本文選題：股權(quán)結(jié)構(gòu)　切入點(diǎn)：財(cái)務(wù)績效　出處：《廣東工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)價(jià)值一直以來都是國內(nèi)外學(xué)者關(guān)注和研究的熱點(diǎn),這對(duì)于一個(gè)公司未來長遠(yuǎn)的發(fā)展有著重要意義。其中,公司治理時(shí)實(shí)現(xiàn)企業(yè)價(jià)值的重要手段和途徑,而股權(quán)結(jié)構(gòu)的設(shè)置是公司治理中最重要的一點(diǎn),是每一家公司都需要面臨的問題。如何設(shè)置股權(quán)結(jié)構(gòu),最適合公司的第一大股東、前五大股東和前十大股東持股比例是多少,在股東構(gòu)成中,國有股、法人股和流通股的比例該怎樣控制,都是股權(quán)結(jié)構(gòu)所涉及的問題。公司治理作為決定企業(yè)價(jià)值的關(guān)鍵因素,涉及的范圍較廣,其中,公司績效、股利政策和公司的收購決策是對(duì)公司未來發(fā)展和存續(xù)最為重要的三個(gè)方面。公司績效是直接反映公司治理情況的指標(biāo),也是公司治理的主要目標(biāo),公司治理的好,那么從盈利能力、營運(yùn)能力、償債能力、發(fā)展能力和每股指標(biāo)上都能得到良好的體現(xiàn)。股利政策則在公司治理中必要的一項(xiàng)決策,對(duì)上市公司的經(jīng)營發(fā)展起到重要影響作用。公司收購則在更深層面上影響公司,若公司做出并購決策則影響公司未來規(guī)模的擴(kuò)大,若公司面臨被收購的情況則會(huì)影響公司未來的存續(xù)。國內(nèi)學(xué)者關(guān)于股權(quán)結(jié)構(gòu)與公司經(jīng)營績效、股利政策和公司收購的研究一般集中于實(shí)證研究,而針對(duì)某一個(gè)上市公司的研究并不多見。本文以此為切入點(diǎn),著重選取了在2015年頗有爭議的萬科作為研究對(duì)象進(jìn)行研究,深入分析其股權(quán)結(jié)構(gòu)的設(shè)置,并通過財(cái)務(wù)分析法對(duì)比其與行業(yè)排名前十的房地產(chǎn)行業(yè)上市公司的公司經(jīng)營績效;通過股價(jià)分析,對(duì)比萬科公布股利政策的公告日后股價(jià)的變動(dòng);同時(shí)運(yùn)用事件研究法,設(shè)定萬科和收購方,也就是寶能和恒大集團(tuán)的股權(quán)變動(dòng)公告日為事件,選取前后各10天加上公告日共計(jì)21日為時(shí)間窗口期,計(jì)算出萬科A在期間內(nèi)的實(shí)際收益率,并于當(dāng)日深證指數(shù)公布的收益率相比較得出超額累計(jì)收益率,判斷股價(jià)的波動(dòng)情況。本文通過對(duì)案例的研究發(fā)現(xiàn),萬科分散的股權(quán)結(jié)構(gòu)給萬科帶來了高于房地產(chǎn)行業(yè)綜合排名前十企業(yè)的財(cái)務(wù)績效,同時(shí)也為寶能和恒大收購提供了一個(gè)好的契機(jī)和解釋;萬科的股利政策也多以現(xiàn)金股利為主,與我國房地產(chǎn)行業(yè)其他146家上市公司的股利政策不太相同,另外在萬科從1997年以來公布股利政策的舉措并未給公司帶來信號(hào)傳遞理論中的正向影響;通過對(duì)萬科在2015和2016年分別被寶能和恒大收購的案例分析,運(yùn)用事件研究法研究并購事件對(duì)萬科股價(jià)的影響發(fā)現(xiàn),并購事件給萬科股價(jià)帶來了積極影響。本文的針對(duì)萬科的案例研究結(jié)果,希望能為我國房地產(chǎn)行業(yè)中的各個(gè)類型的上市公司在未來對(duì)股權(quán)結(jié)構(gòu)設(shè)置時(shí),提供一些科學(xué)合理的參考依據(jù)。
[Abstract]:The enterprise value has always been the focus of scholars at home and abroad and research, it is very important for a company's long-term development. Among them, realize the important means and ways of enterprise value and corporate governance, equity structure is the most important point of corporate governance, is every company need to face problems. How to set the ownership structure, the largest shareholder of the most suitable for the company, how much is the top five shareholders and the proportion of top ten shareholders, the shareholders of state-owned shares, corporate shares and tradable shares proportion of how to control the ownership structure are the issues involved in corporate governance as a key. Determines the value of the enterprise, covers a wide range and the corporate performance, dividend policy and corporate takeover decision is for the future development of the company and the existence of the three most important aspects. The company performance is a direct reflection of the public Our governance index is the main objective of corporate governance, corporate governance, then from profitability, operating capacity, solvency, development ability and share index can be well reflected. A decision of dividend policy in corporate governance is necessary, to influence the operation of listed companies the company acquired development. The impact of the company at a deeper level, if the company make merger decision will affect the future expansion of the company scale, if the company is facing the acquisition will affect the company's future existence. The domestic research on the ownership structure and corporate performance, the research on dividend policy and company acquisitions usually focus on empirical research however, research on a listed company is rare. This article as a starting point, this paper selects the controversial in 2015 Vanke as the research object for research, in-depth Analysis of the equity structure, and through the analysis and comparison of the listed financial industry ranked in the top ten of the real estate industry, the performance of the operation of the company; through the analysis of the stock price, the stock price volatility compared Vanke announced dividend policy announcement; at the same time, using the event study method, setting Vanke and the acquirer, and also is the treasure Hengda Group equity change announcement date for the event, selected before and after the 10 days a total of 21 days for the announcement of the time window, the calculated Vanke A actual income during the period, and published in the Shenzhen stock index returns by comparing cumulative abnormal return, volatility of stock prices. Through the study of the judge in case that the ownership structure of Vanke dispersed brings higher than the financial performance of ten enterprises comprehensive ranking of the real estate industry to Vanke, but also to be able to treasure and Hengda acquisition provides a good The opportunity and interpretation; Vanke dividend policy is mainly in cash dividend, the real estate industry in China and other 146 listed companies dividend policy is not the same, in addition to Vanke since 1997 announced dividend policy initiatives did not bring positive effects in the signal transfer theory to the company; the Vanke were the treasure and the acquisition of Hengda in 2015 and 2016, the case analysis, found that the influence of using event study method research of merger to Vanke shares, mergers and acquisitions to bring a positive impact on the price of Vanke. According to the case study of Vanke's results, hope for all types of China's real estate industry in the listed companies in the future of equity structure set, provide some scientific references.

【學(xué)位授予單位】：廣東工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42

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