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
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.
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.
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