中国房地产上市公司多元化与企业绩效关系  

Relationship between diversification and performance of Chinese real estate listed companies

作　　者：张红[1,2] 高帅[1,2] 李维娜 

机构地区：[1]清华大学恒隆房地产研究中心,北京100084 [2]清华大学城镇化与产业发展研究中心,北京100084 [3]香港恒生管理学院会计系

出　　处：《清华大学学报（自然科学版）》2015年第9期977-983,共7页Journal of Tsinghua University(Science and Technology)

基　　金：国家自然科学基金资助项目(71373143)

摘　　要：多元化与企业绩效关系是目前学术界争议较大的热点问题之一。该文基于新型资本市场现状,以房地产上市公司为样本,采用2007—2013年时间序列数据从微观视角分析区域类型多元化、产品类型多元化、业务类型多元化对企业绩效的影响;采用因子分析法计算反映公司多元化程度与企业绩效的集成指标,从综合视角审视二者之间的关系。实证结果表明:房地产上市公司各种类型多元化与企业绩效显著性关系不强。具体而言,区域类型多元化对企业绩效折价效应最小,产品类型多元化对企业绩效折价效应其次,业务类型多元化对企业绩效折价效应最为显著;此外,公司综合多元化程度越高对企业绩效的折价效应越显著。The existing research on the relationship between diversification and company performance still has many controversies.This study analyzes selected Chinese real estate listed companies as examples of company performance in an emerging capital market.The analysis considers the influence of regional diversification,product diversification,and business type diversification on the company performance using time series data（2007—2013）.The factor analysis method is used to calculate a synthesize index to relate the degree of diversification and the performance.The results show no significant correlation between diversification and performance with regional diversification having minimal discount effect on the performance, product diversification having a secondary discount effect on the performance,and business diversification having the most significant discount effect on the performance.The combined effect of the diversification has a greater discount effect on the company performance.

关 键 词：房地产上市公司 多元化 企业绩效 因子分析 折价效应 

分 类 号：F239.35[经济管理—会计学]