上公司股权结构与经营绩效以房地产上公司为例【字数:10188】
目录
摘要............................................................... II
关键词............................................................. II
Abstract........................................................... III
引言
引言................................................................1
一、文献综述........................................................1
(一)股权集中度对公司绩效影响的研究................................1
(二)股权制衡度对公司绩效影响的研究................................1
(三)股权属性对公司绩效影响的研究 1
二、我国房地产上市公司现状分析 2
(一)房地产上市公司特征 2
1.资金需求量大 2
2.受政策影响大 3
(二)房地产上市公司股权结构现状分析 3
1.股权集中度相对较高 3
2.股权制衡效果较差 4
3.股权性质 5
三、研究假设 5
(一)股权集中度与公司绩效 5
(二)股权制衡度与公司绩效 6
(三)股权属性与公司绩效 6
四、实证分析 6
(一)数据来源及样本选择 6
(二)模型设定与变量选择 7
1.模型设定 7
2.被解释变量:公司绩效度量指标 7
3.解释变量:公司股权结构度量指标 7
4.控制变量:公司规模及债务指标 8
(三)描述性统计分析 8
(四)变量相关性分析 9
*51今日免费论文网|www.51jrft.com +Q: &351916072&
(五)模型回归结果分析 9
五、结论与政策建议 11
(一)研究结论 11
(二)对策与建议 12
致谢 12
参考文献: 13
上市公司股权结构与经营绩效—以房地产上市公司为例
摘 要
房地产行业由于自身的特殊性与重要性,一直是各方关注的重点。股权结构与企业绩效之间的关系也因此引发研究和探讨。本文选择房地产沪深A股79家上市公司,建立面板数据固定效应多元回归模型,从股权集中度、股权制衡度和股权属性这三个方面来分析探讨股权结构对企业绩效的影响。研究结果表明,股权集中度水平偏高,与绩效正相关;股权制衡度与绩效负相关但是不显著;股权属性中,一般法人股比例、流通股比例与绩效负相关;机构股比例与绩效正相关。根据研究结果,提出控制股权集中度总体水平、实现股权制衡度的合理完善、发挥不同股权性质的作用。
OWNERSHIP STRUCTURE AND OPERATING PERFORMANCE OF LISTED COMPANIES: A CASE STUDY OF REAL ESTATE LISTED COMPANIES
ABSTRACT
Because of its own characteristics and importance, the real estate industry has become the property right structure and enterprise performance of Chinas real estate industry. 79 listed companies are selected from Shenzhen A shares in Shanghai Real Estate and multiple regression model for Panel Data Fixed Effect created. The results show that the high degree of concentration of ownership has a positive relationship to the performance of the company, and that there are three aspects to the impact of the capital structure on the performance of the company. and the relationship between ownership and performance is negative, but not significant. Regarding the share attribute, there is a negative relationship between the ratio and performance of the general group. The share of marketable shares depends on its performance. the proposed concentration of shares in order to achieve an appropriate improvement in the equity balance and to play the role of the different share characteristics.
原文链接:http://www.jxszl.com/jmgl/jjymy/606754.html