發(fā)布時(shí)間：2018-05-04 01:11

  本文選題：股權(quán)集中度 + 公司治理�。� 參考：《安徽大學(xué)》2014年碩士論文

【摘要】：證券市場(chǎng)可以解決上市公司的融資需求,緩解資金緊張；實(shí)現(xiàn)投資者的多元化投資,分散風(fēng)險(xiǎn)；保障國(guó)家的宏觀調(diào)控,促進(jìn)經(jīng)濟(jì)平穩(wěn)發(fā)展。目前我國(guó)整體經(jīng)濟(jì)處于轉(zhuǎn)軌時(shí)期,逐步向市場(chǎng)經(jīng)濟(jì)轉(zhuǎn)變,相比國(guó)外發(fā)展成熟的證券市場(chǎng),我國(guó)的證券市場(chǎng)起步較晚,仍存在著諸多問題。近年來(lái),探討股權(quán)結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效之間的相關(guān)性已成為學(xué)者研究的熱點(diǎn)。由于現(xiàn)代股份制企業(yè)所有權(quán)與經(jīng)營(yíng)權(quán)相分離,股權(quán)集中程度決定了兩權(quán)之間的分配情況,從而影響公司的經(jīng)營(yíng)績(jī)效。因此,探索股權(quán)集中度與企業(yè)經(jīng)營(yíng)績(jī)效之間的聯(lián)系,有助于發(fā)現(xiàn)我國(guó)上市公司在經(jīng)營(yíng)管理方面存在的問題,實(shí)現(xiàn)上市公司股權(quán)結(jié)構(gòu)的優(yōu)化及經(jīng)營(yíng)績(jī)效的提高。 隨著經(jīng)濟(jì)的快速發(fā)展,城鎮(zhèn)化建設(shè)的大力推進(jìn),我國(guó)進(jìn)入了住房和汽車為主要消費(fèi)品的時(shí)代,房地產(chǎn)行業(yè)對(duì)整體國(guó)民經(jīng)濟(jì)的增長(zhǎng)起到了巨大的推動(dòng)作用。但是,由于房地產(chǎn)行業(yè)股權(quán)結(jié)構(gòu),與其他行業(yè)相比存在差異,研究其經(jīng)營(yíng)績(jī)效與股權(quán)集中度之間的關(guān)系,對(duì)整個(gè)房地產(chǎn)行業(yè)乃至整體國(guó)民經(jīng)濟(jì)都有重要意義。因此,本文立足房地產(chǎn)行業(yè)、選取了股權(quán)集中度作為自變量,研究其與上市公司經(jīng)營(yíng)績(jī)效之間的相關(guān)性。 本文運(yùn)用規(guī)范分析與實(shí)證分析結(jié)合的研究方法：首先,整理國(guó)內(nèi)外關(guān)于股權(quán)集中度與經(jīng)營(yíng)績(jī)效相關(guān)性的理論和文獻(xiàn),并歸納總結(jié)；其次,總結(jié)我國(guó)房地產(chǎn)行業(yè)的特點(diǎn)、描述上市房地產(chǎn)上市公司的股權(quán)集中度與經(jīng)營(yíng)現(xiàn)狀；最后,建立多元線性回歸模型,以滬深A(yù)股房地產(chǎn)上市公司2009-2012年的年報(bào)數(shù)據(jù)為樣本,實(shí)證檢驗(yàn)股權(quán)集中度對(duì)績(jī)效的影響,并提出政策建議。 第一章：緒論。介紹本文的研究背景及研究意義,對(duì)國(guó)內(nèi)外關(guān)于股權(quán)集中度與績(jī)效相關(guān)性研究的文獻(xiàn)進(jìn)行整理,在此基礎(chǔ)上提出本文的研究框架和研究方法,列舉可能的創(chuàng)新點(diǎn)與不足。 第二章：理論基礎(chǔ)。對(duì)股權(quán)集中度、經(jīng)營(yíng)績(jī)效的概念進(jìn)行解釋,對(duì)相關(guān)理論進(jìn)行闡述。 第三章：現(xiàn)狀分析。回顧我國(guó)房地產(chǎn)行業(yè)創(chuàng)建以來(lái)經(jīng)歷的各個(gè)發(fā)展階段,總結(jié)行業(yè)特點(diǎn),分析行業(yè)發(fā)展現(xiàn)狀,進(jìn)而揭示我國(guó)的房地產(chǎn)上市公司股權(quán)集中程度和經(jīng)營(yíng)績(jī)效的現(xiàn)狀。 第四章：實(shí)證分析。首先,定義變量和建立模型,并收集樣本。其次,對(duì)樣本的數(shù)據(jù)進(jìn)行描述性統(tǒng)計(jì),了解數(shù)據(jù)的基本情況；再次,對(duì)各變量進(jìn)行相關(guān)性分析；最后,根據(jù)多元線性回歸模型,得出股權(quán)集中度對(duì)經(jīng)營(yíng)績(jī)效的影響程度,總結(jié)實(shí)證結(jié)果。 第五章：研究結(jié)論及政策建議。根據(jù)理論和數(shù)據(jù)分析的結(jié)果,得出本文的研究結(jié)論,進(jìn)而提出改善房地產(chǎn)上市公司股權(quán)結(jié)構(gòu)、提高上市公司經(jīng)營(yíng)績(jī)效的政策建議。 本文的研究結(jié)果顯示第一大股東持股比例以及少數(shù)大股東(第二至第五大股東)的持股比例之和都與經(jīng)營(yíng)績(jī)效正相關(guān),我們應(yīng)該在總體上保持相對(duì)集中的股權(quán)結(jié)構(gòu)；大股東間的股權(quán)制衡對(duì)經(jīng)營(yíng)績(jī)效有正向影響,表明大股東間相互監(jiān)督,能保護(hù)廣大中小股東的利益,提高公司的經(jīng)營(yíng)績(jī)效；民營(yíng)控股類型對(duì)經(jīng)營(yíng)績(jī)效有反作用,由于民營(yíng)上市公司大多股權(quán)高度分散,融資存在困難,因而其績(jī)效差于國(guó)有企業(yè)的績(jī)效；資產(chǎn)負(fù)債率對(duì)經(jīng)營(yíng)績(jī)效有顯著負(fù)影響,結(jié)合數(shù)據(jù)可發(fā)現(xiàn)由于我國(guó)整體房地產(chǎn)上市公司的資產(chǎn)負(fù)債率高,導(dǎo)致公司的償債壓力加大,影響公司的績(jī)效；公司規(guī)模大小與經(jīng)營(yíng)績(jī)效正相關(guān),較大規(guī)模的公司更容易獲得規(guī)模經(jīng)濟(jì)；本文的結(jié)論中未能反映公司成長(zhǎng)能力與經(jīng)營(yíng)績(jī)效之間的關(guān)系。以上表明,我國(guó)的房地產(chǎn)上市公司適合股權(quán)相對(duì)集中的股權(quán)結(jié)構(gòu),民營(yíng)上市公司在股權(quán)集中度和公司治理方面還需進(jìn)一步改善。
[Abstract]:The securities market can solve the financing demand of the listed companies, alleviate the capital shortage, realize the diversified investment of the investors, disperse the risk, guarantee the macro regulation and control of the state, and promote the smooth development of the economy. At present, the whole economy of our country is in the transition period, gradually changing to the market economy, compared with the mature securities market abroad, China's certificate There are still a lot of problems in the late start of the coupon market. In recent years, the study of the correlation between the ownership structure and the management performance has become a hot spot of research. Because of the separation of ownership and management, the degree of ownership concentration determines the distribution of the two rights, thus affecting the performance of the company. The relationship between the ownership concentration and the business performance will help to find out the problems existing in the management and management of the listed companies in China, to optimize the ownership structure of the listed companies and to improve the performance of the listed companies.
With the rapid development of economy and the vigorous promotion of urbanization construction, China has entered the era of housing and automobile as the main consumer goods, the real estate industry has played a great role in promoting the growth of the overall national economy. However, the property ownership structure of the real estate industry is different from other industries, and studies its operating performance and equity. The relationship between concentration is of great significance to the whole real estate industry and the whole national economy. Therefore, this paper, based on the real estate industry, selects the ownership concentration as an independent variable, and studies the correlation between the performance of the listed company and the performance of the listed company.
This paper uses the combination of normative analysis and Empirical Analysis: first, collates the theory and literature about the relevance of ownership concentration and management performance at home and abroad. Secondly, summarizes the characteristics of the real estate industry in China, describes the ownership concentration and management status of listed real estate listed companies; finally, the establishment of pluralism. Linear regression model, taking 2009-2012 years' annual report data of Shanghai and Shenzhen stock A listed real estate companies as samples, empirically tests the impact of ownership concentration on performance, and puts forward policy suggestions.
The first chapter is introduction. It introduces the research background and significance of this paper, and collates the literature about the relevance of ownership concentration and performance correlation both at home and abroad. On this basis, it puts forward the research framework and research methods of this paper, and lists the possible innovation points and shortcomings.
The second chapter: theoretical basis. Explain the concept of ownership concentration and business performance, and elaborate the related theories.
The third chapter: the present situation analysis. Review the development stages of the real estate industry since the founding of our country, summarize the characteristics of the industry, analyze the current situation of the industry development, and then reveal the status of the ownership concentration and performance of the real estate listed companies in our country.
The fourth chapter is an empirical analysis. First, we define the variables and establish the model, and collect the samples. Secondly, we make a descriptive statistics of the sample data to understand the basic situation of the data; thirdly, analyze the correlation of the variables. Finally, according to the multiple linear regression model, the influence degree of the ownership concentration on the performance is obtained, and the empirical analysis is summarized. Result.
The fifth chapter: research conclusions and policy recommendations. According to the results of theoretical and data analysis, the conclusions of this paper are drawn up, and then the policy suggestions for improving the ownership structure of listed real estate companies and improving the performance of listed companies are put forward.
The results of this study show that the proportion of the first large shareholders and the proportion of the minority shareholders (second to fifth major shareholders) are all positively related to the operating performance. We should maintain a relatively centralized ownership structure on the whole, and the equity balance between the large shareholders has a positive effect on the performance performance, indicating the mutual supervision among the large shareholders, It can protect the interests of the majority of small and medium shareholders and improve the performance of the company; the type of private holding has a negative effect on the operating performance. Because most of the private listed companies are highly dispersed and have difficulties in financing, their performance is worse than the performance of the state-owned enterprises; the asset liability ratio has a significant negative impact on the performance of the business, and the combination of data can be found from the data. The high debt ratio of the listed real estate companies in China is high, which causes the company's debt paying pressure to increase, affecting the performance of the company; the size of the company is positively related to the operating performance, and the larger scale companies are more likely to obtain the scale economy; the conclusion of this paper does not reflect the relationship between the company's long capacity and the operating performance. It is clear that the real estate listed companies in China are suitable for the relatively concentrated equity structure, and the private listed companies need to be further improved in the ownership concentration and corporate governance.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.4;F271;F275

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