我国房地产上市公司董事会特征与公司经营绩效的相关性研究

发布时间：2018-09-10 14:20

【摘要】：本文主要研究了我国房地产上市公司董事会特征与企业绩效之间的关系,房地产行业作为国民经济的支柱产业,其发展水平是我国经济发展水平、社会发展水平和国家综合实力的重要标志。从2003起,房地产行业对国民经济的贡献和影响日益扩大,加上其本身具有很强的行业关联性,涉及范围达50多个行业,包括建筑、钢铁、水泥等建材行业,以及信贷、保险等金融服务行业,房地产业的良性发展将有利于促进相关产业乃至整个国民经济的健康发展。房地产业对国民经济的影响还体现在需求的拉动上,目前房地产投资已经成为扩大投资需求的重要支撑,有效拉动了国民经济的增长。而房地产行业的发展水平主要通过其经营绩效来衡量的,其绩效水平的高低也直接表现了我国房地产行业公司治理的质量,高质量的公司治理必然是与良好的公司绩效和持续发展能力相联系的。而公司治理在我国还是一个比较新的概念,在推进公司治理的理论研究和实践运作方面还在处于不断的发展阶段。从这个角度来讲,本文关于我国房地产行业上市公司董事会治理结构与公司绩效的研究选题具有重要的理论价值和现实意义。本文包括五个章节内容：第一章为前言部分。重点阐述本文的研究背景、意义、论文框架及力图表达的创新点等。第二章为理论基础与文献综述。主要囊括以下几方面内容：一是介绍相关变量的概念,包括房地产行业、董事会特征、公司绩效以及相关变量指标的选择与评价等；二是整理了变量间相关性的理论基础,如委托代理理论、资源依赖理论等；三是简要描述了董事会特征影响公司绩效的机理；四是综述了国内外关于董事会特征与公司绩效相关性研究的文献,分别从国外和国内两个角度展开,主要从董事会的结构特征、构成特征、行为特征以及激励特征几个方面来进行的,并综合评价了各研究成果的贡献及其不足,这为第四章的实证分析奠定了理论基础。第三章是对我国房地产上市公司董事会特征变量与企业经营绩效方法与指标的界定与描述。主要包括两个方面内容：首先界定了我国房地产上市公司董事会特征的七个变量,之后对我国房地产行业上市公司董事会的特征变量进行了描述性分析；其次是界定了本文选择的评价房地产上市公司企业绩效的方法,并在此基础上选择单一指标和因子分析相结合的企业绩效评价方法,之后分析了我国房地产上市公司的绩效现状。第四章是我国房地产行业上市公司董事会特征与公司经营绩效关系的实证分析部分。首先介绍了数据来源与样本选择、相关变量(包括解释变量、被解释变量和控制变量)等；其次根据第二章的理论评述提出了我国房地产上市公司董事会特征与公司经营绩效关系的一些研究假设；第三是运用数据对各相关变量之间进行相关性分析,并初步得出各变量之间的相关关系；第四是分别以我国房地产上市公司的净资产收益率(Y1)、每股收益(Y2)、企业盈利能力(F,)和企业发展能力(F2)作为因变量,以董事会特征作为自变量,并以企业规模、资产负债率作为控制变量,构建了企业绩效与董事会特征变量之间的四个回归模型,之后运用所建立的模型对提出的假设进行实证检验,并对实证结果进行了归纳、整理和分析；最后结合实证分析的结果以及在经验分析的基础上提出完善我国房地产行业董事会治理的些许建议。第五章是本文的研究结论、不足以及展望。一方面综述了本文的研究结论；另一方面也指出了本项研究存在的不足以及今后的研究展望。本文较为全面的分析了我国房地产行业上市公司董事会特征与公司经营绩效之间的关系,这是对房地产行业公司治理结构中董事会特征与公司绩效之间的相关性进行探索的一次有益尝试,具有一定的理论价值与现实意义。本文通过运用2007-2010年期间我国房地产A股376家上市公司年度报告数据对我国房地产行业上市公司董事会特征与公司经营绩效的相关性进行了实证分析。结果表明：我国房地产上市公司董事会特征对公司绩效确实产生一定的影响,其中独立董事比例与绩效指标EPS和企业的盈利能力之间呈现出了显著的正相关关系,而与绩效指标ROE和企业的发展能力之间呈现出不显著的正相关关系；独立董事年均津贴与企业绩效指标ROE、EPS以及企业的发展能力有着不显著的正相关关系,而与企业的盈利能力有着显著的正相关关系；房地产上市公司董事长与总经理两职合—与公司经营绩效指标ROE之间表现出显著的负相关关系,但却与绩效指标EPS、企业的盈利能力和发展能力表现出不显著的负相关关系；董事会年度会议次数与公司经营绩效指标EPS呈负相关,但却与企业绩效指标ROE、企业的盈利能力和发展能力之间没有表现出显著的相关性；董事会薪酬与企业经营绩效指标EPS、企业盈利能力和发展能力之间有着显著的正相关关系,而与绩效指标ROE则表现出了不显著的正相关；董事会成员持股比例与公司经营绩效指标ROE、EPS、企业盈利能力以及发展能力都存在显著的正相关；董事会规模与本文所选的绩效指标ROE、EPS、企业盈利能力和发展能力都表现出不显著的负相关关系。这些实证结论告诉我们应该加强我国房地产上市公司董事会的建设,有效改善房地产行业董事会的现状,更好的发挥董事会的积极作用。基于实证结果,本文也提出了有针对性的改进建议：如选择适当的董事会规模；建立完善的独立董事制度；优化董事会的领导结构；完善董事会履职机制；制定合理的董事会激励机制等。本文力图在以下三个方面有所贡献：一是在研究对象的选择上,本文选择我国房地产行业上市公司作为研究对象,丰富了国内外对于房地产上市公司董事会特征与公司经营绩效相关性的研究；二是随着董事会建设的不断完善,独立董事在优化董事会结构、保护中小投资者利益等方面发挥着越来越重要的作用,因而本文在董事会特征变量的选择上,将独立董事年均津贴从董事会薪酬里面独立出来,单独研究独立董事年均津贴对企业绩效的影响；三是本文通过单一绩效评价指标与因子分析综合评价指标相结合的方法来评价我国房地产行业上市公司的企业绩效。
[Abstract]:This paper mainly studies the relationship between the characteristics of the board of directors of listed real estate companies and the performance of enterprises in China. As a pillar industry of the national economy, the development level of the real estate industry is an important symbol of China's economic development level, social development level and national comprehensive strength. The sound of the real estate industry is expanding day by day, coupled with its strong industry correlation, covering more than 50 industries, including construction, steel, cement and other building materials industries, as well as credit, insurance and other financial services industries. The sound development of the real estate industry will be conducive to the healthy development of related industries and even the entire National economy. At present, the real estate investment has become an important support to expand the investment demand and effectively stimulated the growth of the national economy. The development level of the real estate industry is mainly measured by its operating performance, and its performance level also directly reflects the quality of corporate governance of the real estate industry in China. Quantity and high-quality corporate governance is bound to be related to good corporate performance and sustainable development capacity. Corporate governance is a relatively new concept in China, and it is still in a continuous development stage in promoting the theoretical research and practical operation of corporate governance. The research on the governance structure and corporate performance of the board of directors has important theoretical value and practical significance.
The second chapter is the theoretical basis and literature review. It mainly includes the following aspects: First, it introduces the concept of related variables, including the real estate industry, board characteristics, corporate performance. Efficiency and the selection and evaluation of related variables indicators; the second is to sort out the theoretical basis of the correlation between variables, such as principal-agent theory, resource dependence theory; the third is to briefly describe the mechanism of board characteristics affecting corporate performance; the fourth is to review the domestic and foreign literature on the correlation between board characteristics and corporate performance. This paper starts from two perspectives, foreign and domestic, mainly from the structural characteristics, composition characteristics, behavioral characteristics and incentive characteristics of the board of directors, and comprehensively evaluates the contributions and shortcomings of various research results, which lays a theoretical foundation for the empirical analysis of the fourth chapter. It mainly includes two aspects: first, it defines seven variables of the characteristics of the board of directors of listed real estate companies in China, then it makes a descriptive analysis of the characteristics of the board of directors of listed real estate companies in China; second, it defines the selection of this paper. This paper chooses a method to evaluate the performance of listed real estate companies, and then chooses a single index and factor analysis method to evaluate the performance of listed real estate companies. Firstly, it introduces the data source and sample selection, and the related variables (including explanatory variables, explanatory variables and control variables), etc. Secondly, it puts forward some research hypotheses on the relationship between the board characteristics and corporate performance of real estate listed companies in China based on the theoretical review in Chapter 2. Thirdly, it uses the data to analyze the relevant changes. The fourth is to take the return on equity (Y1), earnings per share (Y2), profitability (F,) and enterprise development ability (F2) of listed real estate companies in China as dependent variables, the board characteristics as independent variables, and enterprise size, asset-liability ratio. As a control variable, this paper constructs four regression models between enterprise performance and board characteristic variables, then uses the model to test the hypothesis, and summarizes, collates and analyzes the empirical results; finally, combining the results of empirical analysis and on the basis of empirical analysis, it proposes to improve the housing in China. Chapter 5 is the conclusion, shortcomings and prospects of this study. On the one hand, it summarizes the conclusions of this study; on the other hand, it also points out the shortcomings of this study and future research prospects.
This paper makes a comprehensive analysis of the relationship between the characteristics of the board of directors and the performance of Listed Companies in the real estate industry. It is a useful attempt to explore the correlation between the characteristics of the board of directors and the performance of Listed Companies in the corporate governance structure of the real estate industry. It has certain theoretical value and practical significance. Using the annual report data of 376 real estate A-share listed companies in China from 2007 to 2010, this paper makes an empirical analysis on the correlation between the board characteristics and corporate performance of listed real estate companies in China. The proportion of directors has a significant positive correlation with the performance indicators EPS and the profitability of enterprises, but there is no significant positive correlation with the performance indicators ROE and the development ability of enterprises; the annual average allowance of independent directors has an insignificant positive correlation with the performance indicators ROE, EPS and the development ability of enterprises. There is a significant positive correlation with the profitability of the enterprise; the chairman and general manager of the real estate listed companies have a significant negative correlation with the performance index ROE, but not with the performance index EPS, the profitability and development ability of the enterprise; The number of annual meetings is negatively correlated with EPS, but it is not significantly correlated with ROE, profitability and development ability of the enterprise; board salary is positively correlated with EPS, profitability and development ability of the enterprise, but with performance index. Standard ROE shows no significant positive correlation; the proportion of board members'shareholding has a significant positive correlation with corporate performance indicators ROE, EPS, corporate profitability and development capability; the size of the board of directors has no significant negative correlation with the performance indicators ROE, EPS, corporate profitability and development capability. These empirical conclusions tell us that we should strengthen the construction of the board of directors of listed real estate companies in China, effectively improve the current situation of the board of directors of the real estate industry, and better play the positive role of the board of directors. Director system; optimize the leadership structure of the board of directors; improve the performance mechanism of the board of directors; formulate a reasonable incentive mechanism for the board of directors.
This paper tries to contribute to the following three aspects: firstly, in the choice of the research object, this paper chooses the listed companies in the real estate industry as the research object, enriching the domestic and foreign research on the correlation between the characteristics of the board of directors of real estate listed companies and corporate performance; secondly, with the continuous improvement of the board of directors, independent. Directors play a more and more important role in optimizing the structure of the board of directors and protecting the interests of small and medium investors. Therefore, this paper separates the annual average allowance of independent directors from the salary of the board of directors and studies the effect of the annual average allowance of independent directors on the performance of enterprises. A performance evaluation index and factor analysis comprehensive evaluation index are combined to evaluate the performance of Listed Companies in China's real estate industry.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.3;F832.51;F224

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