我国房地产上市公司投资水平与企业价值创造问题研究

发布时间：2018-11-18 19:00

【摘要】：投资活动作为企业资金循环和周转运动的起点和开端,是企业保证自身价值和股东利益以及所有者财富最大化的前提和基础,是企业经营活动流程中的最重要内容之一,同时也是推动国家经济快速发展的重要经济活动。但是,随着我国上市公司近几年的飞速发展,一些上市公司采用的不合理的发展方式导致了上市公司投资严重过度,使股东以及所有者利益受到损害。股东利益以及所有者财富和企业价值创造最大化是上市公司乃至所有企业经营的最终目标,所以,评价企业是否成功的标准之一即企业创造价值的持续性。但是,企业追求的快速成长的发展理念,以及多方信息不对称的现象和委托代理冲突问题,导致持续创造企业价值创造的难度增大,所以,我国房地产上市公司亟需解决的问题是寻找适合本公司情况的投资水平点和投资效率的提高方法,防止投资过度和不足,保证企业创造价值的持续性和提高企业创造价值的能力,从而提高企业绩效和企业竞争力。本文选取的研究样本为2010至2014年我国A股房地产上市公司,本文按照以下研究顺序展开,首先,本文归纳总结了前人的研究成果和研究结论,在此基础上探讨了本文的理论基础;其次,本文以2010至2014年我国A股房地产上市公司为研究样本,收集并使用相关数据,采用实证分析法,提出假设,并运用spss等统计软件进行样本数据的描述性统计、相关性分析、回归分析等,分析样本数据的投资水平与企业价值创造的相关性,通过建立数学模型,对假设内容进行检验,得出结论;最后,对本文的研究结果进行归纳总结,提出本文的研究不足和研究期望,意在从理论和实践两个方面为一个合理投资水平的确定提供支持和借鉴,理论上,为更多学者研讨投资水平与企业价值创造问题提供一定的研究基础;实践中,使企业能够运用相关理论和研究结论到实际投资中,选择一个最为合理的投资水平,从而为企业创造更多的价值提供有力保障。
[Abstract]:As the starting point and beginning of enterprise capital circulation and turnover movement, investment activity is the premise and foundation for enterprises to guarantee their own value, shareholders' interests and owners' wealth maximization, and is one of the most important contents in the business process. At the same time, it is also an important economic activity to promote the rapid development of national economy. However, with the rapid development of listed companies in China in recent years, the unreasonable development mode adopted by some listed companies has led to serious overinvestment of listed companies, which has damaged the interests of shareholders and owners. The ultimate goal of listed companies and all enterprises is to maximize shareholders' interests and owners' wealth and enterprise value creation. Therefore, one of the criteria for evaluating the success of enterprises is the sustainability of enterprise value creation. However, the rapid growth concept pursued by enterprises, as well as the phenomenon of asymmetric information and principal-agent conflicts, make it more difficult to create enterprise value continuously, so, The problem that our listed real estate companies urgently need to solve is to find the investment level point and the method of improving the investment efficiency which is suitable for the situation of our company, so as to prevent the excessive and insufficient investment. To ensure the sustainability of enterprise value creation and improve the ability of enterprise to create value, so as to improve enterprise performance and competitiveness. The research sample of this paper is from 2010 to 2014, the research order is as follows: first, this paper summarizes the previous research results and conclusions. On this basis, the theoretical basis of this paper is discussed. Secondly, this paper takes the A share real estate listed companies of China from 2010 to 2014 as the research sample, collects and uses the relevant data, uses the empirical analysis method, puts forward the hypothesis, and uses the spss and other statistical software to carry on the descriptive statistics of the sample data. Correlation analysis, regression analysis and so on, analyze the correlation between the investment level of sample data and enterprise value creation, through the establishment of mathematical model, test the hypothetical content, draw a conclusion; Finally, the research results of this paper are summarized, and the research deficiencies and research expectations are proposed to provide support and reference for the determination of a reasonable investment level in theory and practice. For more scholars to study the level of investment and enterprise value creation issues to provide a certain research basis; In practice, enterprises can make use of relevant theories and research conclusions to choose the most reasonable investment level, so as to provide a strong guarantee for enterprises to create more value.
【学位授予单位】：黑龙江大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F299.233.42

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