本文關(guān)鍵詞：中國房地產(chǎn)上市公司治理結(jié)構(gòu)、多元化與企業(yè)績效研究　出處：《清華大學(xué)》2016年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn)上市公司 公司治理結(jié)構(gòu) 多元化 企業(yè)績效 結(jié)構(gòu)方程模型

【摘要】：公司治理結(jié)構(gòu)、多元化一直是管理學(xué)領(lǐng)域研究的熱點。為改善企業(yè)績效表現(xiàn),調(diào)整公司治理結(jié)構(gòu)或?qū)嵤┒嘣l(fā)展戰(zhàn)略得到越來越多房地產(chǎn)上市公司的重視。在此背景下,研究公司治理結(jié)構(gòu)和多元化問題,可以為房地產(chǎn)上市公司完善內(nèi)部治理機制、制定公司轉(zhuǎn)型升級戰(zhàn)略提供依據(jù)。論文研究有重要的理論和實際意義�；诩扔醒芯亢同F(xiàn)實問題,論文針對房地產(chǎn)上市公司的特點,構(gòu)建了“公司治理結(jié)構(gòu)、多元化與企業(yè)績效關(guān)系”的理論分析框架,在從微觀、綜合和考慮公司治理結(jié)構(gòu)/多元化內(nèi)生性角度分別考察并實證探索“公司治理結(jié)構(gòu)與企業(yè)績效的關(guān)系”、“多元化與企業(yè)績效的關(guān)系”的基礎(chǔ)上,運用結(jié)構(gòu)方程模型和2007-2014年的房地產(chǎn)上市公司數(shù)據(jù),開展實證研究并提出應(yīng)用建議。論文主要研究結(jié)論包括:(1)在房地產(chǎn)上市公司治理結(jié)構(gòu)與企業(yè)績效的關(guān)系中,股權(quán)結(jié)構(gòu)、董事會治理、高管激勵與企業(yè)績效關(guān)系顯著;良好的公司治理結(jié)構(gòu)對企業(yè)績效有顯著的溢價效應(yīng);在控制了公司治理結(jié)構(gòu)的內(nèi)生性影響后,公司治理結(jié)構(gòu)對企業(yè)績效的溢價效應(yīng)更為顯著。(2)房地產(chǎn)上市公司各種類型多元化對企業(yè)績效有不同程度的折價效應(yīng)。其中,區(qū)域類型多元化的折價效應(yīng)最小,行業(yè)類型多元化折價效應(yīng)最大;多元化綜合水平越高,折價效應(yīng)越顯著;在控制了多元化的內(nèi)生性影響后,多元化的折價效應(yīng)越發(fā)顯著。(3)在房地產(chǎn)上市公司治理結(jié)構(gòu)、多元化與企業(yè)績效的關(guān)系中,多元化具有中介效應(yīng),但與公司治理結(jié)構(gòu)對企業(yè)績效的直接作用相比,多元化的中介效應(yīng)并不明顯。為提升房地產(chǎn)上司公司的績效,論文建議:(1)優(yōu)化房地產(chǎn)上市公司治理結(jié)構(gòu)。具體措施包括:推進國有房地產(chǎn)上市公司股權(quán)私有化改革,適當(dāng)提高房地產(chǎn)上市公司股權(quán)集中度和股權(quán)勢力;保持現(xiàn)有的董事會規(guī)模,適當(dāng)增加獨立董事比例及董事會/監(jiān)事會會議次數(shù);從薪酬和持股比例兩個方面增加高管激勵。(2)鑒于多元化對企業(yè)績效的折價效應(yīng),房地產(chǎn)上市公司應(yīng)慎重選擇多元化發(fā)展戰(zhàn)略。如果必須選擇多元化轉(zhuǎn)型方案,建議按照區(qū)域多元化-產(chǎn)品類型多元化-行業(yè)多元化的路徑逐步推進,以使多元化對企業(yè)績效的負面影響最小化。(3)結(jié)合宏觀經(jīng)濟及行業(yè)發(fā)展特點,統(tǒng)籌考慮房地產(chǎn)上市公司治理結(jié)構(gòu)與多元化戰(zhàn)略,在優(yōu)化公司治理結(jié)構(gòu)的同時,制訂合理的轉(zhuǎn)型升級方案,強化企業(yè)績效提升的力度。
[Abstract]:The structure of corporate governance, diversification has been a hot topic in the field of management science. In order to improve enterprise performance, adjust corporate governance structure or the implementation of diversified development strategy has been more and more real estate listed companies' attention. Under this background, the research on corporate governance structure and diversification, can be for real estate listed companies to improve the internal governance mechanism, establish provide the basis for the transformation and upgrading strategy. It is of great theoretical and practical significance of the research. Based on the existing research and practical problems, aiming at the characteristics of real estate listed companies, build a "corporate governance structure, the relationship between diversification and corporate performance in the framework of theoretical analysis, from the micro, comprehensive and consider corporate governance / a multi angle respectively in the study and empirical exploration of" relationship "governance structure and corporate performance of the company," the relationship between diversification and corporate performance On the basis of data by structural equation model and 2007-2014 years of real estate listed companies, to carry out empirical research and put forward the application suggestions. The main conclusions of this paper include: (1) in the real estate relationship between governance structure and corporate performance of listed companies, ownership structure, board governance, the relationship between executive incentive and corporate performance significant; good corporate governance structure has a significant premium effect on firm performance; in the control of the endogenous effect of corporate governance structure, the premium effect of corporate governance structure on corporate performance is more significant. (2) the real estate listed companies of various types have different degrees of diversification discount effect on enterprise performance. Among them, effect of regional diversification of the minimum discount, the type of industry diversification discount effect; comprehensive level is higher, the discount effect is more obvious; in the control of the endogenous effects of diversity after, The diversification discount effect become more and more obvious. (3) in the real estate listed company governance structure, the relationship between diversification and corporate performance, diversification has a mediating effect, but compared with the direct effect of corporate governance on corporate performance, the diversification of the mediating effect is not obvious. In order to improve the performance of real estate listed companies, the paper suggests: (1) optimization of real estate listed companies governance structure. The specific measures include: promoting the state-owned real estate listed companies equity privatization reform, improve the real estate concentration and equity influence the equity of listed companies; maintain the existing board size, increasing the proportion of independent directors and the board of directors / supervisors meeting times; increase the incentive from two aspects of compensation and shareholding. (2) given the discount effect of diversification on firm performance of the listed real estate companies should carefully choose diversification strategy. If you must choose Choose diversified transformation scheme, according to the regional diversification product diversification path of industry diversification step by step, in order to make diversification to minimize the negative impact on corporate performance. (3) combines the characteristics of the development of macro economy and industry, and consider the governance structure and diversification strategy of listed real estate companies, in the optimization of corporate governance structure, establish a reasonable upgrade scheme, strengthen enterprise performance improvement efforts.

【學(xué)位授予單位】：清華大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2016
【分類號】：F299.233.42
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本文編號：1397062