跨行业经营房地产与企业业绩：相得益彰还是适得其反

Cross-industry Real Estate Business Operating and Enterprise Performance: Supplement or Detriment

随着我国经济增速的逐渐放缓,许多实体企业开始偏离主业,企业跨行业经营房地产这一现象受到社会各界的广泛关注。本文基于2007-2016年A股上市企业数据,研究了跨行业经营房地产对企业整体业绩和主业业绩的影响。研究发现,跨行业经营房地产对企业的整体业绩具有提升作用,并且进入程度越深提升幅度越大,但是企业整体业绩的提升主要来源于房地产业务,企业主业的业绩反而有所下降。进一步的研究发现,并非所有类型的企业跨行业经营房地产都能带来业绩的改善,在与房地产关联度较低的行业以及研发创新投入较高的企业当中,跨行业经营房地产不但未能改善企业整体业绩,而且对主业业绩具有不利影响。更为重要的是,本文发现只有在房价增长率较高的地区,跨行业经营房地产才能带来业绩的提升。这意味着随着人口红利的消退、房地产长效机制的建立,跨行业经营房地产带来的业绩增长难以持续,企业的发展应当回归主业。本文拓展了房地产行业对实体经济影响的相关研究,同时有助于为企业的多元化经营决策提供判断依据。

As economic growth slows down in China, many real enterprises have begun to operate real estate in order to improve their performance. The real estate industry presents a high profit level, and enterprises can directly boost their performance by relying on the high returns of the real estate business. At the same time, enterprises operating the real estate business across industries can also improve their performance through the "synergistic effect" between the real estate business and the main business. On the other hand, cross-industry real estate business operating may also push up management costs, and the real estate business may be difficult to synergize with the main business, which is not conducive to the improvement of enterprise performance. So, does cross-industry real estate business operating help enterprises improve their performance? Can the real estate business and the main business of enterprises produce mutually beneficial effects? The above issues are the focus of this paper.This paper studies the impact of cross-industry real estate business operating on the overall performance and the main business performance, and uses the data of A-share listed companies during2007-2016 to testify. The result shows that cross-industry real estate business operating has a positive effect on the overall performance. And the deeper enterprises enter, the higher the performance improvement is. However, the improvement of the overall performance mainly comes from the real estate business, but the performance of the main business of enterprises has declined. Furthermore, not all types of enterprises can improve their performance by operating the real estate business. Among industries with low correlation with real estate and enterprises with high investment in R&D, crossindustry real estate business operating not only fails to improve the performance of enterprises, but also has an adverse impact on the performance of the main business. More importantly, this paper finds that only in areas with high housing price growth rates, cross-industry real estate business operating can improve the performance of enterprises. This means that with the decline of the demographic dividend and the establishment of a long-term mechanism of real estate, the growth of performance brought by cross-industry real estate business operating cannot be sustained. The development of real enterprises should return to their main business. This paper expands the research on the impact of the real estate industry on the real economy, and at the same time helps to provide a basis for the judgment of diversified business decisions.