房地产上市公司股权集中度与经营绩效相关性的实证研究

发布时间：2018-05-04 01:11

本文选题：股权集中度 + 公司治理　；参考：《安徽大学》2014年硕士论文

【摘要】：证券市场可以解决上市公司的融资需求,缓解资金紧张；实现投资者的多元化投资,分散风险；保障国家的宏观调控,促进经济平稳发展。目前我国整体经济处于转轨时期,逐步向市场经济转变,相比国外发展成熟的证券市场,我国的证券市场起步较晚,仍存在着诸多问题。近年来,探讨股权结构与经营绩效之间的相关性已成为学者研究的热点。由于现代股份制企业所有权与经营权相分离,股权集中程度决定了两权之间的分配情况,从而影响公司的经营绩效。因此,探索股权集中度与企业经营绩效之间的联系,有助于发现我国上市公司在经营管理方面存在的问题,实现上市公司股权结构的优化及经营绩效的提高。随着经济的快速发展,城镇化建设的大力推进,我国进入了住房和汽车为主要消费品的时代,房地产行业对整体国民经济的增长起到了巨大的推动作用。但是,由于房地产行业股权结构,与其他行业相比存在差异,研究其经营绩效与股权集中度之间的关系,对整个房地产行业乃至整体国民经济都有重要意义。因此,本文立足房地产行业、选取了股权集中度作为自变量,研究其与上市公司经营绩效之间的相关性。本文运用规范分析与实证分析结合的研究方法：首先,整理国内外关于股权集中度与经营绩效相关性的理论和文献,并归纳总结；其次,总结我国房地产行业的特点、描述上市房地产上市公司的股权集中度与经营现状；最后,建立多元线性回归模型,以沪深A股房地产上市公司2009-2012年的年报数据为样本,实证检验股权集中度对绩效的影响,并提出政策建议。第一章：绪论。介绍本文的研究背景及研究意义,对国内外关于股权集中度与绩效相关性研究的文献进行整理,在此基础上提出本文的研究框架和研究方法,列举可能的创新点与不足。第二章：理论基础。对股权集中度、经营绩效的概念进行解释,对相关理论进行阐述。第三章：现状分析。回顾我国房地产行业创建以来经历的各个发展阶段,总结行业特点,分析行业发展现状,进而揭示我国的房地产上市公司股权集中程度和经营绩效的现状。第四章：实证分析。首先,定义变量和建立模型,并收集样本。其次,对样本的数据进行描述性统计,了解数据的基本情况；再次,对各变量进行相关性分析；最后,根据多元线性回归模型,得出股权集中度对经营绩效的影响程度,总结实证结果。第五章：研究结论及政策建议。根据理论和数据分析的结果,得出本文的研究结论,进而提出改善房地产上市公司股权结构、提高上市公司经营绩效的政策建议。本文的研究结果显示第一大股东持股比例以及少数大股东(第二至第五大股东)的持股比例之和都与经营绩效正相关,我们应该在总体上保持相对集中的股权结构；大股东间的股权制衡对经营绩效有正向影响,表明大股东间相互监督,能保护广大中小股东的利益,提高公司的经营绩效；民营控股类型对经营绩效有反作用,由于民营上市公司大多股权高度分散,融资存在困难,因而其绩效差于国有企业的绩效；资产负债率对经营绩效有显著负影响,结合数据可发现由于我国整体房地产上市公司的资产负债率高,导致公司的偿债压力加大,影响公司的绩效；公司规模大小与经营绩效正相关,较大规模的公司更容易获得规模经济；本文的结论中未能反映公司成长能力与经营绩效之间的关系。以上表明,我国的房地产上市公司适合股权相对集中的股权结构,民营上市公司在股权集中度和公司治理方面还需进一步改善。
[Abstract]:The securities market can solve the financing demand of the listed companies, alleviate the capital shortage, realize the diversified investment of the investors, disperse the risk, guarantee the macro regulation and control of the state, and promote the smooth development of the economy. At present, the whole economy of our country is in the transition period, gradually changing to the market economy, compared with the mature securities market abroad, China's certificate There are still a lot of problems in the late start of the coupon market. In recent years, the study of the correlation between the ownership structure and the management performance has become a hot spot of research. Because of the separation of ownership and management, the degree of ownership concentration determines the distribution of the two rights, thus affecting the performance of the company. The relationship between the ownership concentration and the business performance will help to find out the problems existing in the management and management of the listed companies in China, to optimize the ownership structure of the listed companies and to improve the performance of the listed companies.
With the rapid development of economy and the vigorous promotion of urbanization construction, China has entered the era of housing and automobile as the main consumer goods, the real estate industry has played a great role in promoting the growth of the overall national economy. However, the property ownership structure of the real estate industry is different from other industries, and studies its operating performance and equity. The relationship between concentration is of great significance to the whole real estate industry and the whole national economy. Therefore, this paper, based on the real estate industry, selects the ownership concentration as an independent variable, and studies the correlation between the performance of the listed company and the performance of the listed company.
This paper uses the combination of normative analysis and Empirical Analysis: first, collates the theory and literature about the relevance of ownership concentration and management performance at home and abroad. Secondly, summarizes the characteristics of the real estate industry in China, describes the ownership concentration and management status of listed real estate listed companies; finally, the establishment of pluralism. Linear regression model, taking 2009-2012 years' annual report data of Shanghai and Shenzhen stock A listed real estate companies as samples, empirically tests the impact of ownership concentration on performance, and puts forward policy suggestions.
The first chapter is introduction. It introduces the research background and significance of this paper, and collates the literature about the relevance of ownership concentration and performance correlation both at home and abroad. On this basis, it puts forward the research framework and research methods of this paper, and lists the possible innovation points and shortcomings.
The second chapter: theoretical basis. Explain the concept of ownership concentration and business performance, and elaborate the related theories.
The third chapter: the present situation analysis. Review the development stages of the real estate industry since the founding of our country, summarize the characteristics of the industry, analyze the current situation of the industry development, and then reveal the status of the ownership concentration and performance of the real estate listed companies in our country.
The fourth chapter is an empirical analysis. First, we define the variables and establish the model, and collect the samples. Secondly, we make a descriptive statistics of the sample data to understand the basic situation of the data; thirdly, analyze the correlation of the variables. Finally, according to the multiple linear regression model, the influence degree of the ownership concentration on the performance is obtained, and the empirical analysis is summarized. Result.
The fifth chapter: research conclusions and policy recommendations. According to the results of theoretical and data analysis, the conclusions of this paper are drawn up, and then the policy suggestions for improving the ownership structure of listed real estate companies and improving the performance of listed companies are put forward.
The results of this study show that the proportion of the first large shareholders and the proportion of the minority shareholders (second to fifth major shareholders) are all positively related to the operating performance. We should maintain a relatively centralized ownership structure on the whole, and the equity balance between the large shareholders has a positive effect on the performance performance, indicating the mutual supervision among the large shareholders, It can protect the interests of the majority of small and medium shareholders and improve the performance of the company; the type of private holding has a negative effect on the operating performance. Because most of the private listed companies are highly dispersed and have difficulties in financing, their performance is worse than the performance of the state-owned enterprises; the asset liability ratio has a significant negative impact on the performance of the business, and the combination of data can be found from the data. The high debt ratio of the listed real estate companies in China is high, which causes the company's debt paying pressure to increase, affecting the performance of the company; the size of the company is positively related to the operating performance, and the larger scale companies are more likely to obtain the scale economy; the conclusion of this paper does not reflect the relationship between the company's long capacity and the operating performance. It is clear that the real estate listed companies in China are suitable for the relatively concentrated equity structure, and the private listed companies need to be further improved in the ownership concentration and corporate governance.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F271;F275

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