中国房地产上市公司治理结构、多元化与企业绩效研究

发布时间：2018-01-08 12:13

  本文关键词：中国房地产上市公司治理结构、多元化与企业绩效研究　出处：《清华大学》2016年博士论文　论文类型：学位论文

  更多相关文章： 房地产上市公司 公司治理结构 多元化 企业绩效 结构方程模型

【摘要】：公司治理结构、多元化一直是管理学领域研究的热点。为改善企业绩效表现,调整公司治理结构或实施多元化发展战略得到越来越多房地产上市公司的重视。在此背景下,研究公司治理结构和多元化问题,可以为房地产上市公司完善内部治理机制、制定公司转型升级战略提供依据。论文研究有重要的理论和实际意义。基于既有研究和现实问题,论文针对房地产上市公司的特点,构建了“公司治理结构、多元化与企业绩效关系”的理论分析框架,在从微观、综合和考虑公司治理结构/多元化内生性角度分别考察并实证探索“公司治理结构与企业绩效的关系”、“多元化与企业绩效的关系”的基础上,运用结构方程模型和2007-2014年的房地产上市公司数据,开展实证研究并提出应用建议。论文主要研究结论包括:(1)在房地产上市公司治理结构与企业绩效的关系中,股权结构、董事会治理、高管激励与企业绩效关系显著;良好的公司治理结构对企业绩效有显著的溢价效应;在控制了公司治理结构的内生性影响后,公司治理结构对企业绩效的溢价效应更为显著。(2)房地产上市公司各种类型多元化对企业绩效有不同程度的折价效应。其中,区域类型多元化的折价效应最小,行业类型多元化折价效应最大;多元化综合水平越高,折价效应越显著;在控制了多元化的内生性影响后,多元化的折价效应越发显著。(3)在房地产上市公司治理结构、多元化与企业绩效的关系中,多元化具有中介效应,但与公司治理结构对企业绩效的直接作用相比,多元化的中介效应并不明显。为提升房地产上司公司的绩效,论文建议:(1)优化房地产上市公司治理结构。具体措施包括:推进国有房地产上市公司股权私有化改革,适当提高房地产上市公司股权集中度和股权势力;保持现有的董事会规模,适当增加独立董事比例及董事会/监事会会议次数;从薪酬和持股比例两个方面增加高管激励。(2)鉴于多元化对企业绩效的折价效应,房地产上市公司应慎重选择多元化发展战略。如果必须选择多元化转型方案,建议按照区域多元化-产品类型多元化-行业多元化的路径逐步推进,以使多元化对企业绩效的负面影响最小化。(3)结合宏观经济及行业发展特点,统筹考虑房地产上市公司治理结构与多元化战略,在优化公司治理结构的同时,制订合理的转型升级方案,强化企业绩效提升的力度。
[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.

【学位授予单位】：清华大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F299.233.42
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本文编号：1397062