我国房地产行业上市公司利润质量对企业价值的影响研究

发布时间：2018-06-30 09:02

本文选题：利润质量 + 企业价值　；参考：《河北地质大学》2016年硕士论文

【摘要】：利润质量对企业价值可以产生极大影响。利润的多少关系着上市公司的认定、上市发行价格的确定、上市公司的再融资、特别处理、摘牌等,同时也是投资者和债权人等外部使用者进行投资决策的重要参考。但会计利润是按照权责发生制的原则对相应会计期间的收入和费用进行配比得到的,某些企业会为了达到某种目的而调增或者调减利润,影响利润质量。利润质量较低会危害投资者、债权人利益,破坏正常的生产经营,削弱政府宏观调控的经济效力。优化利润质量,可以更好地为投资者进行融资决策提供帮助,提高企业价值。房地产行业一直是国民经济的支柱产业,房地产行业上市公司的资本来源于资本市场,它们的运作及管理方式更加符合资本结构研究对象的特点,其利润质量也成为人们日益关注的焦点,在激烈的市场竞争中,研究房地产行业上市公司的利润质量具有重大意义。本文在国内外研究成果的基础上,首先通过对2010年-2014年房地产行业上市公司利润质量指标体系进行描述性统计分析,又从利润的稳定性、可靠性、获现性、成长性、安全性出发同时引入公司规模、公司属性、经营区域、政策背景等控制变量对利润质量对企业价值的影响回归分析,不但从利润来源和层次角度研究利润质量,还研究其与企业价值的关系,层层递进。采用规范研究和实证研究的方法,得出了以下结论:第一,非正常性、不能持续获得的营业外收支净额、投资收益等利润越大,企业价值越小。第二,企业主营业务利润贡献率与企业价值关系显著,呈负相关关系。第三,企业的获现能力与企业价值相关关系明显。第四,企业的成长性与企业价值显著正相关。综合以上分析可知,改善利润质量,提升企业价值可以从多角度多方面努力,根据实证研究的结果,分析原因,分别对房地产企业自身、政府及相关部门、国家、监管部门从内外部提出政策建议。
[Abstract]:The profit quality has a great influence on the value of the enterprise. The number of profits is related to the identification of the listed companies, the determination of the price of the listed companies, the refinancing of the listed companies, the special treatment, the delisting and so on. At the same time, it is also an important reference for the investors and creditors and other external users to make investment decisions. But the accounting profit is based on the accrual basis. In order to achieve some purpose, some enterprises will increase or reduce profits and affect the quality of profits. The low profit quality will harm the investors, the creditors' interests, the normal production and operation, weaken the economic effect of the government's macro regulation and control, and optimize the quality of profit. The real estate industry has always been the pillar industry of the national economy. The real estate industry has been the pillar industry of the national economy. The capital of the listed companies in the real estate industry comes from the capital market, and their operation and management are more in line with the characteristics of the research on the capital structure, and the quality of their profits has become increasingly close to the people. The focus of the note, in the fierce market competition, the study of the quality of the profits of the listed companies in the real estate industry is of great significance. Based on the research results at home and abroad, this paper makes a descriptive statistical analysis on the profit quality index system of the listed real estate companies in 2010 in -2014, and obtains the stability, reliability, and reliability of the profit. At the same time, it introduces the regression analysis of the influence of the company size, the company attribute, the management area, the policy background and other control variables on the profit quality to the enterprise value. It not only studies the profit quality from the point of profit source and level, but also studies the relationship between the profit and the value of the enterprise. The following conclusions are drawn as follows: first, the non normal, the inability to continue to obtain the net revenue and expenditure outside the business, the greater the profit of the investment, the smaller the value of the enterprise. Second, the relationship between the profit contribution rate of the business main business and the value of the enterprise is significant and negative correlation. Third, the relationship between the capacity of the enterprise and the value of the enterprise is obvious. Four, the growth of the enterprise is positively related to the enterprise value. The comprehensive analysis shows that the improvement of the profit quality and the promotion of the enterprise value can be made from many angles and many aspects. According to the results of the empirical study, the reasons are analyzed. The government and the government, the relevant departments, the state and the regulatory departments have put forward policy suggestions from the internal and external departments.
【学位授予单位】：河北地质大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F299.233.42

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