【摘要】：本文主要研究了我國(guó)房地產(chǎn)上市公司董事會(huì)特征與企業(yè)績(jī)效之間的關(guān)系,房地產(chǎn)行業(yè)作為國(guó)民經(jīng)濟(jì)的支柱產(chǎn)業(yè),其發(fā)展水平是我國(guó)經(jīng)濟(jì)發(fā)展水平、社會(huì)發(fā)展水平和國(guó)家綜合實(shí)力的重要標(biāo)志。從2003起,房地產(chǎn)行業(yè)對(duì)國(guó)民經(jīng)濟(jì)的貢獻(xiàn)和影響日益擴(kuò)大,加上其本身具有很強(qiáng)的行業(yè)關(guān)聯(lián)性,涉及范圍達(dá)50多個(gè)行業(yè),包括建筑、鋼鐵、水泥等建材行業(yè),以及信貸、保險(xiǎn)等金融服務(wù)行業(yè),房地產(chǎn)業(yè)的良性發(fā)展將有利于促進(jìn)相關(guān)產(chǎn)業(yè)乃至整個(gè)國(guó)民經(jīng)濟(jì)的健康發(fā)展。房地產(chǎn)業(yè)對(duì)國(guó)民經(jīng)濟(jì)的影響還體現(xiàn)在需求的拉動(dòng)上,目前房地產(chǎn)投資已經(jīng)成為擴(kuò)大投資需求的重要支撐,有效拉動(dòng)了國(guó)民經(jīng)濟(jì)的增長(zhǎng)。而房地產(chǎn)行業(yè)的發(fā)展水平主要通過(guò)其經(jīng)營(yíng)績(jī)效來(lái)衡量的,其績(jī)效水平的高低也直接表現(xiàn)了我國(guó)房地產(chǎn)行業(yè)公司治理的質(zhì)量,高質(zhì)量的公司治理必然是與良好的公司績(jī)效和持續(xù)發(fā)展能力相聯(lián)系的。而公司治理在我國(guó)還是一個(gè)比較新的概念,在推進(jìn)公司治理的理論研究和實(shí)踐運(yùn)作方面還在處于不斷的發(fā)展階段。從這個(gè)角度來(lái)講,本文關(guān)于我國(guó)房地產(chǎn)行業(yè)上市公司董事會(huì)治理結(jié)構(gòu)與公司績(jī)效的研究選題具有重要的理論價(jià)值和現(xiàn)實(shí)意義。 本文包括五個(gè)章節(jié)內(nèi)容：第一章為前言部分。重點(diǎn)闡述本文的研究背景、意義、論文框架及力圖表達(dá)的創(chuàng)新點(diǎn)等。第二章為理論基礎(chǔ)與文獻(xiàn)綜述。主要囊括以下幾方面內(nèi)容：一是介紹相關(guān)變量的概念,包括房地產(chǎn)行業(yè)、董事會(huì)特征、公司績(jī)效以及相關(guān)變量指標(biāo)的選擇與評(píng)價(jià)等；二是整理了變量間相關(guān)性的理論基礎(chǔ),如委托代理理論、資源依賴?yán)碚摰龋蝗呛?jiǎn)要描述了董事會(huì)特征影響公司績(jī)效的機(jī)理；四是綜述了國(guó)內(nèi)外關(guān)于董事會(huì)特征與公司績(jī)效相關(guān)性研究的文獻(xiàn),分別從國(guó)外和國(guó)內(nèi)兩個(gè)角度展開,主要從董事會(huì)的結(jié)構(gòu)特征、構(gòu)成特征、行為特征以及激勵(lì)特征幾個(gè)方面來(lái)進(jìn)行的,并綜合評(píng)價(jià)了各研究成果的貢獻(xiàn)及其不足,這為第四章的實(shí)證分析奠定了理論基礎(chǔ)。第三章是對(duì)我國(guó)房地產(chǎn)上市公司董事會(huì)特征變量與企業(yè)經(jīng)營(yíng)績(jī)效方法與指標(biāo)的界定與描述。主要包括兩個(gè)方面內(nèi)容：首先界定了我國(guó)房地產(chǎn)上市公司董事會(huì)特征的七個(gè)變量,之后對(duì)我國(guó)房地產(chǎn)行業(yè)上市公司董事會(huì)的特征變量進(jìn)行了描述性分析；其次是界定了本文選擇的評(píng)價(jià)房地產(chǎn)上市公司企業(yè)績(jī)效的方法,并在此基礎(chǔ)上選擇單一指標(biāo)和因子分析相結(jié)合的企業(yè)績(jī)效評(píng)價(jià)方法,之后分析了我國(guó)房地產(chǎn)上市公司的績(jī)效現(xiàn)狀。第四章是我國(guó)房地產(chǎn)行業(yè)上市公司董事會(huì)特征與公司經(jīng)營(yíng)績(jī)效關(guān)系的實(shí)證分析部分。首先介紹了數(shù)據(jù)來(lái)源與樣本選擇、相關(guān)變量(包括解釋變量、被解釋變量和控制變量)等；其次根據(jù)第二章的理論評(píng)述提出了我國(guó)房地產(chǎn)上市公司董事會(huì)特征與公司經(jīng)營(yíng)績(jī)效關(guān)系的一些研究假設(shè)；第三是運(yùn)用數(shù)據(jù)對(duì)各相關(guān)變量之間進(jìn)行相關(guān)性分析,并初步得出各變量之間的相關(guān)關(guān)系；第四是分別以我國(guó)房地產(chǎn)上市公司的凈資產(chǎn)收益率(Y1)、每股收益(Y2)、企業(yè)盈利能力(F,)和企業(yè)發(fā)展能力(F2)作為因變量,以董事會(huì)特征作為自變量,并以企業(yè)規(guī)模、資產(chǎn)負(fù)債率作為控制變量,構(gòu)建了企業(yè)績(jī)效與董事會(huì)特征變量之間的四個(gè)回歸模型,之后運(yùn)用所建立的模型對(duì)提出的假設(shè)進(jìn)行實(shí)證檢驗(yàn),并對(duì)實(shí)證結(jié)果進(jìn)行了歸納、整理和分析；最后結(jié)合實(shí)證分析的結(jié)果以及在經(jīng)驗(yàn)分析的基礎(chǔ)上提出完善我國(guó)房地產(chǎn)行業(yè)董事會(huì)治理的些許建議。第五章是本文的研究結(jié)論、不足以及展望。一方面綜述了本文的研究結(jié)論；另一方面也指出了本項(xiàng)研究存在的不足以及今后的研究展望。 本文較為全面的分析了我國(guó)房地產(chǎn)行業(yè)上市公司董事會(huì)特征與公司經(jīng)營(yíng)績(jī)效之間的關(guān)系,這是對(duì)房地產(chǎn)行業(yè)公司治理結(jié)構(gòu)中董事會(huì)特征與公司績(jī)效之間的相關(guān)性進(jìn)行探索的一次有益嘗試,具有一定的理論價(jià)值與現(xiàn)實(shí)意義。本文通過(guò)運(yùn)用2007-2010年期間我國(guó)房地產(chǎn)A股376家上市公司年度報(bào)告數(shù)據(jù)對(duì)我國(guó)房地產(chǎn)行業(yè)上市公司董事會(huì)特征與公司經(jīng)營(yíng)績(jī)效的相關(guān)性進(jìn)行了實(shí)證分析。結(jié)果表明：我國(guó)房地產(chǎn)上市公司董事會(huì)特征對(duì)公司績(jī)效確實(shí)產(chǎn)生一定的影響,其中獨(dú)立董事比例與績(jī)效指標(biāo)EPS和企業(yè)的盈利能力之間呈現(xiàn)出了顯著的正相關(guān)關(guān)系,而與績(jī)效指標(biāo)ROE和企業(yè)的發(fā)展能力之間呈現(xiàn)出不顯著的正相關(guān)關(guān)系；獨(dú)立董事年均津貼與企業(yè)績(jī)效指標(biāo)ROE、EPS以及企業(yè)的發(fā)展能力有著不顯著的正相關(guān)關(guān)系,而與企業(yè)的盈利能力有著顯著的正相關(guān)關(guān)系；房地產(chǎn)上市公司董事長(zhǎng)與總經(jīng)理兩職合—與公司經(jīng)營(yíng)績(jī)效指標(biāo)ROE之間表現(xiàn)出顯著的負(fù)相關(guān)關(guān)系,但卻與績(jī)效指標(biāo)EPS、企業(yè)的盈利能力和發(fā)展能力表現(xiàn)出不顯著的負(fù)相關(guān)關(guān)系；董事會(huì)年度會(huì)議次數(shù)與公司經(jīng)營(yíng)績(jī)效指標(biāo)EPS呈負(fù)相關(guān),但卻與企業(yè)績(jī)效指標(biāo)ROE、企業(yè)的盈利能力和發(fā)展能力之間沒(méi)有表現(xiàn)出顯著的相關(guān)性；董事會(huì)薪酬與企業(yè)經(jīng)營(yíng)績(jī)效指標(biāo)EPS、企業(yè)盈利能力和發(fā)展能力之間有著顯著的正相關(guān)關(guān)系,而與績(jī)效指標(biāo)ROE則表現(xiàn)出了不顯著的正相關(guān)；董事會(huì)成員持股比例與公司經(jīng)營(yíng)績(jī)效指標(biāo)ROE、EPS、企業(yè)盈利能力以及發(fā)展能力都存在顯著的正相關(guān)；董事會(huì)規(guī)模與本文所選的績(jī)效指標(biāo)ROE、EPS、企業(yè)盈利能力和發(fā)展能力都表現(xiàn)出不顯著的負(fù)相關(guān)關(guān)系。這些實(shí)證結(jié)論告訴我們應(yīng)該加強(qiáng)我國(guó)房地產(chǎn)上市公司董事會(huì)的建設(shè),有效改善房地產(chǎn)行業(yè)董事會(huì)的現(xiàn)狀,更好的發(fā)揮董事會(huì)的積極作用。基于實(shí)證結(jié)果,本文也提出了有針對(duì)性的改進(jìn)建議：如選擇適當(dāng)?shù)亩聲?huì)規(guī)模；建立完善的獨(dú)立董事制度；優(yōu)化董事會(huì)的領(lǐng)導(dǎo)結(jié)構(gòu)；完善董事會(huì)履職機(jī)制；制定合理的董事會(huì)激勵(lì)機(jī)制等。 本文力圖在以下三個(gè)方面有所貢獻(xiàn)：一是在研究對(duì)象的選擇上,本文選擇我國(guó)房地產(chǎn)行業(yè)上市公司作為研究對(duì)象,豐富了國(guó)內(nèi)外對(duì)于房地產(chǎn)上市公司董事會(huì)特征與公司經(jīng)營(yíng)績(jī)效相關(guān)性的研究；二是隨著董事會(huì)建設(shè)的不斷完善,獨(dú)立董事在優(yōu)化董事會(huì)結(jié)構(gòu)、保護(hù)中小投資者利益等方面發(fā)揮著越來(lái)越重要的作用,因而本文在董事會(huì)特征變量的選擇上,將獨(dú)立董事年均津貼從董事會(huì)薪酬里面獨(dú)立出來(lái),單獨(dú)研究獨(dú)立董事年均津貼對(duì)企業(yè)績(jī)效的影響；三是本文通過(guò)單一績(jī)效評(píng)價(jià)指標(biāo)與因子分析綜合評(píng)價(jià)指標(biāo)相結(jié)合的方法來(lái)評(píng)價(jià)我國(guó)房地產(chǎn)行業(yè)上市公司的企業(yè)績(jī)效。
[Abstract]:This paper mainly studies the relationship between the characteristics of the board of directors of listed real estate companies and the performance of enterprises in China. As a pillar industry of the national economy, the development level of the real estate industry is an important symbol of China's economic development level, social development level and national comprehensive strength. The sound of the real estate industry is expanding day by day, coupled with its strong industry correlation, covering more than 50 industries, including construction, steel, cement and other building materials industries, as well as credit, insurance and other financial services industries. The sound development of the real estate industry will be conducive to the healthy development of related industries and even the entire National economy. At present, the real estate investment has become an important support to expand the investment demand and effectively stimulated the growth of the national economy. The development level of the real estate industry is mainly measured by its operating performance, and its performance level also directly reflects the quality of corporate governance of the real estate industry in China. Quantity and high-quality corporate governance is bound to be related to good corporate performance and sustainable development capacity. Corporate governance is a relatively new concept in China, and it is still in a continuous development stage in promoting the theoretical research and practical operation of corporate governance. The research on the governance structure and corporate performance of the board of directors has important theoretical value and practical significance.
The second chapter is the theoretical basis and literature review. It mainly includes the following aspects: First, it introduces the concept of related variables, including the real estate industry, board characteristics, corporate performance. Efficiency and the selection and evaluation of related variables indicators; the second is to sort out the theoretical basis of the correlation between variables, such as principal-agent theory, resource dependence theory; the third is to briefly describe the mechanism of board characteristics affecting corporate performance; the fourth is to review the domestic and foreign literature on the correlation between board characteristics and corporate performance. This paper starts from two perspectives, foreign and domestic, mainly from the structural characteristics, composition characteristics, behavioral characteristics and incentive characteristics of the board of directors, and comprehensively evaluates the contributions and shortcomings of various research results, which lays a theoretical foundation for the empirical analysis of the fourth chapter. It mainly includes two aspects: first, it defines seven variables of the characteristics of the board of directors of listed real estate companies in China, then it makes a descriptive analysis of the characteristics of the board of directors of listed real estate companies in China; second, it defines the selection of this paper. This paper chooses a method to evaluate the performance of listed real estate companies, and then chooses a single index and factor analysis method to evaluate the performance of listed real estate companies. Firstly, it introduces the data source and sample selection, and the related variables (including explanatory variables, explanatory variables and control variables), etc. Secondly, it puts forward some research hypotheses on the relationship between the board characteristics and corporate performance of real estate listed companies in China based on the theoretical review in Chapter 2. Thirdly, it uses the data to analyze the relevant changes. The fourth is to take the return on equity (Y1), earnings per share (Y2), profitability (F,) and enterprise development ability (F2) of listed real estate companies in China as dependent variables, the board characteristics as independent variables, and enterprise size, asset-liability ratio. As a control variable, this paper constructs four regression models between enterprise performance and board characteristic variables, then uses the model to test the hypothesis, and summarizes, collates and analyzes the empirical results; finally, combining the results of empirical analysis and on the basis of empirical analysis, it proposes to improve the housing in China. Chapter 5 is the conclusion, shortcomings and prospects of this study. On the one hand, it summarizes the conclusions of this study; on the other hand, it also points out the shortcomings of this study and future research prospects.
This paper makes a comprehensive analysis of the relationship between the characteristics of the board of directors and the performance of Listed Companies in the real estate industry. It is a useful attempt to explore the correlation between the characteristics of the board of directors and the performance of Listed Companies in the corporate governance structure of the real estate industry. It has certain theoretical value and practical significance. Using the annual report data of 376 real estate A-share listed companies in China from 2007 to 2010, this paper makes an empirical analysis on the correlation between the board characteristics and corporate performance of listed real estate companies in China. The proportion of directors has a significant positive correlation with the performance indicators EPS and the profitability of enterprises, but there is no significant positive correlation with the performance indicators ROE and the development ability of enterprises; the annual average allowance of independent directors has an insignificant positive correlation with the performance indicators ROE, EPS and the development ability of enterprises. There is a significant positive correlation with the profitability of the enterprise; the chairman and general manager of the real estate listed companies have a significant negative correlation with the performance index ROE, but not with the performance index EPS, the profitability and development ability of the enterprise; The number of annual meetings is negatively correlated with EPS, but it is not significantly correlated with ROE, profitability and development ability of the enterprise; board salary is positively correlated with EPS, profitability and development ability of the enterprise, but with performance index. Standard ROE shows no significant positive correlation; the proportion of board members'shareholding has a significant positive correlation with corporate performance indicators ROE, EPS, corporate profitability and development capability; the size of the board of directors has no significant negative correlation with the performance indicators ROE, EPS, corporate profitability and development capability. These empirical conclusions tell us that we should strengthen the construction of the board of directors of listed real estate companies in China, effectively improve the current situation of the board of directors of the real estate industry, and better play the positive role of the board of directors. Director system; optimize the leadership structure of the board of directors; improve the performance mechanism of the board of directors; formulate a reasonable incentive mechanism for the board of directors.
This paper tries to contribute to the following three aspects: firstly, in the choice of the research object, this paper chooses the listed companies in the real estate industry as the research object, enriching the domestic and foreign research on the correlation between the characteristics of the board of directors of real estate listed companies and corporate performance; secondly, with the continuous improvement of the board of directors, independent. Directors play a more and more important role in optimizing the structure of the board of directors and protecting the interests of small and medium investors. Therefore, this paper separates the annual average allowance of independent directors from the salary of the board of directors and studies the effect of the annual average allowance of independent directors on the performance of enterprises. A performance evaluation index and factor analysis comprehensive evaluation index are combined to evaluate the performance of Listed Companies in China's real estate industry.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F293.3;F832.51;F224

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