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清华大学学报(自然科学版)  2015, Vol. 55 Issue (9): 977-983    
  建设管理 本期目录 | 过刊浏览 | 高级检索 |
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
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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。
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张红
高帅
李维娜
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 wordsreal estate listed companies    diversification    company performance    factor analysis    discount effect
收稿日期: 2014-11-24      出版日期: 2015-11-09
ZTFLH:  F239.35  
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
  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
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