我国房地产上市公司治理结构与财务风险关系的实证研究

发布时间：2018-01-25 14:08

本文关键词： 房地产财务风险公司治理结构　出处：《上海社会科学院》2017年硕士论文　论文类型：学位论文

【摘要】：一直以来,房地产行业被认为是我国经济支柱产业。从宏观层面看,2000年开始,随着我国房地产市场的逐步走强,其上下游行业景气程度也随之稳步攀升,极大程度上带动了我国整体经济的发展。然而,与此同时,房地产业发展过快和市场条件的不成熟也导致了我国房地产不断增长的房价。自2014年开始,国家逐步放开城市限购政策,2015至2016年间更是降息、降准、降税、优化土地供应结构等新政连番出台,2016年各地房地产价格大有井喷之势。随着人口拐点的出现,可以预计我国房地产行业的库存和房产企业的资金压力都都成了各级政府需要关注的重点。2016年下半年开始,各地政府密集地出台了各类限购政策以抑制房价的过快上扬。从微观层面来看,我国资本市场上演了"宝万"股权争夺之战,这是资本市场上具有教科书意义般的案例,这场战役也揭示了合理的房地产公司治理结构对企业经营风险至关重要的影响。本文将以我国房地产行业为研究对象,并构建面板数据进行实证检验,用数理模型分析房地产公司治理结构对于财务风险的影响作用。最后,本文总结全文进而提出相关的政策建议。本文共分为五个章节,现对于不同章节简要介绍如下:第一部分,通过对我国房地产市场现状作为切入点,探讨本文对于研究房地产上市公司研究治理结构与财务风险防范的必要性,意图通过从微观的角度出发,研究房地产企业的治理结构对于房地产上市公司风险防范具有何种现实意义。第二部分,本文首先分别对国内外的公司治理结构及财务风险相关的基础理论及文献进行梳理。梳理发现,国外学者对于公司治理结构与财务风险的理论研究与实际联系得非常紧密,部分领域还催生了新的理论学派;而我国学者多是根据国外学者的先验理论对我国的现实国情进行研究,我国学者很少有联系两者之间的关系,并且很少进行公司整体层面进行研究,局限性较大。第二部分分别对公司治理结构、公司财务风险的评价指标文献进行系统梳理及综合整理,为下文做实证研究选取评价指标做出了理论铺垫。第三部分,结合我国房地产上市公司的实际情况,首先采用房地产企业公司治理结构的董事会特征、股权结构及管理层特征作为相关指标,与我国上市公司整体公司治理结构特征进行比较。随后,根据我国房地产上市公司的现实特征,详细分析扰动我国房地产企业财务风险的外部因素。第四部分系本文实证研究部分。该部分首先在前文对于房地产经济学的理论分析及研究回顾的基础上,提出我国房地产行业公司治理与财务风险关系的假设,选定董事会特征、股权结构及管理层特征相关指标作为解释变量,并选取贷款利率、土地供应量、企业规模及资产负债率作为控制变量,根据2006年至2015年10年间房地产上市公司数据为样本,进行描述性统计及实证检验。实证检验结果发现:大多数房地产上市公司治理结构指标与公司财务风险存在着显著的相关性,通过优化我国房地产企业内部治理结构有助于进一步降低房地产企业财务风险。第五部分,在根据前文理论分析、现状研究及实证检验的基础上进行了总结,并从微观和宏观层面对我国房地产行业上市公司的公司治理结构的改进提出了建议,以求帮助房地产企业的经营管理者有效降低企业风险。本文的创新之处系:研究角度方面的创新,在公司治理与财务风险的理论研究基础上,对我国房地产上市企业的公司治理及其财务风险进行实证研究及分析;研究变量选取方面的创新,在研究两者相关性的时候加入了宏观变量,选取贷款利率与土地供应量作为宏观控制变量,研究房地产企业治理结构与财务风险之间的相关关系。
[Abstract]:Since, the real estate industry is a pillar industry of China's economy. From the macro level, the beginning of 2000, with China's real estate market gradually strengthened, the downstream industry boom have been steadily rising, largely driven by China's overall economic development. However, at the same time, the real estate industry the rapid development of market and immature conditions also led to China's real estate prices rising. Since the beginning of 2014, the country has gradually liberalized the purchase of the city policy, 2015 to 2016 years is cut, RRR, lower taxes, optimize land supply structure and the new deal had issued in 2016, local real estate prices a blowout. With the advent of the inflection point, can be expected that China's real estate industry, real estate enterprises are inventory and the financial pressure has become the focus of attention of the governments at all levels need to.2016 the second half of the year around the government intensive out Taiwan all kinds of restriction policies to curb the excessive price rise. From the micro level, China's capital market staged a "treasure million" equity for war, this is the capital market with the textbook meaning like case, this battle also reveals the reasonable Real Estate Company governance structure influence on vital business risk. This will be China's real estate industry as the research object, and makes empirical test panel data, analysis of the impact of Real Estate Company governance structure for financial risk with mathematical model. Finally, this paper summarizes and puts forward relevant policy suggestions. This paper is divided into five chapters, the different chapters were introduced as follows: the first part, through the current situation of China's real estate market entry point, this article discusses the research on real estate listed company governance structure and financial risk prevention is necessary, Through the intention from the micro perspective, the study on the governance structure of real estate enterprises for real estate listed companies risk prevention has what practical significance. The second part, this paper in the domestic and foreign corporate governance structure and financial risk related theory and literature to comb. Comb found, theoretical research on corporate governance structure and financial the risk of foreign scholars and practice very closely, some areas also gave birth to the theory of the new school; and the scholars of our country are studied according to the actual situation of foreign scholars transcendental theory in our country, scholars in our country have little relationship between the two, and few of the overall company level of limitation great. The second part of the corporate governance structure, corporate financial risk evaluation index system and comprehensive combing the literature collation, do empirical for the following Study on the selection of evaluation indicators made a theoretical groundwork. The third part, combined with the actual situation of China's real estate listed companies, will be the first feature by the governance structure of real estate enterprise directors, ownership structure and management characteristics as related indicators, compared with China's listed companies overall corporate governance structure. Then, according to the reality the characteristics of China's real estate listed companies, external factors detailed analysis of disturbance of financial risk in China's real estate enterprises. The fourth part is the empirical research. The first part of the previous real estate economics for theoretical analysis and Research on the basis of review, discusses the relationship between China's real estate industry, corporate governance and financial risk hypothesis the board of directors, selected characteristics, reservoir characteristics related indicators of ownership structure and management as explanatory variables, and select the loan interest rate, land supply, enterprise scale and capital Leverage ratio as a control variable, from 2006 to 2015 10 years of real estate listed companies as the sample data, descriptive statistics and empirical analysis. The empirical results show that: most of the real estate listed corporate governance index and corporate financial risk correlation through internal optimization of China's real estate enterprise governance structure helps to further reduce the financial risk of real estate enterprises. In the fifth part, according to the analysis of the above theory, the present situation of the research and empirical test on the basis of the summary, and from the micro and macro level and puts forward some suggestions to improve the corporate governance structure of China's real estate industry listed companies, in order to help the real estate enterprise managers to effectively reduce enterprise risk. The innovation of this paper is: Innovation of research perspective, in corporate governance and financial risk on the basis of theoretical research on The research and empirical analysis of corporate governance and financial risk of listed real estate companies; research on variable selection of innovation, joined the macro variables in the study of the relationship between the selection of loan interest rate and land supply as macroeconomic control variables, studies the correlation between the real estate enterprise governance structure and financial risk.

【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42;F271

【参考文献】