指標(biāo)從盈利能力、償債能力兩方面評(píng)價(jià)財(cái)務(wù)績(jī)效，并選擇了企業(yè)規(guī)模、第一股東持股比例、公司成長(zhǎng)能力等指標(biāo)作為控制變量，通過(guò)構(gòu)建財(cái)務(wù)績(jī)效指標(biāo)與熵指數(shù)以及控制變量之間的多元線性回歸模型進(jìn)行實(shí)證分析，得出我國(guó)建筑業(yè)企業(yè)多元化程度與財(cái)務(wù)績(jī)效之間存在負(fù)相關(guān)關(guān)系的結(jié)論；并構(gòu)建了代表是否為相關(guān)多元化經(jīng)營(yíng)的虛擬變量，對(duì)不同多元化類(lèi)型下的財(cái)務(wù)績(jī)效進(jìn)行描述性分析以及回歸分析，得出我國(guó)建筑業(yè)相關(guān)多元化企業(yè)財(cái)務(wù)績(jī)效高于非相關(guān)多元化企業(yè)財(cái)務(wù)績(jī)效的結(jié)論。 本文通過(guò)對(duì)建筑業(yè)上市公司進(jìn)行實(shí)證分析，得出結(jié)論，我國(guó)建筑業(yè)上市公司實(shí)施多元化，并不一定會(huì)帶來(lái)良好的經(jīng)濟(jì)效益，反而有可能降低財(cái)務(wù)績(jī)效。
[Abstract]:In the 1950s, Ansoff, a strategic management expert in the United States, put forward the concept of diversification of enterprises. Since then, diversification has been gradually applied by many developed countries in the world and cited to improve the efficiency of capital use. Avoid risk, increase enterprise profit, expand the effective means of enterprise scale. Diversification mainly adopts developing new products, absorbing and merging companies outside the industry, or restructuring the internal product structure of the company. However, the effect of diversification on enterprises has always been a hot issue that scholars from all walks of life pay close attention to, and it is also a controversial topic. What is the relationship between diversification and financial performance, scholars from all walks of life do not reach a consensus, and different industries often have different conclusions. This paper chooses the listed companies of the construction industry as the pillar industry of national economy as the research object. Taking the listed companies of construction industry in Shanghai and Shenzhen stock markets from 2011 to 2013 as samples, this paper discusses the relationship between diversification and enterprise financial performance, including two parts. The first part discusses the relationship between diversification degree and enterprise financial performance. The second part discusses the relationship between different diversification types and financial performance. In this paper, entropy index is chosen as the index to measure the degree of diversification, and the total return on assets, earnings per share, asset-liability ratio and quick ratio are selected to evaluate the financial performance from two aspects of profitability and solvency, and the scale of the enterprise is chosen. The first shareholder's shareholding ratio and the growth ability of the company are taken as control variables, and the multiple linear regression model between financial performance index, entropy index and control variable is constructed to carry out empirical analysis. The conclusion that there is a negative correlation between the degree of diversification and financial performance of construction enterprises in China is drawn, and the fictitious variable whether the representative of diversification is related to diversification is constructed. Based on the descriptive analysis and regression analysis of the financial performance of different diversification types, the conclusion is drawn that the financial performance of the diversified enterprises in construction industry is higher than that of the non-related diversified enterprises. Based on the empirical analysis of listed companies in construction industry, this paper draws a conclusion that diversification of listed companies in construction industry in China will not necessarily bring good economic benefits, but may reduce financial performance.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F406.7;F426.92

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