宏观调控、公司治理与财务风险——基于房地产上市公司的面板数据

发布时间：2018-03-12 21:47

本文选题：房地产公司　切入点：宏观调控　出处：《中央财经大学学报》2014年05期 　论文类型：期刊论文

【摘要】：笔者基于2003—2012年中国房地产上市公司的面板数据,运用固定效应模型进行实证分析,结果表明,国家宏观调控政策越宽松,房地产上市公司财务风险越大;宏观调控政策越严厉,增加股东大会和监事会召开次数有利于降低企业财务风险。在公司治理结构对财务风险的影响方面,扩大董事会规模,提高股权集中度和高管薪酬,能较好地降低企业的财务风险;较低的股权制衡度有利于降低企业财务风险,但其效果不显著。基于以上结论,我国房地产企业应当不断优化股权结构,适当提高股权集中度,提升股东大会和监事会会议质量;强化董事会下设委员会职能,采用适当的董事会规模,建立良好的高管激励机制。
[Abstract]:Based on the panel data of Chinese real estate listed companies from 2003 to 2012, the author uses the fixed effect model to make empirical analysis. The results show that the looser the national macro-control policy, the greater the financial risk, the more severe the macro-control policy is. Increasing the frequency of shareholders' general meeting and board of supervisors is conducive to reducing the financial risk of enterprises. In terms of the influence of corporate governance structure on financial risk, the size of board of directors should be expanded, the degree of equity concentration and executive compensation should be increased. It can reduce the financial risk of the enterprise better, the lower equity balance degree is helpful to reduce the financial risk of the enterprise, but its effect is not remarkable. Based on the above conclusion, the real estate enterprise of our country should optimize the ownership structure continuously and increase the equity concentration degree appropriately. Improve the quality of the shareholders' general meeting and the board of supervisors' meeting; strengthen the function of the committee under the board of directors, adopt the appropriate board size, and establish a good incentive mechanism for senior executives.
【作者单位】：湘潭大学商学院;哈尔滨工业大学深圳研究生院;
【基金】：国家自然科学基金项目(71103154) 中国博士后基金项目(2012M511452) 湖南省教育厅重点基金项目(12A141) 湖南省自科基金项目(13JJ3066)
【分类号】：F293.33;F224

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