本文關(guān)鍵詞：傳媒業(yè)上市公司股權(quán)結(jié)構(gòu)對(duì)收益質(zhì)量的影響研究　出處：《天津商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：傳媒業(yè)作為一個(gè)特殊行業(yè),在中國(guó)的經(jīng)濟(jì)運(yùn)行中發(fā)揮著舉足輕重的作用。它的發(fā)展壯大將會(huì)提升我國(guó)的經(jīng)濟(jì)發(fā)展速度,也有利于推動(dòng)其他行業(yè)的發(fā)展。現(xiàn)如今,我國(guó)的相關(guān)政策也開始向傳媒業(yè)傾斜,新一屆政府對(duì)文化傳媒業(yè)發(fā)展的重視程度也有所提高。在經(jīng)濟(jì)領(lǐng)域中,對(duì)傳媒業(yè)研究的相關(guān)成果非常少,涉及到收益質(zhì)量的研究更是少之又少。但是,一個(gè)行業(yè)的發(fā)展與壯大與它的收益質(zhì)量是不可分割的。鑒于對(duì)傳媒業(yè)收益質(zhì)量的研究的貧乏,本文鎖定了這一個(gè)突破口。結(jié)合傳媒業(yè)發(fā)展的歷史脈絡(luò),以及行業(yè)自身身兼雙重屬性的特殊性�？梢钥闯龉蓹�(quán)結(jié)構(gòu)是對(duì)收益影響的關(guān)鍵因素之一。所以,本文研究了文化傳媒業(yè)上市公司股權(quán)結(jié)構(gòu)對(duì)收益質(zhì)量的影響。本文的研究對(duì)傳媒業(yè)的理論研究做了進(jìn)一步的補(bǔ)充,也為提高傳媒業(yè)的收益質(zhì)量貢獻(xiàn)了理論方面的支撐。本文對(duì)股權(quán)結(jié)構(gòu)研究時(shí)主要從兩三個(gè)方面入手,一個(gè)方面是股權(quán)的構(gòu)成,另一個(gè)方面是股權(quán)的集中度,最后一個(gè)方面是股權(quán)的流通度。在對(duì)收益質(zhì)量進(jìn)行研究時(shí),本文選取9個(gè)財(cái)務(wù)指標(biāo)進(jìn)行描述。并且運(yùn)用了因子分析法對(duì)收益質(zhì)量構(gòu)建綜合評(píng)價(jià)體系。更加精確的計(jì)算出它的得分。本文明確了股權(quán)結(jié)構(gòu)和收益質(zhì)量的內(nèi)涵,對(duì)國(guó)內(nèi)外有關(guān)股權(quán)結(jié)構(gòu)對(duì)收益質(zhì)量影響的相關(guān)理論成果和收益質(zhì)量體系構(gòu)建的理論成果進(jìn)行了文獻(xiàn)回顧,明確了文章所要研究的內(nèi)容的動(dòng)態(tài)。以委托代理理論、大股東隧道理論和傳媒業(yè)雙重屬性理論為依據(jù)提出了本文的五個(gè)假設(shè),即國(guó)有股的持股比例和收益質(zhì)量是負(fù)相關(guān)關(guān)系。法人股的持股比例和收益質(zhì)量是正相關(guān)關(guān)系。第一大股東的持股比例和收益質(zhì)量之間是負(fù)相關(guān)關(guān)系�？刂茩�(quán)競(jìng)爭(zhēng)度和收益質(zhì)量是負(fù)相關(guān)關(guān)系。限售股和收益質(zhì)量之間是正相關(guān)關(guān)系。運(yùn)用了多元回歸的實(shí)證分析方法,驗(yàn)證了本文的假設(shè),只有法人股的持股比例和收益質(zhì)量的關(guān)系有出入。實(shí)證結(jié)果為兩者之間是不存在相關(guān)性的。究其原因主要是因?yàn)閭髅綐I(yè)上市公司的法人股成分構(gòu)成比較復(fù)雜,不具備單一性。針對(duì)本文的研究結(jié)果,提出了三點(diǎn)提高傳媒業(yè)收益質(zhì)量的建議和對(duì)策。第一,在保證傳媒業(yè)事業(yè)屬性的前提下,降低國(guó)有股的持股比例。第二,適度降低第一大股東的持股比例。第三,注重對(duì)經(jīng)理人的選擇。本文在研究過程中受到客觀條件的制約,不能運(yùn)用在香港上市的公司的相關(guān)的數(shù)據(jù)。這也就使得本文的研究數(shù)據(jù)不具備完整性。文化傳媒業(yè)作為新興的行業(yè),雖然發(fā)展的速度十分驚人,但是,必定發(fā)展時(shí)間較短,相較與其他的行業(yè)而言,公司的數(shù)量較少,所以文章的可選擇的樣本數(shù)量較少。最終的結(jié)論不太顯著。本文在對(duì)收益質(zhì)量進(jìn)行研究時(shí),本文僅僅選用了9個(gè)財(cái)務(wù)指標(biāo),和前人的研究相比,本文指標(biāo)的選取數(shù)量較少。本文對(duì)于一個(gè)具體的行業(yè)進(jìn)行了研究。從中發(fā)現(xiàn)個(gè)別的研究結(jié)果與全行業(yè)的研究結(jié)果相悖。所以,為了促進(jìn)其他行業(yè)的發(fā)展,在以后的研究中可以以行業(yè)為分類標(biāo)準(zhǔn)進(jìn)行研究,找出不同行業(yè)的差異。從而,針對(duì)不同的行業(yè)找出有針對(duì)性的策略。
[Abstract]:The media industry as a special industry, plays an important role in the economic operation of Chinese. Its development and expansion will enhance the speed of China's economic development, but also conducive to promoting the development of other industries. Nowadays, our policy is also began to tilt to the media industry, the importance of a new government the development of cultural media industry is also improved. In the economic field, the research on the media industry is very small, relates to the research of earnings quality is less and less. However, the development of an industry and the quality of earnings growth and it is indivisible. In view of the research on the media industry revenue the quality of the poor, this paper locked this a breakthrough. Combined with the history of the development of media industry, and the particularity of industry itself has dual attributes. We can see that the ownership structure is one of the key factors affecting yield to, This paper studies the cultural media industry the influence of ownership structure on earnings quality. This study theoretical research on the media industry made a further supplement, also contribute a theoretical support to improve the media industry's earnings quality. The study on ownership structure mainly from two or three aspects, one is equity the constitution, on the other hand is the equity concentration, the last is equity circulation. In the research on earnings quality, this paper selects 9 financial indicators are described. And the use of factor analysis to establish a comprehensive evaluation system of earnings quality. It is more accurate to calculate the score. This paper defines the connotation of ownership structure and earnings quality, construct the theoretical results at home and abroad on the influence of ownership structure on earnings quality and earnings quality system related theoretical results of the literature back Gu, dynamic clear the research content. Based on the principal-agent theory, shareholders tunnel theory and media industry double attributes theory put forward five hypotheses on the basis of that, the proportion of state-owned shares and earnings quality is negatively correlated. The proportion of corporate shares and earnings quality is positively correlated between the proportion of the first largest shareholder and earnings quality is negatively correlated. Control the degree of competition and the quality of earnings is the negative correlation relationship between restricted shares and earnings quality is positively correlated. By using empirical multivariate regression analysis method to verify the hypothesis, and relationship between the shareholding proportion of corporate shares only and the earnings quality. The empirical results show there is no correlation between the two. The main reason is that the corporate media industry listed company stock composition is more complex, do not have to single. The results of this study, put forward three points to improve the earnings quality of the media industry suggestions and countermeasures. First, in the premise of ensuring the public attribute of the media industry, the shareholding ratio of state-owned shares reduction. Second, moderately reduce the proportion of the first largest shareholder. Third, pay attention to the choice of managers. This paper restricted by objective conditions in in the research process, can not be used in Hongkong listed company related data. The data in this study do not have integrity. The cultural media industry as an emerging industry, although the development speed is very breathtaking, but have shorter development time, compared with other industries, the number of small companies so, can choose the number of samples is small. The final conclusion is not significant. This paper researches on the earnings quality, this paper only selects 9 financial indicators, compared with previous studies, the The index number is less. This paper studied for a specific industry. The findings of the research results of individual and the whole industry from the contrary. So, in order to promote the development of other industries, in the future research to industry classification standard of different industries. In order to find out the differences. For different sectors to identify targeted strategies.

【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：G206-F

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本文編號(hào)：1432944