湖北籍上市公司治理结构与财务质地统计特征分析

发布时间：2019-07-09 19:46

【摘要】：全面深化改革期间,国内经济由东向西梯次发展,西部大开发、中部崛起、长江经济带等国家战略相继提出。湖北地处中部,位于长江中游,地理优势显著。论文研究湖北籍上市公司治理结构与财务质地统计特征,并分别选样东部浙江、西部四川,进行比较。论文以所有湖北籍上市公司为研究对象,从公司治理结构与财务质地角度,对其特征统计分析,发现湖北籍上市公司股本5亿以下的上市公司占据53.49%,规模普遍偏小,股权多分布在传统行业,新兴行业发展不足,个人股控股的上市公司数量占比已达66.27%,上市公司中“一股独大”的现象依旧存在。进一步对其股权制衡度进行实证分析,发现股权制衡度与托宾Q显著正相关,加大第一大股东的持股比例,会使公司价值增加,而公司规模的增加却会降低公司价值。董/监事会统计发现,相比于四川和浙江,湖北老年董事偏多,监事较年轻,学历普遍较高。董/监事会规模虽逐年下降,但持股比例逐年上升。董事薪酬呈上升趋势,且监事薪酬高于四川和浙江。高层管理人员统计发现,湖北高管更年轻,学历更高。高管规模和持股比例均有上升趋势,进一步统计高管薪酬发现,湖北高管2014年薪酬增长率(22.07%)小于净利润增长率(42.02%),说明薪酬的增长合理。财务质地统计发现,三省资产规模、负债规模、营业收入、营业成本、各类现金流量逐年增加。湖北资产规模均值最大,四川负债规模最大且其资产结构在2014年有恶化趋势。营业成本中财务费用增加最快,现金流方面,浙江上市公司2011年应收账款的增加使其经营现金流大幅下降。湖北上市公司ROE均值变化平稳,浙江ROE均值最大且变化幅度最大。将2014年各省不同层次上市公司ROE对比,发现湖北需要治理的是第二和第三层次的上市公司。各省销售利润率起伏较大,金融危机后的销售利润率高于2004年之前的水平。浙江资产周转最快,将其分层比较,发现湖北和四川各层次资产周转率均小于浙江。浙江财务杠杆变动幅度较平稳(2009年除外),且小于湖北和四川上市公司的杠杆水平,说明浙江上市公司投资风险更低。
文内图片：

图片说明：湖北籍上市公司历年新股发行量2）地域分布和产业结构
[Abstract]:During the period of deepening the reform in an all-round way, the domestic economy developed from east to west, the western region developed, the central part rose, and the Yangtze River economic belt and other national strategies were put forward one after another. Hubei is located in the middle of the Yangtze River, with remarkable geographical advantages. This paper studies the statistical characteristics of governance structure and financial texture of listed companies in Hubei, and compares them with Zhejiang in the east and Sichuan in the west. In this paper, all Hubei listed companies are taken as the research object, and from the point of view of corporate governance structure and financial texture, it is found that 53.49% of the listed companies with equity of less than 500 million are listed in Hubei listed companies, the scale is generally small, the equity rights are mostly distributed in the traditional industries, the new industries are not developed enough, and the proportion of listed companies controlled by individual shares has reached 66.27%. The phenomenon of "one dominant" in listed companies still exists. Further empirical analysis of the degree of equity balance shows that the degree of equity balance is significantly positively correlated with Tobin Q. increasing the proportion of the largest shareholder will increase the value of the company, while the increase of the size of the company will reduce the value of the company. The statistics of Dong / Board of Supervisors show that compared with Sichuan and Zhejiang, Hubei has more elderly directors, younger supervisors and higher academic qualifications. Although the scale of Dong / board of supervisors has decreased year by year, the proportion of shareholding has increased year by year. The remuneration of directors is on the rise, and the salary of supervisors is higher than that of Sichuan and Zhejiang. Senior management statistics found that Hubei executives are younger and more educated. There is an upward trend in the size of executives and the proportion of shareholds. further statistics show that the salary growth rate of Hubei executives in 2014 (22.07%) is smaller than that of net profit growth (42.02%), which indicates that the increase of compensation is reasonable. Financial texture statistics show that the size of assets, liabilities, operating income, operating costs and all kinds of cash flows in the three provinces are increasing year by year. Hubei has the largest average asset size, Sichuan has the largest debt and its asset structure tends to deteriorate in 2014. In terms of cash flow, the increase of accounts receivable of Zhejiang listed companies in 2011 makes their operating cash flow decrease greatly. The mean value of ROE in Hubei listed companies changed steadily, and the mean value of ROE in Zhejiang was the largest and the range of change was the largest. Comparing the ROE of different levels of listed companies in each province in 2014, it is found that Hubei needs to govern the second and third levels of listed companies. The profit margin of sales in each province fluctuates greatly, and the profit margin of sales after the financial crisis is higher than it was before 2004. Zhejiang has the fastest asset turnover. Compared with Zhejiang, it is found that the asset turnover rate of Hubei and Sichuan is lower than that of Zhejiang. The change of financial leverage in Zhejiang is stable (except in 2009), and it is smaller than the leverage level of listed companies in Hubei and Sichuan, which indicates that the investment risk of listed companies in Zhejiang is lower.
【学位授予单位】：湖北工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51;F271

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