进入房地产行业的多元化方式与提高企业绩效

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年新进入房地产业的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下降，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。

Can Chosing Diversification the Real Estate Industry Increase Strategy of Companiest Entering Performances

Diversification strategy has always been concerning With the management of enterprise. In this thesis, we chose 119 listed companies that entered the real estate industry in Shenzhen and Shanghai Stock Exchange from the year 2001 to 2008. We use the method of Wilcoxon rank sum test and panel analysis to study the changes between the performance before they entered the real estate indus- try and that after they entered. The result of this study shows us that this kind of diversification that entering 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 in the first year, but decreased significantly after entering in the second year. Meanwhile, it finds 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.