本文選題：產業(yè)空心化 + 財務報表重構��； 參考：《復旦大學》2014年碩士論文

【摘要】：產業(yè)空心化的現(xiàn)象于20世紀60年代發(fā)現(xiàn)自美國,相繼在發(fā)達國家出現(xiàn),是企業(yè)的實體資本遷移而造成制造業(yè)總量的絕對減少,受到國外國內受到學者的廣泛關注。近年我國的實體經濟中也出現(xiàn)了各種傳統(tǒng)意義上產業(yè)空心化的跡象,并演化出虛擬化的新特征：即企業(yè)通過資本運作將籌集來的實體資本轉投于房地產、金融等資產市場導致制造業(yè)總量的“相對減少”,體現(xiàn)了虛擬經濟對于實體經濟的沖擊。目前對于國內產業(yè)空心化的研究很多,但大多是宏觀角度的描述和定性研究。本文由上市公司財務數據的異�，F(xiàn)象切入,從微觀角度研究空心化的機制——基于企業(yè)的經營活動,研究代表實體經濟的經營收益和代表虛擬經濟的金融收益的相互影響方式。具體實施方面,以信息透明度較高的上市公司為樣本,選取公司質量較高可以作為上市公司代表的滬深300指數為樣本池。將樣本公司2008年金融危機后共四年的年度財務報表數據應用到IASB(國際會計準則理事會)與FASB(美國財務會計準則委員會)于2008年提出財務報表重構理論框架下,將公司的利潤表分解并重構為綜合利潤表,得到經營收益和金融收益數據。先構造出產業(yè)空心化程度的指標h,分別度量行業(yè)和產業(yè)層面空心化程度。然后用面板數據模型檢驗關于經營收益和金融收益之間互動關系的四個假設,分別用總體樣本和分產業(yè)樣本進行回歸,進行實證分析。通過實證分析,本文得出以下結論：各產業(yè)的空心化程度正呈現(xiàn)遞增趨勢,且第二產業(yè)的空心化程度要大幅高于第三產業(yè)。空心化形成的機制有二：一為前一年公司在金融領域的投資發(fā)生虧損,影響到整個公司的生產能力和綜合實力,導致當年的經營收益也相應減少,便形成空心化,二為上一年中公司在主業(yè)上經營得不理想,會將資源轉向虛擬經濟以尋求獲利,這種情況也可能促成空心化的發(fā)生。第二產業(yè)公司體現(xiàn)出同樣的規(guī)律,不同的是當期金融收益較高——虛擬經濟環(huán)境較好時,公司會專注于金融項目的經營,忽略相對盈利較少的主業(yè),導致空心化的發(fā)生；而第三產業(yè)經營收益與金融收益的互動關系顯得不太明顯,僅上期的經營收益對當期金融收益有較弱的負面影響。
[Abstract]:The phenomenon of industrial hollowing was discovered in the 1960s in the United States and appeared in developed countries one after another. It is the entity capital migration of enterprises that causes the absolute reduction of the total amount of manufacturing industry, which is widely concerned by foreign and domestic scholars. In recent years, there have been various signs of industrial hollowing in traditional sense in the real economy of our country, and the new characteristics of virtualization have evolved: that is, the enterprises transfer the real capital raised to real estate through the operation of capital. Financial and other asset markets lead to the "relative reduction" of the total manufacturing volume, which reflects the impact of the virtual economy on the real economy. At present, there are a lot of researches on the hollowing of domestic industry, but most of them are macroscopic description and qualitative research. From the abnormal phenomenon of financial data of listed companies, this paper studies the mechanism of hollowing from the microcosmic point of view-based on the business activities of enterprises, and studies the mutual influence ways of representing the operating income of the real economy and the financial income of the virtual economy. In the specific implementation aspect, taking the listed companies with high information transparency as the sample, the CSI 300 index, which can be taken as the representative of the listed companies, is selected as the sample pool. This paper applies the annual financial statement data of sample companies for four years after the 2008 financial crisis to the framework of financial statement reconfiguration theory proposed by IASB (International Accounting Standards Board) and FASB (Financial Accounting Standards Board) in 2008. The income statement of the company is decomposed and reconstructed into a comprehensive income statement, and the data of operating income and financial income are obtained. Firstly, the index of the degree of industrial hollowing is constructed to measure the degree of hollowing in industry and industry respectively. Then the panel data model is used to test the four hypotheses about the interaction between operating income and financial income. Through empirical analysis, this paper draws the following conclusions: the degree of hollowing of each industry is increasing, and the degree of hollowing of the secondary industry is much higher than that of the tertiary industry. There are two mechanisms for the formation of hollowing: one is that the previous year the company's investment in the financial field lost money, which affected the entire company's production capacity and comprehensive strength, resulting in a corresponding reduction in the operating income of that year, thus resulting in a hollowing out. The second is that in the last year the company did not do well in the main business, will turn resources to the virtual economy in search of profit, this situation may also contribute to the occurrence of emptiness. The second industry company embodies the same law, the difference is that when the current financial returns are higher-the virtual economic environment is better, the company will focus on the management of financial projects, ignoring the main business which is relatively less profitable, resulting in the occurrence of hollowing; However, the interactive relationship between tertiary industry operating income and financial income is not obvious, only the last operating income has a weak negative impact on the current financial income.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F279.2;F275;F832

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