This paper aims to discuss whether alignment between corporate real estate strategy and corporate strategy exists for non-property companies listed on the Johannesburg Securities Exchange and what effects alignment has on the firms’ financial performance.,The study was both qualitative and quantitative in nature, with a specific focus on non-property firms listed on the Johannesburg Securities Exchange. The qualitative part of the study involved the analysis of the firms’ annual reports to determine the presence and use of corporate real estate strategies and their alignment to corporate strategy and the extraction of financial indicator data. The quantitative portion of the study involved the use of multivariate analysis, to distinguish and quantify the relationship, if any, between corporate real estate strategy and the identified financial performance indicators. The independent variables were the CRE strategies employed and the dependent variable was the share price. The methods used in this study have been applied before in European and Asian studies; this assisted in ensuring that validity and reliability was achieved.,The study finds that the most used strategy by firms (47%) is that which facilitates production, operation and service delivery. The Consumer Goods, Healthcare and Telecommunications sectors appear to demonstrate the highest level of alignment. Return on Shareholder Funds has a strong significant positive correlation with share price. Flexibility as a corporate real estate strategy also has a significant positive coefficient, which indicates a positive relationship with share price.,Although consistent with results of studies conducted in Europe and Asia, the results of this research may not be applicable to privately held non-listed firms, state-owned enterprises, non-profits and educational institutions. This study also ignores the dynamic external environment in which firms operate and the necessity of firms adjusting their corporate real estate strategy to their changing business strategy.,These results suggest that the incorporation of corporate real estate strategy in the firms’ corporate strategy formulation has the potential to enhance shareholder value for South African firms. Real estate developers, landlords and owner occupiers would benefit from better understanding the strategic requirements of corporations to ensure that the solutions they provide increase the likelihood of maximizing shareholder return.,The role of corporate real estate strategy in the firms’ corporate strategy formulation has the ability to enhance shareholder value. This research adds to the scant literature on corporate real estate management in South Africa.

中文翻译：

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南非的公司房地产和公司战略调整

本文旨在探讨在约翰内斯堡证券交易所上市的非房地产公司是否存在公司房地产战略与公司战略之间的一致性，以及一致性对公司财务绩效的影响。该研究本质上既是定性的，也是定量的，特别着重于在约翰内斯堡证券交易所上市的非房地产公司。该研究的定性部分涉及对公司年度报告的分析，以确定公司房地产战略的存在和使用以及它们与公司战略的一致性，以及财务指标数据的提取。研究的定量部分涉及使用多元分析来区分和量化这种关系（如果有），在企业房地产战略和已确定的财务绩效指标之间 自变量是采用的CRE策略，因变量是股价。本研究中使用的方法之前已在欧洲和亚洲研究中应用；研究发现，公司（47％）最常用的策略是促进生产，运营和服务交付的策略。消费品，医疗保健和电信行业似乎表现出最高水平的一致性。股东资金回报率与股价具有很强的正相关关系。作为公司房地产战略的灵活性也具有显着的正系数，这表明与股价呈正相关。尽管与在欧洲和亚洲进行的研究结果一致，但该研究结果可能不适用于私有非上市公司，国有企业，非营利组织和教育机构。这项研究还忽略了公司运作的动态外部环境以及公司根据不断变化的业务战略调整公司房地产战略的必要性。这些结果表明，将公司房地产战略纳入公司的公司战略制定中具有增强南非公司股东价值的潜力。房地产开发商，房东和业主占有者将从更好地了解企业的​​战略要求中受益，以确保他们提供的解决方案增加了最大化股东回报的可能性。公司房地产战略在公司公司战略制定中的作用具有增强股东价值的能力。这项研究增加了有关南非公司房地产管理的文献。