绩效期望落差对制造企业进入房地产行业的影响研究

A Study on the Influence of Shortfall in Performance Aspiration on Chinese Manufacturing Firms’Entry into the Real Estate Industry

以2008~2017年中国制造业上市公司为样本,实证考察了绩效期望落差对企业进入房地产行业的影响。研究发现:绩效期望落差越大,企业面临的效率威胁越严重,越可能为改善业绩而进入房地产行业;绩效期望落差对进入房地产行业的影响强度,与房地产行业利润率和企业持有土地没有显著差异;民营和现金流权比例高的控股股东,对绩效期望落差带来的效率威胁更敏感,更可能通过进入房地产行业,以缓解绩效期望落差带来的效率威胁,导致绩效期望落差对进入房地产行业的影响更强;企业冗余资源越多,进入房地产行业越可行,绩效期望落差对进入房地产行业的影响越强。进一步的分析发现,绩效期望落差对企业进入房地产行业的程度也有正向影响。

Using Chinese manufacturing listed companies from 2008 to 2017 as the sample, this study investigates the influence of shortfall in performance aspiration on Chinese manufacturing firms’ entry into the real estate industry. The results suggest that the larger the shortfall in performance aspiration, the more serious the threat to efficiency that companies face, and the more likely companies are to enter the real estate industry to improve performance. The shortfall in performance aspiration has comparable influence as that of the profitability of the real estate industry and firm ownership of land. Private controlling shareholders and controlling shareholders with a high proportion of cash flow rights are more sensitive to the threat of efficiency caused by the shortfall in performance aspiration, and thus are more likely to mitigate the threats by entering the real estate industry, resulting in a greater impact of the shortfall in performance aspiration on entering the real estate industry. The more slack resources a firm has, the stronger the effect of the shortfall in performance aspiration on entering the real estate industry. Further analysis suggests that shortfall in performance aspiration also has a positive effect on the ratio of a manufacturing firm’s sales in the real estate industry to its total sales.