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论文编号：	3225
作者编号：	2120092375
上传时间：	2011/6/5 10:44:38
中文题目：	我国上市房地产公司多元化经营与绩效关系的实证研究
英文题目：	The Empirical Research on the Relationship between the Diversification and Performance of the Real Estate Listed Companies in China
指导老师：	陈国欣教授
中文关键字：	上市房地产公司 多元化经营 企业绩效 实证研究
英文关键字：	Real estate listed companies Diversification Enterprise performance Empirical research
中文摘要：	多元化经营一直是理论与实践中都颇具争议的话题。当企业发展到一定规模必然面临多元化的战略选择，而多元化究竟是分散风险、增加企业价值的有效途径，还是会由于代理成本的增加使企业价值折价？自上世纪50年代国外便开始对多元化经营进行广泛而深入的研究与实践，我国学者自80年代也开始进行相关研究。但由于研究基础与研究对象的不同，结论也不尽相同。目前，我国上市公司多元化经营的比重较大，而欧美发达国家在经历了多元化经营模式的高潮后，重新回归到专业化的战略模式，因此对于多元化与绩效关系的探索与实证是非常必要的。 针对目前我国政府对房地产行业的宏观政策相继出台，房地产企业势必要对自身的经营战略做出相应调整以适应市场变化。多元化战略作为企业战略的选择之一是否适合房地产企业，多元化对于房地产企业绩效的具体影响，都是本文关注的焦点。基于此，本文结合我国上市房地产公司现状，借鉴国内外研究方法，对我国上市房地产公司多元化与绩效之间的关系做出有益探索。 本文以理论与实证研究相结合的方式。在理论研究部分，首先对多元化经营的定义与分类等相关概念进行明确，之后对国内外学者的相关研究成果进行综述，并在第三章根据我国国情分析了我国房地产行业的特点与企业经营情况，进一步讨论了房地产企业进行多元化经营的动机与进入方式。在实证研究部分，本文对41家中国上市房地产公司2006-2009年的数据进行采集与整理，设计了相关变量，运用回归分析、比较分析与相关分析等方法充分讨论多元化经营与绩效之间的关系。实证结果表明，中国房地产上市公司多元化经营与企业绩效之间负相关。由于部分公司在不具备与多元化所需水平相适应的技术、管理能力等情况下盲目进行多元化经营，绩效的下降成为必然。本文对多元化进行进一步分类，在对相关多元化与非相关多元化的比较分析后得出，相关多元化企业绩效优于非相关企业绩效的结论。因此，本文针对我国上市房地产公司提出了增强核心竞争力、提升企业专业化程度，谨慎进行多元化战略选择的意见和建议。 关键词：上市房地产公司 多元化经营 企业绩效 实证研究
英文摘要：	Diversification is always a controversial topic on the theory and practice. The enterprise has to be faced with Diversification strategic option as soon as it develops to a certain scale. Is the diversification an efficient way of spreading risk and increasing the enterprise value? Or will it reduce the enterprise value because of the agency cost? Since 1950s, the foreign countries have researched and carried out the diversification deeply and widely. Since 1980s, our scholars have begun to do the relevant researches. The conclusions are quite different due to the different research basis and objects. At present, the diversification of our public company accounts for a large proportion. After the climax of the diversification business model, the European countries use the strategy of specialization again. Therefore, it is very necessary to explore and demonstrate the relationship between diversification and performance. Because of the government has released macro-policies about the real estate industry one after another, the real estate enterprise have to adjust its own operation strategy to adapt the market variations. As one of the selections of the enterprise strategy, the availability and the concrete influence of the diversification on the performance of real estate enterprise are the focus of this thesis. As a result, this paper researches the relationship between the diversification and performance of listed real estate enterprises in our county based on its current situation as well as the domestic and overseas research method. The paper uses the method of theory and empirical study. In the part of theoretical research, firstly, it identifies the concept of the diversification and classification. Secondly, in the third chapter, it summarizes the related research achievements of domestic and overseas scholars as well as analyzes the characteristics and operations of the real estate industry in terms of the national conditions. This paper discusses the motivation and access method of the real estate enterprises’ diversification. In the part of empirical research, this thesis collects and arranges the data from 2006 to 2009 of the forty-one Chinese listed real estate enterprises, designs related variables, discusses the relationship between diversification and performance sufficiently by making use of the method of regression analysis, comparative analysis and relative analysis. The demonstration shows that in the China’s listed real estate enterprise, the diversification has negative correlation with the enterprise performance. Some enterprises do not have the techniques or management abilities required by the diversification, but they still engage in the diversification management that causes the falling of the performance. This paper classifies the diversification further and gets the conclusion of that the performance of relative diversification enterprises is better than the irrelative enterprises through the comparison. As a result, this paper presents suggestions of increasing the core competence, promoting the level of the enterprise specialization as well as choosing the strategy of diversification cautiously based on the listed real estate enterprises. Key Words: Real estate listed companies; Diversification; Enterprise performance; Empirical research
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