本文選題：哈投股份 + 金融化��； 參考：《蘭州財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：一般而言,在成熟的資本市場(chǎng)上,上市公司是資金的獲取方,而不是資金的提供者。個(gè)人投資者、戰(zhàn)略投資者和專業(yè)的機(jī)構(gòu)主要進(jìn)行投資行為,他們構(gòu)成市場(chǎng)資金的來源,而上市公司取得在資本市場(chǎng)獲取的資金后,投入實(shí)體產(chǎn)業(yè)經(jīng)濟(jì)。但是在中國,上市企業(yè)相當(dāng)熱衷于在資本市場(chǎng)的投資,比如短期內(nèi)買入賣出股票以賺取利潤。這可能會(huì)造成企業(yè)的金融化,本文以非金融上市公司金融化現(xiàn)象為出發(fā)點(diǎn),研究該現(xiàn)象與股東回報(bào)之間的關(guān)系,以及企業(yè)金融化對(duì)股東回報(bào)造成的影響。本文采用規(guī)范研究與案例研究結(jié)合的方式,首先,本文通過國內(nèi)外研究,分別在宏觀層面和微觀層面,梳理了學(xué)術(shù)工作者對(duì)金融化的概念和金融化度量方面的相關(guān)研究,并介紹了本文所依據(jù)的理論基礎(chǔ)和分析工具。其次,引入本文所研究的案例企業(yè)哈投股份公司,以財(cái)務(wù)報(bào)表項(xiàng)目作為起點(diǎn),按照一定的標(biāo)準(zhǔn),將企業(yè)資產(chǎn)負(fù)債表中資產(chǎn)類項(xiàng)目,區(qū)分為經(jīng)營性資產(chǎn)、金融性資產(chǎn),將負(fù)債類項(xiàng)目區(qū)分為經(jīng)營性負(fù)債、金融性負(fù)債,將利潤表中的損益類項(xiàng)目區(qū)分為經(jīng)營性損益、金融性損益,作為后續(xù)分析企業(yè)金融化對(duì)股東回報(bào)影響的鋪墊和前期準(zhǔn)備。然后,本文以權(quán)益凈利率作為分析起點(diǎn),結(jié)合經(jīng)營活動(dòng)和金融活動(dòng)的區(qū)分,將權(quán)益凈利率分解為經(jīng)營活動(dòng)貢獻(xiàn)和金融活動(dòng)貢獻(xiàn),以揭示案例企業(yè)金融化對(duì)股東回報(bào)造成的影響。研究分析發(fā)現(xiàn),哈投股份的經(jīng)營活動(dòng)和金融活動(dòng)交替影響著股東回報(bào)的大小,在分析年度內(nèi),企業(yè)金融化的結(jié)果無益于股東回報(bào)的提高,是一種得不償失的行為。基于2010年度至2015年度案例企業(yè)的情況,本文進(jìn)行了具體的分析與說明。最后,依據(jù)上述研究,歸納總結(jié)了案例企業(yè)金融化對(duì)股東回報(bào)的影響,提出了非金融企業(yè)金融化可能帶來的問題,給出了本文的建議,對(duì)金融化問題相關(guān)的研究做了展望。
[Abstract]:Generally speaking, in a mature capital market, listed companies are the acquirers of funds, not the providers of funds. Individual investors, strategic investors and professional institutions mainly engage in investment behavior, they constitute the source of market funds, and the listed companies get the capital in the capital market, and put into the real industry economy. But in China, listed companies are keen to invest in capital markets, such as buying and selling shares in the short term to make a profit. This may lead to the financialization of enterprises. This paper starts with the phenomenon of financialization of non-financial listed companies, and studies the relationship between the phenomenon and the return of shareholders, as well as the impact of financialization on the return of shareholders. This paper combines normative research with case study. Firstly, through domestic and foreign studies, this paper combs the relevant research on the concept of financialization and the measurement of financialization, at the macro level and micro level, respectively. The theoretical basis and analytical tools of this paper are also introduced. Secondly, this paper introduces the case study of the case of Harbin Stock Company, taking the financial statement project as the starting point, according to certain standards, the asset items in the balance sheet are divided into operating assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets, financial assets and financial assets. The items of liability are divided into operating liabilities and financial liabilities, and the profit and loss items in the profit statement are divided into operating profits and losses and financial gains and losses, which are used as the basis and preparation for the subsequent analysis of the impact of enterprise financialization on shareholders' returns. Then, taking net interest rate of equity as the starting point of analysis, combined with the distinction between business activities and financial activities, this paper decomposes net interest rate of equity into contribution of business activities and financial activities, in order to reveal the impact of financialization of enterprises on shareholders' returns. The research and analysis show that the operating activities and financial activities of Harbin Investment Corporation alternately affect the size of shareholders' return. In the analysis year, the result of enterprise financialization is not beneficial to the improvement of shareholder return, and is a behavior that is not worth the gain or loss. Based on the case of enterprises from 2010 to 2015, this paper makes a detailed analysis and explanation. Finally, according to the above research, this paper summarizes the impact of financialization on shareholder returns, puts forward the possible problems brought about by financialization of non-financial enterprises, gives the suggestions of this paper, and looks forward to the related research on financialization.
【學(xué)位授予單位】：蘭州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.6;F406.7

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相關(guān)期刊論文 前10條

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本文編號(hào)：1850201