房地产上市公司股权结构与公司绩效关系研究

发布时间：2018-06-10 09:46

本文选题：房地产上市公司 + 股权属性　；参考：《天津财经大学》2012年硕士论文

【摘要】：公司绩效与公司治理结构息息相关,而股权结构是公司治理结构的基础,因此公司绩效与股权结构之间存在着一定的关系。近年来,国内外学者对上市公司股权结构与公司绩效之间的关系进行了深入而细致的研究,也取得了一定的成果。但是专门针对房地产行业的研究还比较少。房地产业作为国民经济的支柱产业,其绩效是否稳定在很大程度上关系着经济的发展和社会的稳定。而房地产行业作为一个特殊的行业类别,有着自身的行业特征。本文选取沪深两市64家房地产上市公司作为研究样本,试图探寻房地产上市公司股权结构与公司绩效之间的关系,并且根据研究结论提出相应的建议,期望能够为优化房地产上市公司股权结构,提高绩效提供一些借鉴。首先对国内外关于股权结构与公司绩效关系的文献进行回顾和梳理。阐述了股权结构与公司绩效的相关概念,归纳总结了本文的理论基础。然后对样本公司2006-2010年的数据进行描述性统计分析,总结出房地产上市公司股权结构的特点,并从股权结构的三个方面——股权属性、股权集中度和股权制衡度对公司绩效进行回归分析。实证结果表明：国有股比例与公司绩效之间不存在显著的相关关系；法人股比例与公司绩效之间显著正相关；流通股比例与公司绩效之间显著负相关；股权集中度与公司绩效之间呈正相关关系；股权制衡度与公司绩效也呈正相关关系。最后根据实证结论,提出充分重视和发挥法人股在公司治理中的作用；大力发展机构投资者；优化股权集中结构,提高股权制衡度；加强证券市场的法制建设和监管力度等建议。
[Abstract]:Corporate performance is closely related to corporate governance structure, and equity structure is the basis of corporate governance structure, so there is a certain relationship between corporate performance and equity structure. In recent years, scholars at home and abroad have made a thorough and detailed study on the relationship between the ownership structure and corporate performance of listed companies, and have also achieved certain results. However, the research on the real estate industry is still relatively small. As the pillar industry of national economy, whether the performance of real estate industry is stable or not is related to the development of economy and the stability of society to a great extent. The real estate industry as a special industry category, has its own industry characteristics. In this paper, 64 listed real estate companies in Shanghai and Shenzhen stock markets are selected as the research samples to explore the relationship between the ownership structure and corporate performance of real estate listed companies, and the corresponding suggestions are put forward according to the conclusions of the study. It is expected to provide some reference for optimizing the equity structure and improving the performance of the listed real estate companies. Firstly, the literature on the relationship between equity structure and corporate performance is reviewed and combed at home and abroad. This paper expounds the related concepts of ownership structure and corporate performance, and summarizes the theoretical basis of this paper. Then the data of sample companies from 2006 to 2010 are analyzed by descriptive statistics, and the characteristics of equity structure of real estate listed companies are summarized, and from three aspects of ownership structure, Equity concentration and equity balance are regression analysis of corporate performance. The empirical results show that there is no significant correlation between the proportion of state-owned shares and corporate performance, the proportion of corporate shares is significantly positive correlation with corporate performance, the proportion of circulating shares is significantly negative correlation with corporate performance; There is a positive correlation between equity concentration and corporate performance, and a positive correlation between equity balance and corporate performance. Finally, according to the empirical conclusions, the author puts forward to pay full attention to and give full play to the role of legal shares in corporate governance, vigorously develop institutional investors, optimize the concentrated structure of equity, improve the degree of equity checks and balances; Strengthen the legal construction and supervision of the securities market and other proposals.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.33;F832.51;F224

【参考文献】