摘要
利用2001—2015年上市公司数据,实证分析了房地产类上市公司多元化经营的行为倾向及其绩效,研究结果表明:房地产类上市公司多元化水平随时间推移有明显下降倾向,但2012年后略有上升;截至2015年,81%的公司实行多元化经营,其中纵向(横向)多元化公司比重由33%上升为49%(由46%降为33%),上升(下降)趋势明显;股权集中度较高、营业收入增长较快的公司更愿意实施纵向多元化战略。进一步研究发现,当多元化水平较低时,实施纵向多元化战略更佳且其多元化程度越低业绩越好,反之,实施横向多元化战略相对更佳。最后提出中小房地产公司应以实施纵向多元化战略为主的分类指导建议。
According to the data of Listed Companies in 2001-2015,the behavior tendency and performance of diversified business of real estate listed companies are analyzed.The results show that diversification degree of real estate listed companies has a clear tendency to decline over time,but it has a slightly rise after 2012;Through 2015,81% of the companies carry on diversification.The proportion of vertical (horizontal) diversification apparently increases from 33% to 49%(apparently downs from 46% to 33%);The companies which have higher equity concentration and the more rapid growth of the business income are more willing to implement the vertical diversification strategy;Further study finds that,when the diversification level is lower,the vertical diversification strategy is better,and the lower its diversification degree,the better the performance,on the contrary,horizontal diversification strategy is better.Lastly,the paper respectively advises that the small and medium-sized real estate company should take the strategy of vertical diversification.
作者
彭志胜
彭悦悦
石欢荣
刘咏梅
PENG Zhi-sheng;PENG Yue-yue;SHI Huan-rong;LIU Yong-mei(School of Economics and Business Administration,Anhui Jianzhu University,Hefei 230601;School of Information,Huaibei Normal University,Huaibei 235000,Anhui,China)
出处
《合肥学院学报（综合版）》
2019年第2期16-23,共8页
Journal of Hefei University：Comprehensive ED
基金
安徽省高校人文社会科学研究重大项目(SK2016SD17)
安徽省哲学社会科学规划一般项目(AHSKY2018D66)资助
关键词
房地产
多元化
倾向
绩效
real estate
diversification
tendency
performance
