房地产上市公司股权结构对EVA影响的研究

发布时间：2018-03-09 04:29

本文选题：股权结构　切入点：房地产上市公司　出处：《东北农业大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产行业是国民经济中的重要行业,因其对GDP的贡献及对创造就业岗位的贡献巨大,被国家列为支柱性产业。特别是2008年国际金融危机全面爆发以来,房地产行业为中国经济低于国际经济形势巨变导致的冲击做出了巨大贡献。随着我国政府对房地产行业的严密调控,房地产上市公司均面临着巨大的竞争压力。在激烈的竞争环境下如何提高我国房地产上市公司的竞争力,优化其股权结构,提高其经营绩效就显得尤为重要。考虑到传统财务指标忽略了房地产上市公司股权资本有偿性和相关风险等诸多缺陷,未能更加全面和完善地评价我国房地产上市公司的经营绩效,本文以EVA作为房地产上市公司的业绩评价指标,探讨房地产上市公司如何在激烈的竞争环境下提高经营绩效。本文通过我国房地产上市公司的股权结构与EVA之间的关系进行研究,具有一定的理论价值和实际价值。本文分为六章。第一章引言,论述了本文的研究背景、研究目的和意义,回顾了国内外的文献综述,介绍了本文的研究内容和研究方法。然后,分别介绍了股权结构和EVA的概念,分析了本文所运用到的相关理论。在理论基础之上本文以105家房地产上市公司为研究样本,选取了2012年我国房地产上市公司股权结构的相关数据,对我国房地产上市公司进行了股权结构的现状分析,介绍了我国房地产上市公司EVA的计算及特点。为了准确的分析我国房地产上市公司股权结构与EVA之间的关系,本文选取了2002-2012年的1155个样本,采用回归分析法从股权集中度和股权属性两个角度研究了房地产上市公司股权结构对EVA的影响。模型检验结果表明,国有股比例、法人股比例与房地产上市公司EVA呈正相关关系,第一大股东持股比例与房地产上市公司EVA呈负相关关系,前五大股东持股比例、前十大股东持股比例与房地产上市公司EVA呈正相关关系,前五大股东持股比例标准差、前十大股东持股比例标准差和Z指数与房地产上市公司EVA呈负相关关系。本文最后根据前面的研究结论,提出以下优化房地产行业上市公司股权结构、提高其EVA的政策建议：保持适当的股权集中度、稳步提高法人股持股比例、审慎国有股减持、优化房地产上市公司法人治理结构。希望上述研究结论和所提建议不仅有助于房地产行业上市公司,而且对其他行业上市公司也有一定的启示和借鉴意义。
[Abstract]:The real estate industry is an important industry in the national economy. Because of its great contribution to GDP and job creation, it has been listed as a pillar industry by the state, especially since the outbreak of the international financial crisis in 2008. The real estate industry has made a great contribution to the impact of China's economic situation lower than that of the international economic situation. With the strict regulation and control of the real estate industry by the Chinese government, Real estate listed companies are facing great competitive pressure. In the fierce competition environment, how to improve the competitiveness of China's real estate listed companies, optimize their equity structure, It is particularly important to improve its performance. Considering that the traditional financial indicators ignore the compensation of equity capital and related risks of listed real estate companies, The performance of the listed real estate companies in China has not been evaluated more comprehensively and perfectly. In this paper, EVA is used as the performance evaluation index of the listed real estate companies. This paper studies the relationship between the ownership structure and EVA of listed real estate companies in our country, which has certain theoretical and practical value. This paper is divided into six chapters. The first chapter introduces the research background, purpose and significance of this paper, reviews the literature review at home and abroad, introduces the research content and research methods. This paper introduces the concept of equity structure and EVA, and analyzes the relevant theories used in this paper. On the basis of the theory, this paper takes 105 listed real estate companies as the research sample. This paper selects the relevant data of the equity structure of the listed real estate companies in 2012, and analyzes the present situation of the equity structure of the listed real estate companies in our country. This paper introduces the calculation and characteristics of EVA of listed real estate companies in China. In order to accurately analyze the relationship between the ownership structure and EVA of listed real estate companies in China, this paper selects 1 155 samples from 2002 to 2012. The influence of ownership structure on EVA of real estate listed companies is studied by regression analysis from two angles of ownership concentration and ownership property. The results of the model test show that the proportion of state-owned shares, the proportion of legal person shares and the EVA of listed real estate companies are positively correlated, the proportion of the largest shareholders has a negative correlation with the EVA of listed real estate companies, and the proportion of the first five largest shareholders has a negative correlation with the EVA of listed real estate companies. There is a positive correlation between the shareholding ratio of the top ten shareholders and the EVA of the listed real estate companies, and the standard deviation of the shareholding ratio of the top five shareholders, The standard deviation of the top ten shareholders' shareholding ratio and Z index are negatively related to the EVA of the listed real estate companies. Finally, according to the previous research conclusions, the following suggestions are put forward to optimize the ownership structure of the listed companies in the real estate industry. To improve its EVA policy recommendations: to maintain a proper degree of ownership concentration, steadily increase the proportion of corporate shares, prudent reduction of state-owned shares, It is hoped that the above conclusions and suggestions will not only help the listed companies in the real estate industry, but also have some enlightenment and reference significance to the listed companies in other industries.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

【共引文献】