| 中国房地产上市公司多元化与企业绩效关系 |
| 张红1,2, 高帅1,2, 李维娜3 |
| 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, 香港 |
| Relationship between diversification and performance of Chinese real estate listed companies |
| ZHANG Hong1,2, GAO Shuai1,2, LI Vera3 |
| 1. Hang Lung Center for Real Estate, Tsinghua University, Beijing 100084, China; 2. Center for Urbanization and Industrial Development, Tsinghua University, Beijing 100084, China; 3. Department of Accountancy, Hang Seng Management College, Hong Kong |
摘要:
| |||
| 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。 | |||
| 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 | |||
| Abstract：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. | |||
| Key words：real estate listed companiesdiversificationcompany performancefactor analysisdiscount effect | |||
| 收稿日期: 2014-11-24 出版日期: 2015-11-09 | |||
| |||
| 引用本文: |
| 张红, 高帅, 李维娜. 中国房地产上市公司多元化与企业绩效关系[J]. 清华大学学报（自然科学版）, 2015, 55(9): 977-983. ZHANG Hong, GAO Shuai, LI Vera. Relationship between diversification and performance of Chinese real estate listed companies. Journal of Tsinghua University(Science and Technology), 2015, 55(9): 977-983. |
| 链接本文: |
| http://jst.tsinghuajournals.com/CN/或 http://jst.tsinghuajournals.com/CN/Y2015/V55/I9/977 |
图表:
 |
| 表1 反映房地产上市公司多元化与企业绩效的初选指标 |
 |
| 表2 113家样本公司变量描述性统计 |
 |
| 表3 标准化处理后样本公司相关变量描述性统计 |
 |
| 表4 2007-2013年公司多元化水平与企业绩效集成指标表达式 |
 |
| 表5 2007~2013年公司多元化与企业绩效回归结果 |
 |
| 表6 2007~2013年房地产上市公司多元化与企业绩效回归结果 |
参考文献:
| [1] Oliver E W. Markets and Hierarchies: Analysis and Anti-trust Implications [M]. New York, USA: The Free Press, 1975. [2] Thomsen P. Ownership structure and economics performance in the largest European companies [J]. Strategic Management Journal, 2000, 21(6): 6-31. [3] Berger P G, Ofek E. Diversification's effect on firm value [J]. Journal of Financial Economics, 1995, 37(1): 39-65. [4] Denis D D, Denis D K, Atulya S. Agency problems equity ownership and corporate diversification [J]. Journal of Finance, 1998, 52(1): 135-160. [5] Maksimovic V, Phillips G. Optimal Firm Size and the Growth of Conglomerate and Single-Industry Firms, Working Paper [R]. College Park, USA: University of Maryland, 1999. [6] 苏东蔚. 多元化经营与企业价值: 我国上市公司多元化溢价的实证分析 [J]. 经济学季刊, 2005, 4(3): 135-158.SU Dongwei. Diversification and firm value: An empirical investigation of diversification premium based on China's stock-market listed companies [J]. China Economic Quarterly, 2005, 4(3): 135-158. (in Chinese) [7] 姚俊, 吕源, 蓝海林. 我国上市公司多元化与经营绩效关系的实证研究 [J]. 管理世界, 2004(11): 119-135.YAO Jun, LV Yuan, LAN Hailin. The diversification strategy and business performance of China's listed company [J]. Management World, 2004(11): 119-135. (in Chinese) [8] 朱江. 我国上市公司的多元化战略与经营业绩[J]. 经济研究, 1999(11): 54-61.ZHU Jiang. The diversification strategy and business performance of China's listed company [J]. Economic Research, 1999(11): 54-61. (in Chinese) [9] Ansoff H I. Strategies for diversification [J]. Harvard Business Review, 1957, 35(5): 113-124. [10] Gort M. Diversification and Integration in American Industry [M]. Princeton, USA: Princeton University Press, 1962. [11] Wrigley L. Divisional Autonomy and Diversification [D]. Massachusetts, USA: Harvard University, 1970. [12] Shleifer A, Vishny R. Managerial entrenchment, the case of manager specific investments [J]. Journal of Financial Economics, 1990, 25(1): 123-139. [13] 柳建华. 多元化投资、代理问题与企业绩效 [J]. 金融研究, 2009, 349(7): 104-120.LIU Jianhua. Diversification investment, agent problems and corporate performance [J]. Journal of Financial Research, 2009, 349(7): 104-120. (in Chinese) [14] 顾政华, 李旭宏. 主成分分析法在公路网综合评价中的应用 [J]. 公路交通科技, 2003, 20(5): 71-74.GU Zhenghua, LI Xuhong. Application of principal component analysis method in comprehensive evaluation for road network [J]. Journal of Highway and Transportation Research and Development, 2003, 20(5): 71-74. (in Chinese) |
相关文章:
|
