本文選題：產(chǎn)業(yè)空心化 + 財(cái)務(wù)報(bào)表重構(gòu)��； 參考：《復(fù)旦大學(xué)》2014年碩士論文

【摘要】：產(chǎn)業(yè)空心化的現(xiàn)象于20世紀(jì)60年代發(fā)現(xiàn)自美國(guó),相繼在發(fā)達(dá)國(guó)家出現(xiàn),是企業(yè)的實(shí)體資本遷移而造成制造業(yè)總量的絕對(duì)減少,受到國(guó)外國(guó)內(nèi)受到學(xué)者的廣泛關(guān)注。近年我國(guó)的實(shí)體經(jīng)濟(jì)中也出現(xiàn)了各種傳統(tǒng)意義上產(chǎn)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(guò)資本運(yùn)作將籌集來(lái)的實(shí)體資本轉(zhuǎn)投于房地產(chǎn)、金融等資產(chǎn)市場(chǎng)導(dǎo)致制造業(yè)總量的“相對(duì)減少”,體現(xiàn)了虛擬經(jīng)濟(jì)對(duì)于實(shí)體經(jīng)濟(jì)的沖擊。目前對(duì)于國(guó)內(nèi)產(chǎn)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(cái)務(wù)數(shù)據(jù)的異常現(xiàn)象切入,從微觀角度研究空心化的機(jī)制——基于企業(yè)的經(jīng)營(yíng)活動(dòng),研究代表實(shí)體經(jīng)濟(jì)的經(jīng)營(yíng)收益和代表虛擬經(jīng)濟(jì)的金融收益的相互影響方式。具體實(shí)施方面,以信息透明度較高的上市公司為樣本,選取公司質(zhì)量較高可以作為上市公司代表的滬深300指數(shù)為樣本池。將樣本公司2008年金融危機(jī)后共四年的年度財(cái)務(wù)報(bào)表數(shù)據(jù)應(yīng)用到IASB(國(guó)際會(huì)計(jì)準(zhǔn)則理事會(huì))與FASB(美國(guó)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì))于2008年提出財(cái)務(wù)報(bào)表重構(gòu)理論框架下,將公司的利潤(rùn)表分解并重構(gòu)為綜合利潤(rùn)表,得到經(jīng)營(yíng)收益和金融收益數(shù)據(jù)。先構(gòu)造出產(chǎn)業(yè)空心化程度的指標(biāo)h,分別度量行業(yè)和產(chǎn)業(yè)層面空心化程度。然后用面板數(shù)據(jù)模型檢驗(yàn)關(guān)于經(jīng)營(yíng)收益和金融收益之間互動(dòng)關(guān)系的四個(gè)假設(shè),分別用總體樣本和分產(chǎn)業(yè)樣本進(jìn)行回歸,進(jìn)行實(shí)證分析。通過(guò)實(shí)證分析,本文得出以下結(jié)論：各產(chǎn)業(yè)的空心化程度正呈現(xiàn)遞增趨勢(shì),且第二產(chǎn)業(yè)的空心化程度要大幅高于第三產(chǎn)業(yè)�？招幕纬傻臋C(jī)制有二：一為前一年公司在金融領(lǐng)域的投資發(fā)生虧損,影響到整個(gè)公司的生產(chǎn)能力和綜合實(shí)力,導(dǎo)致當(dāng)年的經(jīng)營(yíng)收益也相應(yīng)減少,便形成空心化,二為上一年中公司在主業(yè)上經(jīng)營(yíng)得不理想,會(huì)將資源轉(zhuǎn)向虛擬經(jīng)濟(jì)以尋求獲利,這種情況也可能促成空心化的發(fā)生。第二產(chǎn)業(yè)公司體現(xiàn)出同樣的規(guī)律,不同的是當(dāng)期金融收益較高——虛擬經(jīng)濟(jì)環(huán)境較好時(shí),公司會(huì)專注于金融項(xiàng)目的經(jīng)營(yíng),忽略相對(duì)盈利較少的主業(yè),導(dǎo)致空心化的發(fā)生；而第三產(chǎn)業(yè)經(jīng)營(yíng)收益與金融收益的互動(dòng)關(guān)系顯得不太明顯,僅上期的經(jīng)營(yíng)收益對(duì)當(dāng)期金融收益有較弱的負(fù)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(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F279.2;F275;F832

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