房地产上市公司多元化战略对绩效影响研究

Research on the Impact of Diversification Strategy of Listed Real Estate Companies on Performance

我国房地产行业的竞争日趋激烈,越来越多的房地产企业选择实施多元化战略促进企业经营发展,但我国房地产企业多元化程度与公司绩效的关系仍存在争议。以我国90家房地产上市公司为样本,通过多元回归模型分析企业多元化程度与绩效的关系以及企业历年多元化类型与绩效的关系。研究发现企业多元化短期内与绩效呈显著负相关,但是随着时间的增长多元化带来的负效应会逐渐减弱;不同多元化战略调整类型会对企业绩效造成不同的影响。

The competition in my country's real estate industry is becoming increasingly fierce.More and more real estate companies choose to implement“diversification strategies”to promote business development.However,the relationship between the diversification of my country′s real estate companies and company performance is still controversial.This research mainly ana-lyzes the impact of the diversification of China's listed real estate companies and the direction of strategic adjustments on performance.Using the annual reports of 90 listed real estate companies in China as a sample data source,the relationship between the diversification and performance of companies is analyzed through multiple regression models and lag effects.Analyze the relationship between corporate diversification types and performance through panel data regression models.The study found that the degree of corporate diversification is significantly negatively correlated with performance in the short term,but the negative effects of corporate diversification will gradually weaken with the growth of time;the type of diversification under different diversification strategic adjustment directions will cause different corporate performance Impact.Finally,it puts forward relevant suggestions on real estate company diversification.