跨区域发展战略对房地产企业绩效的影响——基于房地产上市公司的实证研究

Do Real Estate Companies Benefit from Regional Diversity of Business——An Empirical Study Based on Chinese Listed Real Estate Company Data

本文选取了2004—2006年沪深两市房地产上市公司数据,检验跨区域发展对房地产企业绩效的影响方向与程度。面板模型计量分析结果表明,房地产企业的跨区域发展程度越高,则总资产报酬率越高,尤其当企业在一二三线城市之间进行分散布局。同时发现,跨区域同时更坚持专业化发展能得到更好的经营效果。文章基于以上发现,对大型房地产企业是否该进行跨区域经营战略以及如何进行具体模式的选择提出了相应的建议。有关研究发现对其他行业企业的跨区域发展也有启迪作用。

Based on the panel data of Chinese listed real estate company between 2004 and 2006, this paper provides a study on how the degree of regional-diversity of business affects real estate company＇s operating performance. There are solid empirical evidences to suggest that the increases in the degree of business regionaldiversity have positive affects on the returns of total capital among listed real estate companies. Meanwhile, there are also evidences suggesting that certain-type of business regional-diversity outperformed other types. Based on our findings, we provide some suggestions on how the real estate companies should face the strategy of business regional-diversity and what model they should choose.