【摘要】：全面深化改革期間,國(guó)內(nèi)經(jīng)濟(jì)由東向西梯次發(fā)展,西部大開(kāi)發(fā)、中部崛起、長(zhǎng)江經(jīng)濟(jì)帶等國(guó)家戰(zhàn)略相繼提出。湖北地處中部,位于長(zhǎng)江中游,地理優(yōu)勢(shì)顯著。論文研究湖北籍上市公司治理結(jié)構(gòu)與財(cái)務(wù)質(zhì)地統(tǒng)計(jì)特征,并分別選樣?xùn)|部浙江、西部四川,進(jìn)行比較。論文以所有湖北籍上市公司為研究對(duì)象,從公司治理結(jié)構(gòu)與財(cái)務(wù)質(zhì)地角度,對(duì)其特征統(tǒng)計(jì)分析,發(fā)現(xiàn)湖北籍上市公司股本5億以下的上市公司占據(jù)53.49%,規(guī)模普遍偏小,股權(quán)多分布在傳統(tǒng)行業(yè),新興行業(yè)發(fā)展不足,個(gè)人股控股的上市公司數(shù)量占比已達(dá)66.27%,上市公司中“一股獨(dú)大”的現(xiàn)象依舊存在。進(jìn)一步對(duì)其股權(quán)制衡度進(jìn)行實(shí)證分析,發(fā)現(xiàn)股權(quán)制衡度與托賓Q顯著正相關(guān),加大第一大股東的持股比例,會(huì)使公司價(jià)值增加,而公司規(guī)模的增加卻會(huì)降低公司價(jià)值。董/監(jiān)事會(huì)統(tǒng)計(jì)發(fā)現(xiàn),相比于四川和浙江,湖北老年董事偏多,監(jiān)事較年輕,學(xué)歷普遍較高。董/監(jiān)事會(huì)規(guī)模雖逐年下降,但持股比例逐年上升。董事薪酬呈上升趨勢(shì),且監(jiān)事薪酬高于四川和浙江。高層管理人員統(tǒng)計(jì)發(fā)現(xiàn),湖北高管更年輕,學(xué)歷更高。高管規(guī)模和持股比例均有上升趨勢(shì),進(jìn)一步統(tǒng)計(jì)高管薪酬發(fā)現(xiàn),湖北高管2014年薪酬增長(zhǎng)率(22.07%)小于凈利潤(rùn)增長(zhǎng)率(42.02%),說(shuō)明薪酬的增長(zhǎng)合理。財(cái)務(wù)質(zhì)地統(tǒng)計(jì)發(fā)現(xiàn),三省資產(chǎn)規(guī)模、負(fù)債規(guī)模、營(yíng)業(yè)收入、營(yíng)業(yè)成本、各類(lèi)現(xiàn)金流量逐年增加。湖北資產(chǎn)規(guī)模均值最大,四川負(fù)債規(guī)模最大且其資產(chǎn)結(jié)構(gòu)在2014年有惡化趨勢(shì)。營(yíng)業(yè)成本中財(cái)務(wù)費(fèi)用增加最快,現(xiàn)金流方面,浙江上市公司2011年應(yīng)收賬款的增加使其經(jīng)營(yíng)現(xiàn)金流大幅下降。湖北上市公司ROE均值變化平穩(wěn),浙江ROE均值最大且變化幅度最大。將2014年各省不同層次上市公司ROE對(duì)比,發(fā)現(xiàn)湖北需要治理的是第二和第三層次的上市公司。各省銷(xiāo)售利潤(rùn)率起伏較大,金融危機(jī)后的銷(xiāo)售利潤(rùn)率高于2004年之前的水平。浙江資產(chǎn)周轉(zhuǎn)最快,將其分層比較,發(fā)現(xiàn)湖北和四川各層次資產(chǎn)周轉(zhuǎn)率均小于浙江。浙江財(cái)務(wù)杠桿變動(dòng)幅度較平穩(wěn)(2009年除外),且小于湖北和四川上市公司的杠桿水平,說(shuō)明浙江上市公司投資風(fēng)險(xiǎn)更低。
文內(nèi)圖片：
圖片說(shuō)明：湖北籍上市公司歷年新股發(fā)行量2）地域分布和產(chǎn)業(yè)結(jié)構(gòu)
[Abstract]:During the period of deepening the reform in an all-round way, the domestic economy developed from east to west, the western region developed, the central part rose, and the Yangtze River economic belt and other national strategies were put forward one after another. Hubei is located in the middle of the Yangtze River, with remarkable geographical advantages. This paper studies the statistical characteristics of governance structure and financial texture of listed companies in Hubei, and compares them with Zhejiang in the east and Sichuan in the west. In this paper, all Hubei listed companies are taken as the research object, and from the point of view of corporate governance structure and financial texture, it is found that 53.49% of the listed companies with equity of less than 500 million are listed in Hubei listed companies, the scale is generally small, the equity rights are mostly distributed in the traditional industries, the new industries are not developed enough, and the proportion of listed companies controlled by individual shares has reached 66.27%. The phenomenon of "one dominant" in listed companies still exists. Further empirical analysis of the degree of equity balance shows that the degree of equity balance is significantly positively correlated with Tobin Q. increasing the proportion of the largest shareholder will increase the value of the company, while the increase of the size of the company will reduce the value of the company. The statistics of Dong / Board of Supervisors show that compared with Sichuan and Zhejiang, Hubei has more elderly directors, younger supervisors and higher academic qualifications. Although the scale of Dong / board of supervisors has decreased year by year, the proportion of shareholding has increased year by year. The remuneration of directors is on the rise, and the salary of supervisors is higher than that of Sichuan and Zhejiang. Senior management statistics found that Hubei executives are younger and more educated. There is an upward trend in the size of executives and the proportion of shareholds. further statistics show that the salary growth rate of Hubei executives in 2014 (22.07%) is smaller than that of net profit growth (42.02%), which indicates that the increase of compensation is reasonable. Financial texture statistics show that the size of assets, liabilities, operating income, operating costs and all kinds of cash flows in the three provinces are increasing year by year. Hubei has the largest average asset size, Sichuan has the largest debt and its asset structure tends to deteriorate in 2014. In terms of cash flow, the increase of accounts receivable of Zhejiang listed companies in 2011 makes their operating cash flow decrease greatly. The mean value of ROE in Hubei listed companies changed steadily, and the mean value of ROE in Zhejiang was the largest and the range of change was the largest. Comparing the ROE of different levels of listed companies in each province in 2014, it is found that Hubei needs to govern the second and third levels of listed companies. The profit margin of sales in each province fluctuates greatly, and the profit margin of sales after the financial crisis is higher than it was before 2004. Zhejiang has the fastest asset turnover. Compared with Zhejiang, it is found that the asset turnover rate of Hubei and Sichuan is lower than that of Zhejiang. The change of financial leverage in Zhejiang is stable (except in 2009), and it is smaller than the leverage level of listed companies in Hubei and Sichuan, which indicates that the investment risk of listed companies in Zhejiang is lower.
【學(xué)位授予單位】：湖北工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類(lèi)號(hào)】：F275;F832.51;F271

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