管理人背景特征对房地产企业投资的影响研究

发布时间：2018-01-08 06:15

本文关键词：管理人背景特征对房地产企业投资的影响研究　出处：《浙江大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,中国的房地产行业取得了较快发展的同时也出现了一些问题,为此国家进行了多次宏观调控但收效甚微。投资作为该行业的基本经济活动贯穿了该行业的多个环节,对房地产业的投资行为有一个清楚的认识无疑会促进该行业的健康发展。笔者认为在影响投资的众多因素当中,企业管理者作为投资的基本决策者,其影响是较大的。而兴起于20世纪80年代的“高层梯队理论”为该问题的研究提供了理论基础。本文以2008—2012年沪深两市A股上市的115家房地产公司的402个样本值作为面板数据,采用回归模型实证检验了管理人背景特征对房地产公司投资的影响。研究发现： (1)管理人团队成员背景特征的平均水平和异质性对房地产公司的投资有一定的影响。具体表现在：年轻的、新上任的、年龄分布较均匀以及管理团队成员流动较大的管理人团队更倾向于增加投资。 (2)从国有上市公司和非国有上市公司的比较看,’国有上市公司管理团队成员的年龄因素对房地产投资的影响更显著,而非国有上市公司管理团队成员的任期因素及团队成员的变动情况对房地产投资的影响更显著。 (3)从管理团队成员整体背景特征和董事长或总经理单个领导背景特征对投资影响的比较来看,公司管理团队成员的整体背景特征对公司投资行为的影响比单个领导的背景特征对公司投资的影响更显著。结合已有相关研究发现,房地产行业管理人特征对公司行为的影响与其他行业大部分是相同的；相关研究结论具有一致性。本文的研究弥补了该行业相关研究的不足,拓展了研究房地产公司投资的视野并丰富了高阶理论研究的内容。该研究对于房地产公司进行管理团队组建有一定的参考意义。除此之外,本文提供了一种新的方法对项目投资额进行计算,供其他学者参考。
[Abstract]:In recent years , China ' s real estate industry has experienced some problems , and has made many macro - control but little effect for this country . Investment , as the basic economic activity of the industry , runs through several links in the industry , and has a clear understanding of the investment behavior of the real estate industry , which will undoubtedly promote the healthy development of the industry . The author thinks that , among the many factors that influence the investment , the influence of the enterprise manager as the basic decision - maker of the investment is bigger . The rise of the " high - rise echelon theory " in the 1980s provided a theoretical basis for the research of the problem . The paper takes 402 samples of 115 real estate companies listed in Shanghai - Shenzhen A - share in 2008 - 2012 as the panel data , and empirically tests the influence of the background characteristics of the administrator on the investment of real estate companies . ( 1 ) The average level and heterogeneity of the background characteristics of the members of the management team have a certain impact on the investment of real estate companies . ( 2 ) From the comparison between state - owned listed companies and non - state - owned listed companies , the age factors of the members of the state - owned listed companies ' management team are more significant to the real estate investment , while the tenure factors of the members of the management team of the non - state - owned listed companies and the change of the team members are more significant to the real estate investment . ( 3 ) From the comparison of the overall background characteristics of the management team members and the individual leadership background characteristics of the chairman or general manager to the investment influence , the influence of the overall background characteristics of the members of the company management team on the investment behavior of the company is more remarkable than the influence of the background characteristics of the single leader on the investment of the company . In addition , this paper provides a new method to calculate the project investment amount for reference by other scholars .

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

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