【作者】 林丹明； 邓朝晖； 朱彩荣；

【Author】 Danming Lin,Zhaohui Deng,Cairong Zhu(Business college,Shantou University,Shantou 515063,China)

【机构】 汕头大学商学院；

【摘要】 多元化战略一直是企业管理人员所关注的。本文选取了沪深两地在2001~2008年新进入房地产的119家上市公司,运用Wilcoxon符号秩和检验和面板分析的方法对比研究它们在进入房地产行业前后的业绩变化。结果显示,这种面向房地产的多元化对企业的绩效是不利的,在进入房地产行业当年和之后1年企业绩效虽然有所降,但不显著;而在进入之后第2年,企业的业绩有显著的下降。同时,研究也发现在这些实施房地产的多元化的公司中,杠杆系数和负债规模是与企业绩效呈显著负相关的。更多还原

【Abstract】 Diversification strategy has always been concern of management of enterprise.In this thesis,we chose 119 listed companies that entered in the real estate industry during 2001₂008 in Shenzhen and Shanghai STOCK exchange,we used the method of Wilcoxon rank sum test and panel analysis to study the changes between the performance before they entered the real estate industry and that after they entered.The result of this study show us that this kind of diversification that entering into the real estate industry is not good to companies’ performance.These listed companies’ performance decreased a little but not significantly after entering the real estate industry one year,but decreased significantly after entering 2year.Meanwhile,this study found that in these companies that implementing diversification strategy of entering the real estate industry,both leverage factor and liability are significantly negative with firm’s performance.更多还原