参与城镇化企业的制度资本经营与财务绩效的关系研究

发布时间：2018-07-23 17:50

【摘要】：目前,我国正处于改革开放的深水区,制度改革是重中之重。2016年12月召开的中央经济工作会议和2017年1月最新发布的《中央一号文件》都着重强调了供给侧结构性改革。进行进一步的供给侧改革,不仅要“三去一降一补”,进一步地完善现有制度、深化制度改革更要提上日程。制度不仅是生产生活的有序安排,更是各类生产活动的直接和间接投入要素,结合我国社会主义初级阶段的特征和现阶段国内主要矛盾,对制度进行改革和创新,以提高社会生产率和人民生活水平,是极具必要、也是迫在眉睫的事情。制度资本经营是一种旨在追求企业、居民和政府共赢的商业模式,研究“如何运用制度为企业和社会带来效益”。制度资本经营以包容性城镇化为载体,对制度进行运营而带来企业效益的改善、居民生活水平的提升和政府管理效率的提升。本文通过对已有文献的梳理,将已有文献分为制度资本理论、新型城镇化与企业绩效、制度资本经营与企业绩效三方面进行回顾。从主体、动因、对象、情境、效果和制度红利的分配模式这六个方面介绍了制度资本经营的整合框架,即制度资本经营的主体是企业的企业家;而企业家在进行制度资本积累活动时所发生的场域则主要是指营利性组织即企业;企业家在企业的情境内进行一系列与居民和当地政府的互动活动,主线为经营这种三者互利共赢的商业模式,即商业模式是制度资本经营的对象;当然,企业家进行商业模式创新的动机则分为商业动因、资源动因、公益动因和制度动因;不同质量、不同类型的制度资本根据利益各方的参与程度和贡献分配其制度红利。文章将参与城镇化建设的376个上市企业作为样本,基于制度资本经营理论之上,运用交乘项回归方法研究企业参与城镇化建设这一行为给企业绩效带来的影响。结果表明:企业参与城镇化中制度资本经营对其每股收益指标、盈利能力、运营能力和分红能力都有显著正向影响;且企业的国有性质、非房地产性质对其积累和运用制度资本更有帮助,能够显著正向地促进财务绩效的提升;参与城镇化的第二产业性质企业、民营企业性质则在城镇化中积累制度资本没有优势,不能够有效地进行制度资本获取、经营,从而促进财务绩效。国有性质企业和民营性质企业在城镇化中积累、获取政治资本的效果并无差别,意味着政治资本不是国有企业的特权,企业应当在城镇化中积极地与社会、政府互动,提升自身的制度资本水平,以达到提高企业财务绩效、推动城镇化建设的包容性和社会进步的效果。
[Abstract]:At present, our country is in the deep water area of reform and opening up, and institutional reform is the most important one. The central economic work conference held in December 2016 and the "Central Committee No. 1 document" issued in January 2017 have emphasized the supply-side structural reform. To carry out further supply-side reform, it is necessary not only to "go three ways one down and one supplement", but also to further improve the existing system, and to deepen the system reform on the agenda. The system is not only the orderly arrangement of production and life, but also the direct and indirect input elements of all kinds of production activities. In combination with the characteristics of the primary stage of socialism in our country and the main domestic contradictions at the present stage, the system is reformed and innovated. To improve social productivity and people's standard of living, is extremely necessary, is also an urgent matter. Institutional capital management is a kind of business model which aims to pursue the win-win situation among enterprises, residents and the government. This paper studies "how to use the system to bring benefits to enterprises and society". Institutional capital management takes inclusive urbanization as the carrier, which brings about the improvement of enterprise benefit, the improvement of residents' living standard and the improvement of government management efficiency. By combing the existing literature, this paper classifies the existing literature into three aspects: institutional capital theory, new urbanization and enterprise performance, institutional capital management and enterprise performance. This paper introduces the integrated framework of institutional capital management from six aspects: subject, motivation, object, situation, effect and distribution mode of institutional dividend, that is, the main body of institutional capital management is the entrepreneur of the enterprise; However, the field in which entrepreneurs accumulate institutional capital mainly refers to for-profit organizations, i.e. enterprises, and entrepreneurs engage in a series of interactive activities with residents and local governments in the context of enterprises. The main line is to manage this kind of business model which is mutually beneficial and win-win, that is, the business model is the object of institutional capital management, of course, the entrepreneur's motivation for business model innovation can be divided into commercial motivation, resource motivation, public interest motivation and institutional motivation. Different quality and different types of institutional capital distribute institutional dividends according to the participation and contribution of all parties. Based on the theory of institutional capital management, this paper studies the influence of enterprises' participation in urbanization construction on the performance of enterprises by using the method of multiplying term regression based on the theory of institutional capital management, taking 376 listed enterprises participating in the construction of urbanization as samples. The results show that the participation of enterprises in institutional capital management has a significant positive impact on their earnings per share, profitability, operating capacity and dividend ability, and the state-owned nature of the enterprise. The nature of non-real estate is more helpful to its accumulation and use of institutional capital, and it can significantly promote the improvement of financial performance, while the nature of private enterprises has no advantage in the accumulation of institutional capital in urbanization. Can not effectively carry on the system capital acquisition, the management, thus promotes the financial performance. There is no difference in the effect of obtaining political capital between state-owned enterprises and private enterprises in urbanization, which means that political capital is not the prerogative of state-owned enterprises, and enterprises should actively interact with society and government in the process of urbanization. In order to improve the financial performance of enterprises and promote the inclusiveness of urbanization construction and the effect of social progress, we should improve the level of institutional capital.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F299.21

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