我国房地产行业上市公司投资效率研究

发布时间：2018-01-02 11:34

本文关键词：我国房地产行业上市公司投资效率研究　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：投资是拉动经济增长的三驾马车之一,对国民经济的增长起到举足轻重的作用。投资支出的波动,往往会引起国民经济的动荡。而房地产投资在固定资产投资中占有的重要地位,也就决定了房地产投资在国民经济发展中的重要作用。房地产行业是我国的一个新兴行业,但却逐渐成为我国经济的一大增长点,特别是进入21世纪以来,房地产行业得到快速发展,对经济增长的推动作用也越来越重要。因此,我国房地产行业上市公司的投资效率也越来越受到关注。国外对于投资效率的研究开始得较早,理论体系也相对完善。而国内对投资效率的研究起步较晚,研究的对象和领域也有限。我国上市公司普遍存在投资非效率的现象,那么其中的房地产行业的投资效率又是如何呢?整体处于投资过度还是投资不足呢?本文将从以下几个方面来研究我国房地产行业上市公司的投资效率：第1章绪论。本章首先介绍了研究的背景和意义,指出在当下研究我国房地产行业上市公司投资效率的必要性。然后说明本文的研究思路和方法,以及国内外的文献综述。最后说明本文在研究视角、分析工具方面的贡献和模型、数据等方面的不足之处。第2章投资效率概述及理论基础。本章先从投资效率的概念入手,介绍了投资效率的形势特征和影响因素。接着是理论基础部分,本文的理论基础主要有三个：信息不对称理论、委托代理理论和不完全契约理论。第3章我国房地产行业的发展历程和现状。本章从我国房地产企业状况和行业投资开发状况两方面来回顾我国房地产行业的发展以及现状。第4章实证研究设计与分析。由于本文采用的是实证研究的方法,因此首先对投资效率的度量方法做了比较详细的介绍,特别是模型度量方法。其次,从Richardson的投资效率模型入手,通过介绍模型的优势、劣势来说明本文采用此模型的原因以及改进的理由、依据,重新清晰的定义了模型中的变量。再次,说明了样本的选择与数据来源。最后是模型的实证研究结果及分析。其中：描述性统计说明了各变量的平均值、中值、最大最小值和标准差指标的特点。相关性分析剖析了各变量之间的相关性。多元回归分析在说明了模型解释性良好的基础上,得出了我国房地产行业上市公司投资效率的模型和投资效率状况；按照模型的残差进行分组,分为投资过度和投资不足组,再分别对两组数据进行回归,深入分析各因素对我国房地产行业上市公司投资效率的影响。第5章结论与建议。本章总结了实证研究结果,给出了各因素对我国房地产行业上市公司投资效率影响的经济解释,并由此提出政策上的建议。本文主要的贡献有：研究视角方面。以往在研究投资效率的问题上,大多是以政府、债券投资为出发点,更多的从宏观、整体的角度研究投资效率,但是从企业层面出发的较少。并且在研究投资效率时,往往把一个国家、地区作为研究整体,很少有把某一个具体的行业作为研究对象来探讨其投资效率。而本文则是站在企业的角度,以具体的房地产行业为对象的投资效率研究。分析工具方面。本文在Richardson投资效率模型的基础上,综合我国房地产行业的具体情况进行合理改进。改变以往在运用Richardson投资效率模型时存在的“生搬硬套”问题,是对此模型应用的一种延伸和发展,并得到关于我国房地产行业上市公司投资效率的模型。
[Abstract]:Investment is one of the three carriages to promote economic growth, an important role in the growth of the national economy. The fluctuation of investment spending, often caused by national economic turmoil. The important position of the real estate investment share of investment in fixed assets, also determines the important role of the real estate investment in the development of the national economy the real estate industry is an emerging industry in China, but China's economy has gradually become a major growth point, especially since the beginning of twenty-first Century, the real estate industry has been rapid development, to promote economic growth is more and more important. Therefore, the investment efficiency of China's listed companies in the real estate industry has become more attention. Research on the efficiency of investment abroad started early, the theoretical system is relatively perfect. But domestic research started on the efficiency of investment is relatively late, the research object and the field is limited in China. The company exists non efficiency investment phenomenon, so the efficiency of investment in the real estate industry is? Overall in excessive investment and insufficient investment investment efficiency? This paper from the following several aspects to study the real estate industry in China Listed Companies: the first chapter is the introduction. This chapter firstly introduces the background and significance the research in the present study, points out the necessity of China's real estate industry investment efficiency of listed companies. Then explain the research ideas and methods, as well as the domestic and foreign literature review. Finally this paper in the research perspective, analysis tools and the contribution model, inadequate data and other aspects. The second chapter overview and investment efficiency the theoretical basis. This chapter begins with the concept of investment efficiency, introduces the situation and characteristics of factors affecting the efficiency of investment. It is part of the theoretical basis, the theoretical basis of this paper to Three: asymmetric information theory, principal-agent theory and incomplete contract theory. The third chapter of the development process and the status quo of China's real estate industry. This chapter from the two aspects of China's real estate industry investment enterprise status and development status of China's real estate industry to review the development and the status quo. Design and analysis of the fourth chapter of empirical study. Because the paper uses the method of empirical research, the first measure of the efficiency of investment is introduced in detail, especially the model measurement method. Secondly, starting from the investment efficiency of the Richardson model, by introducing the model of advantage, disadvantage to explain the model and reason, basis. To clearly define the variables in the model. Thirdly, explains the sample selection and data sources. Finally the results and analysis. The descriptive statistics that: The average values of the variables, median, maximum and minimum value characteristics and standard deviation index. The correlation analysis of the correlation between the variables. Multivariate regression analysis shows that in a good foundation model, model and the investment efficiency of the listed companies of real estate industry investment efficiency; group by the model residuals, divided into excessive investment and insufficient investment group, then the two groups of data regression, in-depth analysis of the factors affecting the investment efficiency of listed companies on China's real estate industry. The fifth chapter: conclusions and suggestions. This chapter summarizes the results of empirical research, explain the influence factors of the efficiency of investment is given to our country listed companies in the real estate industry economy, and puts forward some policy suggestions. The main contributions of this paper are: on the perspective of research. The previous researches on the problem of efficiency of investment, mostly in government bonds. Investment as a starting point, more from the macro, research on the investment efficiency of the whole point of view, but from the point of view of the enterprise level and less. The research on the investment efficiency, often to a country, area as the study overall, there is little to a specific industry as the research object to explore the efficiency of investment. This article is from the perspective of business, research on the investment efficiency of object specific to the real estate industry. As the analysis tool. Based on the Richardson investment efficiency model, the specific situation of China's real estate industry is reasonable improvement. Change the investment efficiency in the use of Richardson models is "mechanically" the problem, is an extension and development of the application of this model, and get on the investment efficiency of Listed Companies in China's real estate industry model.

【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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