隨著國家對房地產行業的宏觀調控以及互聯網時代的來臨，商業地產企業的市場環境及競爭格局均發生了較大的變化，許多商業地產企業實施了跨行業延伸戰略以期獲得可持續發展。本文結合多元化戰略、協同等相關理論對商業地產企業跨行業延伸的動因以及目標行業分析的關鍵要素進行了總結和提煉，構建了跨行業延伸的戰略選擇矩陣，為商業地產企業制定跨行業延伸決策提供了分析思路。首先，本文對國內外關於商業地產以及跨行業延伸方面的文獻進行梳理。對跨行業延伸的概念進行界定，指出其與跨行業轉型以及多元化經營的區別與聯繫。然後結合多元化經營理論對企業選擇跨行業延伸的動因進行總結，並通過問卷調研和探索性因數分析提取出行業、企業、個體及政府層面四個公因數，且進一步明確了商業地產企業實施跨行業延伸戰略的主要動因是來自行業和企業層面的考慮。其次，本文總結了商業地產企業在選擇目標行業時的潛在影響因素，並通過問卷調研和探索性因數分析提取出兩個公因數：“行業吸引力”和“資源可轉移性”。據此我們提出了跨行業延伸矩陣，該矩陣包含四個象限，每象限對應著不同的跨行業延伸戰略：（1）第一象限，主要適用於目標行業吸引力大，資源可轉移性高的情況；（2）第二象限，主要適用於目標行業吸引力大，資源可轉移性低的情況；（3）第四象限，主要適用於目標行業吸引力小，資源可轉移性高的情況；（4）第三象限，主要適用於目標行業吸引力小，資源可轉移性低的情況；我們建議只有位於第一象限的企業可以積極採用跨行業延伸戰略。此外，本文以大連萬達集團和恒大集團為例，通過分析它們在跨行業延伸方面的實踐經驗，進一步驗證了該理論框架的有效性，並應用該框架對A企業實施跨行業延伸發展戰略的可行性進行了探討。

With more macro-regulation policies for real estate industry and the rapid development of online economy, both market and competition environments of commercial real estate industry in China have changed. Many companies have adopted cross-industry extension strategies to maintain sustainable development. Grounded in the theories of diversification and synergy, this paper provides a systemic analysis on the drivers of cross-industry extension and the main factors used to evaluate target industry for commercial real estate enterprises.
First, we review related literature about commercial real estate and cross-industry extension, define concepts, and point out the differences and relations between diversification and cross-industry extension strategies. Based on related literature, we summarize the driving forces to adopt cross-industry extension strategyfor commercial real estate enterprises. Further, we conduct a survey and refine four common factors through Exploring Factor Analysis, which are industry, enterprises, individual and government respectively. Thereinto, motivations from the industry and enterprise aspects are more salient than the others. Similarly, we extract two common factors used to evaluate target industry, which are attractiveness of target industry and transferability of resource. Based on the two dimensions, we construct a matrix which contains four quadrants: (1) The first quadrant, referring to the industry with strong attractiveness and high resource transferability; (2) The second quadrant, referring to the industry with strong attractiveness and low resource transferability; (3) The fourth quadrant, referring to the industry with less attractiveness and high resource transferability; (4) The third quadrant, referring to the industry with less attractiveness and low resource transferability. We suggest that only enterprises in the first quadrant could take the cross-industry extension strategy aggressively. In addition, we illustrate our theoretical framework in two case studies. Taking Wanda Group and Evergrande Group as samples, we analyze their cross-industry extension strategies and further verify the effectiveness of our theoretical framework. Finally, we apply the framework to A Corporation and analyze the feasibility of its cross-industry extension strategy.