哈投股份金融化对股东回报的影响研究

发布时间：2018-05-06 01:33

本文选题：哈投股份 + 金融化　；参考：《兰州财经大学》2017年硕士论文

【摘要】：一般而言,在成熟的资本市场上,上市公司是资金的获取方,而不是资金的提供者。个人投资者、战略投资者和专业的机构主要进行投资行为,他们构成市场资金的来源,而上市公司取得在资本市场获取的资金后,投入实体产业经济。但是在中国,上市企业相当热衷于在资本市场的投资,比如短期内买入卖出股票以赚取利润。这可能会造成企业的金融化,本文以非金融上市公司金融化现象为出发点,研究该现象与股东回报之间的关系,以及企业金融化对股东回报造成的影响。本文采用规范研究与案例研究结合的方式,首先,本文通过国内外研究,分别在宏观层面和微观层面,梳理了学术工作者对金融化的概念和金融化度量方面的相关研究,并介绍了本文所依据的理论基础和分析工具。其次,引入本文所研究的案例企业哈投股份公司,以财务报表项目作为起点,按照一定的标准,将企业资产负债表中资产类项目,区分为经营性资产、金融性资产,将负债类项目区分为经营性负债、金融性负债,将利润表中的损益类项目区分为经营性损益、金融性损益,作为后续分析企业金融化对股东回报影响的铺垫和前期准备。然后,本文以权益净利率作为分析起点,结合经营活动和金融活动的区分,将权益净利率分解为经营活动贡献和金融活动贡献,以揭示案例企业金融化对股东回报造成的影响。研究分析发现,哈投股份的经营活动和金融活动交替影响着股东回报的大小,在分析年度内,企业金融化的结果无益于股东回报的提高,是一种得不偿失的行为。基于2010年度至2015年度案例企业的情况,本文进行了具体的分析与说明。最后,依据上述研究,归纳总结了案例企业金融化对股东回报的影响,提出了非金融企业金融化可能带来的问题,给出了本文的建议,对金融化问题相关的研究做了展望。
[Abstract]:Generally speaking, in a mature capital market, listed companies are the acquirers of funds, not the providers of funds. Individual investors, strategic investors and professional institutions mainly engage in investment behavior, they constitute the source of market funds, and the listed companies get the capital in the capital market, and put into the real industry economy. But in China, listed companies are keen to invest in capital markets, such as buying and selling shares in the short term to make a profit. This may lead to the financialization of enterprises. This paper starts with the phenomenon of financialization of non-financial listed companies, and studies the relationship between the phenomenon and the return of shareholders, as well as the impact of financialization on the return of shareholders. This paper combines normative research with case study. Firstly, through domestic and foreign studies, this paper combs the relevant research on the concept of financialization and the measurement of financialization, at the macro level and micro level, respectively. The theoretical basis and analytical tools of this paper are also introduced. Secondly, this paper introduces the case study of the case of Harbin Stock Company, taking the financial statement project as the starting point, according to certain standards, the asset items in the balance sheet are divided into operating assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets and financial assets. The items of liability are divided into operating liabilities and financial liabilities, and the profit and loss items in the profit statement are divided into operating profits and losses and financial gains and losses, which are used as the basis and preparation for the subsequent analysis of the impact of enterprise financialization on shareholders' returns. Then, taking net interest rate of equity as the starting point of analysis, combined with the distinction between business activities and financial activities, this paper decomposes net interest rate of equity into contribution of business activities and financial activities, in order to reveal the impact of financialization of enterprises on shareholders' returns. The research and analysis show that the operating activities and financial activities of Harbin Investment Corporation alternately affect the size of shareholders' return. In the analysis year, the result of enterprise financialization is not beneficial to the improvement of shareholder return, and is a behavior that is not worth the gain or loss. Based on the case of enterprises from 2010 to 2015, this paper makes a detailed analysis and explanation. Finally, according to the above research, this paper summarizes the impact of financialization on shareholder returns, puts forward the possible problems brought about by financialization of non-financial enterprises, gives the suggestions of this paper, and looks forward to the related research on financialization.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.6;F406.7

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