房地产企业多元化经营对企业绩效的影响研究——基于经济政策不确定性的调节作用

Research on the Influence of Diversification of Real Estate Enterprises on Enterprise Per-formance—Adjustment Based on Economic Policy Uncertainty

摘要: 随着经济全球化的发展，国际局势的动荡，企业面对的外部环境的不确定性、风险性日益加强。因此，本文基于委托代理理论，选取经济政策不确定性这一外部变量，以我国2011~2020年沪深71家上市房地产企业为研究对象，实证研究了在经济政策不确定性的调节下，企业的多元化经营程度对企业绩效波动的影响。研究结果显示：企业的多元化程度负面影响则企业绩效；经济政策不确定性对企业绩效产生负向作用；经济政策不确定性正向调节多元化程度对企业绩效的负面影响。

Abstract: With the development of economic globalization and the turbulence of the international situation, the uncertainty and risk of the external environment faced by enterprises are increasing. There-fore, based on the principal-agent theory, this paper selects the external variable of economic policy uncertainty, and takes 71 listed real estate enterprises in Shanghai and Shenzhen from 2011 to 2020 as the research object to empirically study the impact of enterprise diversification on enter-prise performance fluctuation under the adjustment of economic policy uncertainty. The results show that: the degree of diversification has a negative impact on corporate performance; economic policy uncertainty has a negative effect on enterprise performance; economic policy uncertainty positively regulates the negative impact of diversification on corporate performance.