基于股权集中度的我国房地产上市公司业绩研究

发布时间：2018-03-11 15:02

本文选题：房地产上市公司　切入点：股权集中度　出处：《山东建筑大学》2014年硕士论文　论文类型：学位论文

【摘要】：股权结构作为公司治理的基础,决定着公司控制权和剩余权益的分配,从而影响管理层的决策,最终会影响公司业绩。本文在前人研究的基础上,结合我国房地产行业上市公司现状,对股权结构与公司经营业绩做出理论分析和实证研究,来说明两者之间的关系,并根据研究结论提出优化上市公司股权结构,提高业绩的建议。本文主要从股权集中度这一方面考察股权结构与公司业绩的关系,选取了2010-2012年沪深两市房地产上市公司的相关数据,以第一大股东持股比例、前五大股东持股比例、赫芬达尔指数、Z指数为股权集中度的指标,对两者的关系进行了实证研究,研究结果表明：(1)第一股东持比例与公司业绩呈负相关关系；(2)前五大股东持股比例与公司业绩呈正相关关系；(3)Z指数与公司业绩呈负相关关系。虽然我国上市公司发展迅速,绝对盈利水平提高,但是公司整体业绩水平较低,基于前面理论分析和实证研究的结果,结合我国房地产行业发展现状,本文提出了优化股权结构、提高公司业绩的四点建议：(1)保持股权适度集中；(2)提高中小股东参与度；(3)进一步培育完善的经理人市场；(4)加大房地产行业监管力度。
[Abstract]:As the basis of corporate governance, equity structure determines the distribution of corporate control rights and residual rights and interests, thus affecting the decision-making of management, and ultimately will affect corporate performance. Combined with the current situation of listed companies in real estate industry in China, this paper makes theoretical analysis and empirical research on the ownership structure and corporate performance to illustrate the relationship between the two, and proposes to optimize the equity structure of listed companies according to the conclusions of the research. Recommendations to improve performance. This paper mainly examines the relationship between ownership structure and company performance from the aspect of ownership concentration, and selects the relevant data of real estate listed companies in Shanghai and Shenzhen stock markets from 2010 to 2012. The Huffendal index and Z index are the indicators of equity concentration, and the relationship between them is studied empirically. The results show that the first shareholder holding ratio has a negative correlation with the company's performance. (2) the proportion of the first five major shareholders has a positive correlation with the company's performance. There is a negative correlation between the first shareholder holding ratio and the company's performance. Although the listed companies in China have developed rapidly and the absolute profit level has been raised, the overall performance level of the companies is relatively low. Based on the results of the previous theoretical analysis and empirical research, combined with the current situation of the development of the real estate industry in China, This paper puts forward four suggestions to optimize the ownership structure and improve the company's performance: 1) to keep the stock right moderately concentrated and 2) to improve the participation of the minority shareholders. (3) to further cultivate a perfect manager market. 4) to strengthen the supervision of the real estate industry.
【学位授予单位】：山东建筑大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F224;F832.51;F299.233.4

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