我國房地產上市公司董事會特征與公司經營績效的相關性研究
發(fā)布時間：2018-09-10 14:20
【摘要】：本文主要研究了我國房地產上市公司董事會特征與企業(yè)績效之間的關系,房地產行業(yè)作為國民經濟的支柱產業(yè),其發(fā)展水平是我國經濟發(fā)展水平、社會發(fā)展水平和國家綜合實力的重要標志。從2003起,房地產行業(yè)對國民經濟的貢獻和影響日益擴大,加上其本身具有很強的行業(yè)關聯性,涉及范圍達50多個行業(yè),包括建筑、鋼鐵、水泥等建材行業(yè),以及信貸、保險等金融服務行業(yè),房地產業(yè)的良性發(fā)展將有利于促進相關產業(yè)乃至整個國民經濟的健康發(fā)展。房地產業(yè)對國民經濟的影響還體現在需求的拉動上,目前房地產投資已經成為擴大投資需求的重要支撐,有效拉動了國民經濟的增長。而房地產行業(yè)的發(fā)展水平主要通過其經營績效來衡量的,其績效水平的高低也直接表現了我國房地產行業(yè)公司治理的質量,高質量的公司治理必然是與良好的公司績效和持續(xù)發(fā)展能力相聯系的。而公司治理在我國還是一個比較新的概念,在推進公司治理的理論研究和實踐運作方面還在處于不斷的發(fā)展階段。從這個角度來講,本文關于我國房地產行業(yè)上市公司董事會治理結構與公司績效的研究選題具有重要的理論價值和現實意義。 本文包括五個章節(jié)內容：第一章為前言部分。重點闡述本文的研究背景、意義、論文框架及力圖表達的創(chuàng)新點等。第二章為理論基礎與文獻綜述。主要囊括以下幾方面內容：一是介紹相關變量的概念,包括房地產行業(yè)、董事會特征、公司績效以及相關變量指標的選擇與評價等；二是整理了變量間相關性的理論基礎,如委托代理理論、資源依賴理論等；三是簡要描述了董事會特征影響公司績效的機理；四是綜述了國內外關于董事會特征與公司績效相關性研究的文獻,分別從國外和國內兩個角度展開,主要從董事會的結構特征、構成特征、行為特征以及激勵特征幾個方面來進行的,并綜合評價了各研究成果的貢獻及其不足,這為第四章的實證分析奠定了理論基礎。第三章是對我國房地產上市公司董事會特征變量與企業(yè)經營績效方法與指標的界定與描述。主要包括兩個方面內容：首先界定了我國房地產上市公司董事會特征的七個變量,之后對我國房地產行業(yè)上市公司董事會的特征變量進行了描述性分析；其次是界定了本文選擇的評價房地產上市公司企業(yè)績效的方法,并在此基礎上選擇單一指標和因子分析相結合的企業(yè)績效評價方法,之后分析了我國房地產上市公司的績效現狀。第四章是我國房地產行業(yè)上市公司董事會特征與公司經營績效關系的實證分析部分。首先介紹了數據來源與樣本選擇、相關變量(包括解釋變量、被解釋變量和控制變量)等；其次根據第二章的理論評述提出了我國房地產上市公司董事會特征與公司經營績效關系的一些研究假設；第三是運用數據對各相關變量之間進行相關性分析,并初步得出各變量之間的相關關系；第四是分別以我國房地產上市公司的凈資產收益率(Y1)、每股收益(Y2)、企業(yè)盈利能力(F,)和企業(yè)發(fā)展能力(F2)作為因變量,以董事會特征作為自變量,并以企業(yè)規(guī)模、資產負債率作為控制變量,構建了企業(yè)績效與董事會特征變量之間的四個回歸模型,之后運用所建立的模型對提出的假設進行實證檢驗,并對實證結果進行了歸納、整理和分析；最后結合實證分析的結果以及在經驗分析的基礎上提出完善我國房地產行業(yè)董事會治理的些許建議。第五章是本文的研究結論、不足以及展望。一方面綜述了本文的研究結論；另一方面也指出了本項研究存在的不足以及今后的研究展望。 本文較為全面的分析了我國房地產行業(yè)上市公司董事會特征與公司經營績效之間的關系,這是對房地產行業(yè)公司治理結構中董事會特征與公司績效之間的相關性進行探索的一次有益嘗試,具有一定的理論價值與現實意義。本文通過運用2007-2010年期間我國房地產A股376家上市公司年度報告數據對我國房地產行業(yè)上市公司董事會特征與公司經營績效的相關性進行了實證分析。結果表明：我國房地產上市公司董事會特征對公司績效確實產生一定的影響,其中獨立董事比例與績效指標EPS和企業(yè)的盈利能力之間呈現出了顯著的正相關關系,而與績效指標ROE和企業(yè)的發(fā)展能力之間呈現出不顯著的正相關關系；獨立董事年均津貼與企業(yè)績效指標ROE、EPS以及企業(yè)的發(fā)展能力有著不顯著的正相關關系,而與企業(yè)的盈利能力有著顯著的正相關關系；房地產上市公司董事長與總經理兩職合—與公司經營績效指標ROE之間表現出顯著的負相關關系,但卻與績效指標EPS、企業(yè)的盈利能力和發(fā)展能力表現出不顯著的負相關關系；董事會年度會議次數與公司經營績效指標EPS呈負相關,但卻與企業(yè)績效指標ROE、企業(yè)的盈利能力和發(fā)展能力之間沒有表現出顯著的相關性；董事會薪酬與企業(yè)經營績效指標EPS、企業(yè)盈利能力和發(fā)展能力之間有著顯著的正相關關系,而與績效指標ROE則表現出了不顯著的正相關；董事會成員持股比例與公司經營績效指標ROE、EPS、企業(yè)盈利能力以及發(fā)展能力都存在顯著的正相關；董事會規(guī)模與本文所選的績效指標ROE、EPS、企業(yè)盈利能力和發(fā)展能力都表現出不顯著的負相關關系。這些實證結論告訴我們應該加強我國房地產上市公司董事會的建設,有效改善房地產行業(yè)董事會的現狀,更好的發(fā)揮董事會的積極作用�；趯嵶C結果,本文也提出了有針對性的改進建議：如選擇適當的董事會規(guī)模；建立完善的獨立董事制度；優(yōu)化董事會的領導結構；完善董事會履職機制；制定合理的董事會激勵機制等。 本文力圖在以下三個方面有所貢獻：一是在研究對象的選擇上,本文選擇我國房地產行業(yè)上市公司作為研究對象,豐富了國內外對于房地產上市公司董事會特征與公司經營績效相關性的研究；二是隨著董事會建設的不斷完善,獨立董事在優(yōu)化董事會結構、保護中小投資者利益等方面發(fā)揮著越來越重要的作用,因而本文在董事會特征變量的選擇上,將獨立董事年均津貼從董事會薪酬里面獨立出來,單獨研究獨立董事年均津貼對企業(yè)績效的影響；三是本文通過單一績效評價指標與因子分析綜合評價指標相結合的方法來評價我國房地產行業(yè)上市公司的企業(yè)績效。
[Abstract]:This paper mainly studies the relationship between the characteristics of the board of directors of listed real estate companies and the performance of enterprises in China. As a pillar industry of the national economy, the development level of the real estate industry is an important symbol of China's economic development level, social development level and national comprehensive strength. The sound of the real estate industry is expanding day by day, coupled with its strong industry correlation, covering more than 50 industries, including construction, steel, cement and other building materials industries, as well as credit, insurance and other financial services industries. The sound development of the real estate industry will be conducive to the healthy development of related industries and even the entire National economy. At present, the real estate investment has become an important support to expand the investment demand and effectively stimulated the growth of the national economy. The development level of the real estate industry is mainly measured by its operating performance, and its performance level also directly reflects the quality of corporate governance of the real estate industry in China. Quantity and high-quality corporate governance is bound to be related to good corporate performance and sustainable development capacity. Corporate governance is a relatively new concept in China, and it is still in a continuous development stage in promoting the theoretical research and practical operation of corporate governance. The research on the governance structure and corporate performance of the board of directors has important theoretical value and practical significance.
The second chapter is the theoretical basis and literature review. It mainly includes the following aspects: First, it introduces the concept of related variables, including the real estate industry, board characteristics, corporate performance. Efficiency and the selection and evaluation of related variables indicators; the second is to sort out the theoretical basis of the correlation between variables, such as principal-agent theory, resource dependence theory; the third is to briefly describe the mechanism of board characteristics affecting corporate performance; the fourth is to review the domestic and foreign literature on the correlation between board characteristics and corporate performance. This paper starts from two perspectives, foreign and domestic, mainly from the structural characteristics, composition characteristics, behavioral characteristics and incentive characteristics of the board of directors, and comprehensively evaluates the contributions and shortcomings of various research results, which lays a theoretical foundation for the empirical analysis of the fourth chapter. It mainly includes two aspects: first, it defines seven variables of the characteristics of the board of directors of listed real estate companies in China, then it makes a descriptive analysis of the characteristics of the board of directors of listed real estate companies in China; second, it defines the selection of this paper. This paper chooses a method to evaluate the performance of listed real estate companies, and then chooses a single index and factor analysis method to evaluate the performance of listed real estate companies. Firstly, it introduces the data source and sample selection, and the related variables (including explanatory variables, explanatory variables and control variables), etc. Secondly, it puts forward some research hypotheses on the relationship between the board characteristics and corporate performance of real estate listed companies in China based on the theoretical review in Chapter 2. Thirdly, it uses the data to analyze the relevant changes. The fourth is to take the return on equity (Y1), earnings per share (Y2), profitability (F,) and enterprise development ability (F2) of listed real estate companies in China as dependent variables, the board characteristics as independent variables, and enterprise size, asset-liability ratio. As a control variable, this paper constructs four regression models between enterprise performance and board characteristic variables, then uses the model to test the hypothesis, and summarizes, collates and analyzes the empirical results; finally, combining the results of empirical analysis and on the basis of empirical analysis, it proposes to improve the housing in China. Chapter 5 is the conclusion, shortcomings and prospects of this study. On the one hand, it summarizes the conclusions of this study; on the other hand, it also points out the shortcomings of this study and future research prospects.
This paper makes a comprehensive analysis of the relationship between the characteristics of the board of directors and the performance of Listed Companies in the real estate industry. It is a useful attempt to explore the correlation between the characteristics of the board of directors and the performance of Listed Companies in the corporate governance structure of the real estate industry. It has certain theoretical value and practical significance. Using the annual report data of 376 real estate A-share listed companies in China from 2007 to 2010, this paper makes an empirical analysis on the correlation between the board characteristics and corporate performance of listed real estate companies in China. The proportion of directors has a significant positive correlation with the performance indicators EPS and the profitability of enterprises, but there is no significant positive correlation with the performance indicators ROE and the development ability of enterprises; the annual average allowance of independent directors has an insignificant positive correlation with the performance indicators ROE, EPS and the development ability of enterprises. There is a significant positive correlation with the profitability of the enterprise; the chairman and general manager of the real estate listed companies have a significant negative correlation with the performance index ROE, but not with the performance index EPS, the profitability and development ability of the enterprise; The number of annual meetings is negatively correlated with EPS, but it is not significantly correlated with ROE, profitability and development ability of the enterprise; board salary is positively correlated with EPS, profitability and development ability of the enterprise, but with performance index. Standard ROE shows no significant positive correlation; the proportion of board members'shareholding has a significant positive correlation with corporate performance indicators ROE, EPS, corporate profitability and development capability; the size of the board of directors has no significant negative correlation with the performance indicators ROE, EPS, corporate profitability and development capability. These empirical conclusions tell us that we should strengthen the construction of the board of directors of listed real estate companies in China, effectively improve the current situation of the board of directors of the real estate industry, and better play the positive role of the board of directors. Director system; optimize the leadership structure of the board of directors; improve the performance mechanism of the board of directors; formulate a reasonable incentive mechanism for the board of directors.
This paper tries to contribute to the following three aspects: firstly, in the choice of the research object, this paper chooses the listed companies in the real estate industry as the research object, enriching the domestic and foreign research on the correlation between the characteristics of the board of directors of real estate listed companies and corporate performance; secondly, with the continuous improvement of the board of directors, independent. Directors play a more and more important role in optimizing the structure of the board of directors and protecting the interests of small and medium investors. Therefore, this paper separates the annual average allowance of independent directors from the salary of the board of directors and studies the effect of the annual average allowance of independent directors on the performance of enterprises. A performance evaluation index and factor analysis comprehensive evaluation index are combined to evaluate the performance of Listed Companies in China's real estate industry.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F293.3;F832.51;F224
本文編號：2234697
[Abstract]:This paper mainly studies the relationship between the characteristics of the board of directors of listed real estate companies and the performance of enterprises in China. As a pillar industry of the national economy, the development level of the real estate industry is an important symbol of China's economic development level, social development level and national comprehensive strength. The sound of the real estate industry is expanding day by day, coupled with its strong industry correlation, covering more than 50 industries, including construction, steel, cement and other building materials industries, as well as credit, insurance and other financial services industries. The sound development of the real estate industry will be conducive to the healthy development of related industries and even the entire National economy. At present, the real estate investment has become an important support to expand the investment demand and effectively stimulated the growth of the national economy. The development level of the real estate industry is mainly measured by its operating performance, and its performance level also directly reflects the quality of corporate governance of the real estate industry in China. Quantity and high-quality corporate governance is bound to be related to good corporate performance and sustainable development capacity. Corporate governance is a relatively new concept in China, and it is still in a continuous development stage in promoting the theoretical research and practical operation of corporate governance. The research on the governance structure and corporate performance of the board of directors has important theoretical value and practical significance.
The second chapter is the theoretical basis and literature review. It mainly includes the following aspects: First, it introduces the concept of related variables, including the real estate industry, board characteristics, corporate performance. Efficiency and the selection and evaluation of related variables indicators; the second is to sort out the theoretical basis of the correlation between variables, such as principal-agent theory, resource dependence theory; the third is to briefly describe the mechanism of board characteristics affecting corporate performance; the fourth is to review the domestic and foreign literature on the correlation between board characteristics and corporate performance. This paper starts from two perspectives, foreign and domestic, mainly from the structural characteristics, composition characteristics, behavioral characteristics and incentive characteristics of the board of directors, and comprehensively evaluates the contributions and shortcomings of various research results, which lays a theoretical foundation for the empirical analysis of the fourth chapter. It mainly includes two aspects: first, it defines seven variables of the characteristics of the board of directors of listed real estate companies in China, then it makes a descriptive analysis of the characteristics of the board of directors of listed real estate companies in China; second, it defines the selection of this paper. This paper chooses a method to evaluate the performance of listed real estate companies, and then chooses a single index and factor analysis method to evaluate the performance of listed real estate companies. Firstly, it introduces the data source and sample selection, and the related variables (including explanatory variables, explanatory variables and control variables), etc. Secondly, it puts forward some research hypotheses on the relationship between the board characteristics and corporate performance of real estate listed companies in China based on the theoretical review in Chapter 2. Thirdly, it uses the data to analyze the relevant changes. The fourth is to take the return on equity (Y1), earnings per share (Y2), profitability (F,) and enterprise development ability (F2) of listed real estate companies in China as dependent variables, the board characteristics as independent variables, and enterprise size, asset-liability ratio. As a control variable, this paper constructs four regression models between enterprise performance and board characteristic variables, then uses the model to test the hypothesis, and summarizes, collates and analyzes the empirical results; finally, combining the results of empirical analysis and on the basis of empirical analysis, it proposes to improve the housing in China. Chapter 5 is the conclusion, shortcomings and prospects of this study. On the one hand, it summarizes the conclusions of this study; on the other hand, it also points out the shortcomings of this study and future research prospects.
This paper makes a comprehensive analysis of the relationship between the characteristics of the board of directors and the performance of Listed Companies in the real estate industry. It is a useful attempt to explore the correlation between the characteristics of the board of directors and the performance of Listed Companies in the corporate governance structure of the real estate industry. It has certain theoretical value and practical significance. Using the annual report data of 376 real estate A-share listed companies in China from 2007 to 2010, this paper makes an empirical analysis on the correlation between the board characteristics and corporate performance of listed real estate companies in China. The proportion of directors has a significant positive correlation with the performance indicators EPS and the profitability of enterprises, but there is no significant positive correlation with the performance indicators ROE and the development ability of enterprises; the annual average allowance of independent directors has an insignificant positive correlation with the performance indicators ROE, EPS and the development ability of enterprises. There is a significant positive correlation with the profitability of the enterprise; the chairman and general manager of the real estate listed companies have a significant negative correlation with the performance index ROE, but not with the performance index EPS, the profitability and development ability of the enterprise; The number of annual meetings is negatively correlated with EPS, but it is not significantly correlated with ROE, profitability and development ability of the enterprise; board salary is positively correlated with EPS, profitability and development ability of the enterprise, but with performance index. Standard ROE shows no significant positive correlation; the proportion of board members'shareholding has a significant positive correlation with corporate performance indicators ROE, EPS, corporate profitability and development capability; the size of the board of directors has no significant negative correlation with the performance indicators ROE, EPS, corporate profitability and development capability. These empirical conclusions tell us that we should strengthen the construction of the board of directors of listed real estate companies in China, effectively improve the current situation of the board of directors of the real estate industry, and better play the positive role of the board of directors. Director system; optimize the leadership structure of the board of directors; improve the performance mechanism of the board of directors; formulate a reasonable incentive mechanism for the board of directors.
This paper tries to contribute to the following three aspects: firstly, in the choice of the research object, this paper chooses the listed companies in the real estate industry as the research object, enriching the domestic and foreign research on the correlation between the characteristics of the board of directors of real estate listed companies and corporate performance; secondly, with the continuous improvement of the board of directors, independent. Directors play a more and more important role in optimizing the structure of the board of directors and protecting the interests of small and medium investors. Therefore, this paper separates the annual average allowance of independent directors from the salary of the board of directors and studies the effect of the annual average allowance of independent directors on the performance of enterprises. A performance evaluation index and factor analysis comprehensive evaluation index are combined to evaluate the performance of Listed Companies in China's real estate industry.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F293.3;F832.51;F224
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