房地产业的政治关联、多元化与企业绩效关系研究——基于上市公司的实证分析

Political Connection,Diversification and Corporate Performance of the Real Estate Companies in China——Based on the Empirical Analysis of Listed Companies

以2010 ～2012年我国沪深两市上市的房地产企业为研究对象,分析企业的政治关联对我国房地产企业的企业绩效和多元化发展的影响.通过实证分析表明：房地产企业的政治关联有助于企业规模的扩大,而对企业绩效的直接提升作用不显著；房地产企业的政治关联有助于企业业务多元化能力的提升,但业务多元化发展会削弱企业的绩效水平；房地产企业的政治关联有助于企业区域多元化能力的提升,但区域多元化对企业绩效的促进作用不显著,且当政治关系较弱时,区域多元化会削弱企业的绩效水平.

This paper argues that the political connection owned by the real estate companies has effect on the business per- formance and strategies of diversification in real estate sectors. Based on a sample consisting of the listed real estate compa- nies in China from the year of 2010 to 2012, the result shows that： first, the political connection has no direct positive effect on business performance, but the expansion of business scale ; second, the political connection does enhance the ability of business diversification and regional diversification for real estate companies; finally, the more the business diversification and regional diversification, the less positive effect on business performance for the real estate companies.