【作者】 胡玮；

【导师】 邵燕华；

【作者基本信息】 苏州大学 ， 企业管理， 2010， 硕士

【摘要】 多元化能否给企业带来经营绩效的提升,这在学术界一直是个有争议的话题。中国作为一个新兴经济体国家,关于这个问题的研究结论可能与国外不同,同时国内还缺乏以特定行业为对象的研究。在众多行业中,零售业因其多种经营业态并存本身就具有多元化的基因。而面对外资企业的入侵和零售业低利润率的特点,近年来国内零售企业更是纷纷开展多元化经营,但多元化经营的效果如何?这正是本文所要讨论的。本文选取沪深两市55家零售业上市公司作为研究对象,取06- 08三年的财务数据平均值,来研究国内零售企业多元化经营与企业绩效的关系。本文以赫芬达尔指数代表企业的多元化经营程度,以总资产收益率ROA,净资产收益率ROE和每股收益EPS这三个指标代表企业的绩效。研究结果表明:国内零售业上市公司多元化经营与企业绩效之间呈负相关,即产生了“多元化折价”,不同多元化类型企业之间的绩效存在差异,单一型企业的绩效好于多元化企业,相关多元化企业的绩效要好于不相关多元化企业。因此,当前阶段我国零售企业应该谨慎开展多元化,把更多精力放在提升主业规模,保持高速增长和协调多种业态上。更多还原

【Abstract】 It has always been being an arguing question that if diversification strategy is beneficial to corporate economic performance. As an emerging country, China has own answer on this subject, perhaps different from foreign countries’answer. Besides, diversification researches based on specific industry are still ignored by most domestic scholars. Only several industries, such as agriculture, textile and tourism, have been researched before. Of all industries, retail industry has its inner gene of taking the diversification strategy, which operates on a multi-type basis. Facing the pressures both from foreign retail giants and low industry profit margin, domestic retail companies adopt diversification strategy in succession these years. This article was written to explore if this strategy really worked as it’s supposed to.In this thesis, 55 listed retail companies from Shanghai Stock Exchange and Shenzhen Stock Exchange were selected to be the research object according to CSRC and GICS.In order to explore the relationship between diversified operation degree and corporate economic performance, the thesis packed up these 55 companies’trade earning structure and corresponding financial data from 2006 to 2008. Herfindahl index was used as the independent variable that can define diversification degree, while ROA, ROE and EPS were used as dependent variables defining corporate economic performance. Liner Regression model leads to the following conclusions: (1) diversified operation has an bad impact on corporate economic performance significantly,which proves“Diversification Discount”theory; (2) Corporate economic performance differs from 4 type companies, simple-product type companies show better economic performance than other 3 type companies; (3) 11 related diversification companies have higher ROA, ROE and EPS than 8 unrelated diversification counterparts. The former set foot in catering, hostelling &Tourism, advertising and etc, while the latter focus on real estate, pharmacy, manufacturing and etc. According to this result, diversification strategy is not a good choice for Chinese Retail Industry. More attention should be paied to scale expansion, high-speed growth and multi-type development.更多还原