本文關(guān)鍵詞： 房地產(chǎn) 財(cái)務(wù)風(fēng)險(xiǎn) 公司治理結(jié)構(gòu)　出處：《上海社會(huì)科學(xué)院》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：一直以來,房地產(chǎn)行業(yè)被認(rèn)為是我國(guó)經(jīng)濟(jì)支柱產(chǎn)業(yè)。從宏觀層面看,2000年開始,隨著我國(guó)房地產(chǎn)市場(chǎng)的逐步走強(qiáng),其上下游行業(yè)景氣程度也隨之穩(wěn)步攀升,極大程度上帶動(dòng)了我國(guó)整體經(jīng)濟(jì)的發(fā)展。然而,與此同時(shí),房地產(chǎn)業(yè)發(fā)展過快和市場(chǎng)條件的不成熟也導(dǎo)致了我國(guó)房地產(chǎn)不斷增長(zhǎng)的房?jī)r(jià)。自2014年開始,國(guó)家逐步放開城市限購(gòu)政策,2015至2016年間更是降息、降準(zhǔn)、降稅、優(yōu)化土地供應(yīng)結(jié)構(gòu)等新政連番出臺(tái),2016年各地房地產(chǎn)價(jià)格大有井噴之勢(shì)。隨著人口拐點(diǎn)的出現(xiàn),可以預(yù)計(jì)我國(guó)房地產(chǎn)行業(yè)的庫(kù)存和房產(chǎn)企業(yè)的資金壓力都都成了各級(jí)政府需要關(guān)注的重點(diǎn)。2016年下半年開始,各地政府密集地出臺(tái)了各類限購(gòu)政策以抑制房?jī)r(jià)的過快上揚(yáng)。從微觀層面來看,我國(guó)資本市場(chǎng)上演了"寶萬"股權(quán)爭(zhēng)奪之戰(zhàn),這是資本市場(chǎng)上具有教科書意義般的案例,這場(chǎng)戰(zhàn)役也揭示了合理的房地產(chǎn)公司治理結(jié)構(gòu)對(duì)企業(yè)經(jīng)營(yíng)風(fēng)險(xiǎn)至關(guān)重要的影響。本文將以我國(guó)房地產(chǎn)行業(yè)為研究對(duì)象,并構(gòu)建面板數(shù)據(jù)進(jìn)行實(shí)證檢驗(yàn),用數(shù)理模型分析房地產(chǎn)公司治理結(jié)構(gòu)對(duì)于財(cái)務(wù)風(fēng)險(xiǎn)的影響作用。最后,本文總結(jié)全文進(jìn)而提出相關(guān)的政策建議。本文共分為五個(gè)章節(jié),現(xiàn)對(duì)于不同章節(jié)簡(jiǎn)要介紹如下:第一部分,通過對(duì)我國(guó)房地產(chǎn)市場(chǎng)現(xiàn)狀作為切入點(diǎn),探討本文對(duì)于研究房地產(chǎn)上市公司研究治理結(jié)構(gòu)與財(cái)務(wù)風(fēng)險(xiǎn)防范的必要性,意圖通過從微觀的角度出發(fā),研究房地產(chǎn)企業(yè)的治理結(jié)構(gòu)對(duì)于房地產(chǎn)上市公司風(fēng)險(xiǎn)防范具有何種現(xiàn)實(shí)意義。第二部分,本文首先分別對(duì)國(guó)內(nèi)外的公司治理結(jié)構(gòu)及財(cái)務(wù)風(fēng)險(xiǎn)相關(guān)的基礎(chǔ)理論及文獻(xiàn)進(jìn)行梳理。梳理發(fā)現(xiàn),國(guó)外學(xué)者對(duì)于公司治理結(jié)構(gòu)與財(cái)務(wù)風(fēng)險(xiǎn)的理論研究與實(shí)際聯(lián)系得非常緊密,部分領(lǐng)域還催生了新的理論學(xué)派;而我國(guó)學(xué)者多是根據(jù)國(guó)外學(xué)者的先驗(yàn)理論對(duì)我國(guó)的現(xiàn)實(shí)國(guó)情進(jìn)行研究,我國(guó)學(xué)者很少有聯(lián)系兩者之間的關(guān)系,并且很少進(jìn)行公司整體層面進(jìn)行研究,局限性較大。第二部分分別對(duì)公司治理結(jié)構(gòu)、公司財(cái)務(wù)風(fēng)險(xiǎn)的評(píng)價(jià)指標(biāo)文獻(xiàn)進(jìn)行系統(tǒng)梳理及綜合整理,為下文做實(shí)證研究選取評(píng)價(jià)指標(biāo)做出了理論鋪墊。第三部分,結(jié)合我國(guó)房地產(chǎn)上市公司的實(shí)際情況,首先采用房地產(chǎn)企業(yè)公司治理結(jié)構(gòu)的董事會(huì)特征、股權(quán)結(jié)構(gòu)及管理層特征作為相關(guān)指標(biāo),與我國(guó)上市公司整體公司治理結(jié)構(gòu)特征進(jìn)行比較。隨后,根據(jù)我國(guó)房地產(chǎn)上市公司的現(xiàn)實(shí)特征,詳細(xì)分析擾動(dòng)我國(guó)房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)的外部因素。第四部分系本文實(shí)證研究部分。該部分首先在前文對(duì)于房地產(chǎn)經(jīng)濟(jì)學(xué)的理論分析及研究回顧的基礎(chǔ)上,提出我國(guó)房地產(chǎn)行業(yè)公司治理與財(cái)務(wù)風(fēng)險(xiǎn)關(guān)系的假設(shè),選定董事會(huì)特征、股權(quán)結(jié)構(gòu)及管理層特征相關(guān)指標(biāo)作為解釋變量,并選取貸款利率、土地供應(yīng)量、企業(yè)規(guī)模及資產(chǎn)負(fù)債率作為控制變量,根據(jù)2006年至2015年10年間房地產(chǎn)上市公司數(shù)據(jù)為樣本,進(jìn)行描述性統(tǒng)計(jì)及實(shí)證檢驗(yàn)。實(shí)證檢驗(yàn)結(jié)果發(fā)現(xiàn):大多數(shù)房地產(chǎn)上市公司治理結(jié)構(gòu)指標(biāo)與公司財(cái)務(wù)風(fēng)險(xiǎn)存在著顯著的相關(guān)性,通過優(yōu)化我國(guó)房地產(chǎn)企業(yè)內(nèi)部治理結(jié)構(gòu)有助于進(jìn)一步降低房地產(chǎn)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)。第五部分,在根據(jù)前文理論分析、現(xiàn)狀研究及實(shí)證檢驗(yàn)的基礎(chǔ)上進(jìn)行了總結(jié),并從微觀和宏觀層面對(duì)我國(guó)房地產(chǎn)行業(yè)上市公司的公司治理結(jié)構(gòu)的改進(jìn)提出了建議,以求幫助房地產(chǎn)企業(yè)的經(jīng)營(yíng)管理者有效降低企業(yè)風(fēng)險(xiǎn)。本文的創(chuàng)新之處系:研究角度方面的創(chuàng)新,在公司治理與財(cái)務(wù)風(fēng)險(xiǎn)的理論研究基礎(chǔ)上,對(duì)我國(guó)房地產(chǎn)上市企業(yè)的公司治理及其財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行實(shí)證研究及分析;研究變量選取方面的創(chuàng)新,在研究?jī)烧呦嚓P(guān)性的時(shí)候加入了宏觀變量,選取貸款利率與土地供應(yīng)量作為宏觀控制變量,研究房地產(chǎn)企業(yè)治理結(jié)構(gòu)與財(cái)務(wù)風(fēng)險(xiǎn)之間的相關(guān)關(guān)系。
[Abstract]:Since, the real estate industry is a pillar industry of China's economy. From the macro level, the beginning of 2000, with China's real estate market gradually strengthened, the downstream industry boom have been steadily rising, largely driven by China's overall economic development. However, at the same time, the real estate industry the rapid development of market and immature conditions also led to China's real estate prices rising. Since the beginning of 2014, the country has gradually liberalized the purchase of the city policy, 2015 to 2016 years is cut, RRR, lower taxes, optimize land supply structure and the new deal had issued in 2016, local real estate prices a blowout. With the advent of the inflection point, can be expected that China's real estate industry, real estate enterprises are inventory and the financial pressure has become the focus of attention of the governments at all levels need to.2016 the second half of the year around the government intensive out Taiwan all kinds of restriction policies to curb the excessive price rise. From the micro level, China's capital market staged a "treasure million" equity for war, this is the capital market with the textbook meaning like case, this battle also reveals the reasonable Real Estate Company governance structure influence on vital business risk. This will be China's real estate industry as the research object, and makes empirical test panel data, analysis of the impact of Real Estate Company governance structure for financial risk with mathematical model. Finally, this paper summarizes and puts forward relevant policy suggestions. This paper is divided into five chapters, the different chapters were introduced as follows: the first part, through the current situation of China's real estate market entry point, this article discusses the research on real estate listed company governance structure and financial risk prevention is necessary, Through the intention from the micro perspective, the study on the governance structure of real estate enterprises for real estate listed companies risk prevention has what practical significance. The second part, this paper in the domestic and foreign corporate governance structure and financial risk related theory and literature to comb. Comb found, theoretical research on corporate governance structure and financial the risk of foreign scholars and practice very closely, some areas also gave birth to the theory of the new school; and the scholars of our country are studied according to the actual situation of foreign scholars transcendental theory in our country, scholars in our country have little relationship between the two, and few of the overall company level of limitation great. The second part of the corporate governance structure, corporate financial risk evaluation index system and comprehensive combing the literature collation, do empirical for the following Study on the selection of evaluation indicators made a theoretical groundwork. The third part, combined with the actual situation of China's real estate listed companies, will be the first feature by the governance structure of real estate enterprise directors, ownership structure and management characteristics as related indicators, compared with China's listed companies overall corporate governance structure. Then, according to the reality the characteristics of China's real estate listed companies, external factors detailed analysis of disturbance of financial risk in China's real estate enterprises. The fourth part is the empirical research. The first part of the previous real estate economics for theoretical analysis and Research on the basis of review, discusses the relationship between China's real estate industry, corporate governance and financial risk hypothesis the board of directors, selected characteristics, reservoir characteristics related indicators of ownership structure and management as explanatory variables, and select the loan interest rate, land supply, enterprise scale and capital Leverage ratio as a control variable, from 2006 to 2015 10 years of real estate listed companies as the sample data, descriptive statistics and empirical analysis. The empirical results show that: most of the real estate listed corporate governance index and corporate financial risk correlation through internal optimization of China's real estate enterprise governance structure helps to further reduce the financial risk of real estate enterprises. In the fifth part, according to the analysis of the above theory, the present situation of the research and empirical test on the basis of the summary, and from the micro and macro level and puts forward some suggestions to improve the corporate governance structure of China's real estate industry listed companies, in order to help the real estate enterprise managers to effectively reduce enterprise risk. The innovation of this paper is: Innovation of research perspective, in corporate governance and financial risk on the basis of theoretical research on The research and empirical analysis of corporate governance and financial risk of listed real estate companies; research on variable selection of innovation, joined the macro variables in the study of the relationship between the selection of loan interest rate and land supply as macroeconomic control variables, studies the correlation between the real estate enterprise governance structure and financial risk.

【學(xué)位授予單位】：上海社會(huì)科學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42;F271

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