万科股权结构对企业价值影响的研究

发布时间：2018-03-21 08:04

本文选题：股权结构　切入点：财务绩效　出处：《广东工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业价值一直以来都是国内外学者关注和研究的热点,这对于一个公司未来长远的发展有着重要意义。其中,公司治理时实现企业价值的重要手段和途径,而股权结构的设置是公司治理中最重要的一点,是每一家公司都需要面临的问题。如何设置股权结构,最适合公司的第一大股东、前五大股东和前十大股东持股比例是多少,在股东构成中,国有股、法人股和流通股的比例该怎样控制,都是股权结构所涉及的问题。公司治理作为决定企业价值的关键因素,涉及的范围较广,其中,公司绩效、股利政策和公司的收购决策是对公司未来发展和存续最为重要的三个方面。公司绩效是直接反映公司治理情况的指标,也是公司治理的主要目标,公司治理的好,那么从盈利能力、营运能力、偿债能力、发展能力和每股指标上都能得到良好的体现。股利政策则在公司治理中必要的一项决策,对上市公司的经营发展起到重要影响作用。公司收购则在更深层面上影响公司,若公司做出并购决策则影响公司未来规模的扩大,若公司面临被收购的情况则会影响公司未来的存续。国内学者关于股权结构与公司经营绩效、股利政策和公司收购的研究一般集中于实证研究,而针对某一个上市公司的研究并不多见。本文以此为切入点,着重选取了在2015年颇有争议的万科作为研究对象进行研究,深入分析其股权结构的设置,并通过财务分析法对比其与行业排名前十的房地产行业上市公司的公司经营绩效;通过股价分析,对比万科公布股利政策的公告日后股价的变动;同时运用事件研究法,设定万科和收购方,也就是宝能和恒大集团的股权变动公告日为事件,选取前后各10天加上公告日共计21日为时间窗口期,计算出万科A在期间内的实际收益率,并于当日深证指数公布的收益率相比较得出超额累计收益率,判断股价的波动情况。本文通过对案例的研究发现,万科分散的股权结构给万科带来了高于房地产行业综合排名前十企业的财务绩效,同时也为宝能和恒大收购提供了一个好的契机和解释;万科的股利政策也多以现金股利为主,与我国房地产行业其他146家上市公司的股利政策不太相同,另外在万科从1997年以来公布股利政策的举措并未给公司带来信号传递理论中的正向影响;通过对万科在2015和2016年分别被宝能和恒大收购的案例分析,运用事件研究法研究并购事件对万科股价的影响发现,并购事件给万科股价带来了积极影响。本文的针对万科的案例研究结果,希望能为我国房地产行业中的各个类型的上市公司在未来对股权结构设置时,提供一些科学合理的参考依据。
[Abstract]:The enterprise value has always been the focus of scholars at home and abroad and research, it is very important for a company's long-term development. Among them, realize the important means and ways of enterprise value and corporate governance, equity structure is the most important point of corporate governance, is every company need to face problems. How to set the ownership structure, the largest shareholder of the most suitable for the company, how much is the top five shareholders and the proportion of top ten shareholders, the shareholders of state-owned shares, corporate shares and tradable shares proportion of how to control the ownership structure are the issues involved in corporate governance as a key. Determines the value of the enterprise, covers a wide range and the corporate performance, dividend policy and corporate takeover decision is for the future development of the company and the existence of the three most important aspects. The company performance is a direct reflection of the public Our governance index is the main objective of corporate governance, corporate governance, then from profitability, operating capacity, solvency, development ability and share index can be well reflected. A decision of dividend policy in corporate governance is necessary, to influence the operation of listed companies the company acquired development. The impact of the company at a deeper level, if the company make merger decision will affect the future expansion of the company scale, if the company is facing the acquisition will affect the company's future existence. The domestic research on the ownership structure and corporate performance, the research on dividend policy and company acquisitions usually focus on empirical research however, research on a listed company is rare. This article as a starting point, this paper selects the controversial in 2015 Vanke as the research object for research, in-depth Analysis of the equity structure, and through the analysis and comparison of the listed financial industry ranked in the top ten of the real estate industry, the performance of the operation of the company; through the analysis of the stock price, the stock price volatility compared Vanke announced dividend policy announcement; at the same time, using the event study method, setting Vanke and the acquirer, and also is the treasure Hengda Group equity change announcement date for the event, selected before and after the 10 days a total of 21 days for the announcement of the time window, the calculated Vanke A actual income during the period, and published in the Shenzhen stock index returns by comparing cumulative abnormal return, volatility of stock prices. Through the study of the judge in case that the ownership structure of Vanke dispersed brings higher than the financial performance of ten enterprises comprehensive ranking of the real estate industry to Vanke, but also to be able to treasure and Hengda acquisition provides a good The opportunity and interpretation; Vanke dividend policy is mainly in cash dividend, the real estate industry in China and other 146 listed companies dividend policy is not the same, in addition to Vanke since 1997 announced dividend policy initiatives did not bring positive effects in the signal transfer theory to the company; the Vanke were the treasure and the acquisition of Hengda in 2015 and 2016, the case analysis, found that the influence of using event study method research of merger to Vanke shares, mergers and acquisitions to bring a positive impact on the price of Vanke. According to the case study of Vanke's results, hope for all types of China's real estate industry in the listed companies in the future of equity structure set, provide some scientific references.

【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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