本文選題：房地產(chǎn)上市公司　切入點：股權(quán)集中度　出處：《山東建筑大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：股權(quán)結(jié)構(gòu)作為公司治理的基礎(chǔ),決定著公司控制權(quán)和剩余權(quán)益的分配,從而影響管理層的決策,最終會影響公司業(yè)績。本文在前人研究的基礎(chǔ)上,結(jié)合我國房地產(chǎn)行業(yè)上市公司現(xiàn)狀,對股權(quán)結(jié)構(gòu)與公司經(jīng)營業(yè)績做出理論分析和實證研究,來說明兩者之間的關(guān)系,并根據(jù)研究結(jié)論提出優(yōu)化上市公司股權(quán)結(jié)構(gòu),提高業(yè)績的建議。 本文主要從股權(quán)集中度這一方面考察股權(quán)結(jié)構(gòu)與公司業(yè)績的關(guān)系,選取了2010-2012年滬深兩市房地產(chǎn)上市公司的相關(guān)數(shù)據(jù),以第一大股東持股比例、前五大股東持股比例、赫芬達爾指數(shù)、Z指數(shù)為股權(quán)集中度的指標,對兩者的關(guān)系進行了實證研究,研究結(jié)果表明：(1)第一股東持比例與公司業(yè)績呈負相關(guān)關(guān)系；(2)前五大股東持股比例與公司業(yè)績呈正相關(guān)關(guān)系；(3)Z指數(shù)與公司業(yè)績呈負相關(guān)關(guān)系。 雖然我國上市公司發(fā)展迅速,絕對盈利水平提高,但是公司整體業(yè)績水平較低,基于前面理論分析和實證研究的結(jié)果,結(jié)合我國房地產(chǎn)行業(yè)發(fā)展現(xiàn)狀,本文提出了優(yōu)化股權(quán)結(jié)構(gòu)、提高公司業(yè)績的四點建議：(1)保持股權(quán)適度集中；(2)提高中小股東參與度；(3)進一步培育完善的經(jīng)理人市場；(4)加大房地產(chǎn)行業(yè)監(jiān)管力度。
[Abstract]:As the basis of corporate governance, equity structure determines the distribution of corporate control rights and residual rights and interests, thus affecting the decision-making of management, and ultimately will affect corporate performance. Combined with the current situation of listed companies in real estate industry in China, this paper makes theoretical analysis and empirical research on the ownership structure and corporate performance to illustrate the relationship between the two, and proposes to optimize the equity structure of listed companies according to the conclusions of the research. Recommendations to improve performance. This paper mainly examines the relationship between ownership structure and company performance from the aspect of ownership concentration, and selects the relevant data of real estate listed companies in Shanghai and Shenzhen stock markets from 2010 to 2012. The Huffendal index and Z index are the indicators of equity concentration, and the relationship between them is studied empirically. The results show that the first shareholder holding ratio has a negative correlation with the company's performance. (2) the proportion of the first five major shareholders has a positive correlation with the company's performance. There is a negative correlation between the first shareholder holding ratio and the company's performance. Although the listed companies in China have developed rapidly and the absolute profit level has been raised, the overall performance level of the companies is relatively low. Based on the results of the previous theoretical analysis and empirical research, combined with the current situation of the development of the real estate industry in China, This paper puts forward four suggestions to optimize the ownership structure and improve the company's performance: 1) to keep the stock right moderately concentrated and 2) to improve the participation of the minority shareholders. (3) to further cultivate a perfect manager market. 4) to strengthen the supervision of the real estate industry.
【學(xué)位授予單位】：山東建筑大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F224;F832.51;F299.233.4

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本文編號：1598677