上市住宅类房地产公司ROE与公司治理关系的实证研究

发布时间：2018-02-10 08:50

本文关键词： 公司治理公司业绩面板数据　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：源于所有权和经营权分离,理论界和实业界不断关注公司治理问题。在发达国家,公司治理于1932年开始被理论界所研究,其在实业界的实践也走过近百年历程,因此发达国家中公司治理非常成熟,为国民经济的健康发展做出了巨大贡献。在我国,现代公司制度确立不过三十年,公司治理制度建设十分落后,需要得到理论支持。本文将分析公司治理与ROE的关系,并提出一些政策建议。上市公司提供了最优的数据可获得性,有利于实证研究的准确程度。同时为了排除业务性质的不同而可能对结果产生的干扰,本文选取的样本公司来自于房地产行业中专注于住宅开发的上市企业。通过筛选,本文实证研究的68家样本公司提供了2006年～2012年共7年的面板数据。本文选取的因变量为样本公司年度ROE。自变量来自股权结构、债权结构、高管激励以及利益相关者这四个方面。股权结构变量包括第一、第二至第十大股东持股比例,最终控制人性质,公司流通股比例。债权结构变量包括长期资本负债率、利息保障率。高管激励变量包括是否对高管进行有ROE行权要求的股权激励,高管持有公司股权比例。利益相关者变量包括所得税占收入比例,应付职工薪酬占收入比例,收入的对数。回归使用变截距固定效应模型。这一模型来自于F检验和Hausman检验的结果。为了防范“伪回归”,本文对数据进行了单位根检验。除此之外,本文还用T检验对国有性质是否对业绩产生影响进行了定性分析。本文的政策建议为： (1)鼓励集中持股； (2)对大股东解禁条件更加严格,强调利益捆绑； (3)加快直融市场发展,发挥债权人监督作用； (4)鼓励高管持股和股权激励；(5)保护劳动者权益,形成主人翁意识。
[Abstract]:From the separation of ownership and management, the theoretical and business circles pay more and more attention to the problem of corporate governance. In developed countries, corporate governance has been studied by the theorists since 1932, and its practice in the industry has also gone through a hundred years. Therefore, corporate governance in developed countries is very mature and has made a great contribution to the healthy development of the national economy. In our country, the modern corporate system has been established for only 30 years, and the construction of corporate governance system is very backward. This paper will analyze the relationship between corporate governance and ROE, and put forward some policy recommendations. In order to exclude the possible interference of the business nature, the sample companies selected in this paper come from the real estate industry focused on residential development of listed companies. The 68 sample companies in this paper provide panel data for 7 years from 2006 to 2012. The dependent variables selected in this paper are the sample companies' annual ROE. The independent variables come from equity structure, debt structure, and so on. The equity structure variables include the first, the second to the tenth shareholder's shareholding ratio, the final controlling person's nature, the company's circulating stock ratio, the debt structure variable including the long-term capital debt ratio, the equity structure variable includes the first, the second to the tenth shareholder's shareholding ratio, the final controlling person's nature, the company's circulating stock ratio. Interest protection rate. Executive incentive variables include whether the executive is required to exercise the ROE rights equity incentive, the executive holds the share of the company, and the stakeholder variables include income tax as a percentage of income, pay payable to employees as a proportion of income. Logarithm of income. Regression uses variable intercept fixed effect model. This model comes from the results of F test and Hausman test. In order to guard against "pseudo regression", the data are tested by unit root test. This paper also makes a qualitative analysis of whether state-owned nature has an impact on performance by using T test. The policy recommendations of this paper are as follows: 1) encouraging concentrated shareholding; 2) stricter lifting conditions for large shareholders, emphasizing interest bundling; and 3) speeding up the development of direct financing market. (4) encourage executives to hold shares and encourage equity incentives to protect workers' rights and interests and form a sense of ownership.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F299.233.4

【参考文献】