传媒业上市公司股权结构对收益质量的影响研究

发布时间：2018-01-16 11:47

本文关键词：传媒业上市公司股权结构对收益质量的影响研究　出处：《天津商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：传媒业作为一个特殊行业,在中国的经济运行中发挥着举足轻重的作用。它的发展壮大将会提升我国的经济发展速度,也有利于推动其他行业的发展。现如今,我国的相关政策也开始向传媒业倾斜,新一届政府对文化传媒业发展的重视程度也有所提高。在经济领域中,对传媒业研究的相关成果非常少,涉及到收益质量的研究更是少之又少。但是,一个行业的发展与壮大与它的收益质量是不可分割的。鉴于对传媒业收益质量的研究的贫乏,本文锁定了这一个突破口。结合传媒业发展的历史脉络,以及行业自身身兼双重属性的特殊性。可以看出股权结构是对收益影响的关键因素之一。所以,本文研究了文化传媒业上市公司股权结构对收益质量的影响。本文的研究对传媒业的理论研究做了进一步的补充,也为提高传媒业的收益质量贡献了理论方面的支撑。本文对股权结构研究时主要从两三个方面入手,一个方面是股权的构成,另一个方面是股权的集中度,最后一个方面是股权的流通度。在对收益质量进行研究时,本文选取9个财务指标进行描述。并且运用了因子分析法对收益质量构建综合评价体系。更加精确的计算出它的得分。本文明确了股权结构和收益质量的内涵,对国内外有关股权结构对收益质量影响的相关理论成果和收益质量体系构建的理论成果进行了文献回顾,明确了文章所要研究的内容的动态。以委托代理理论、大股东隧道理论和传媒业双重属性理论为依据提出了本文的五个假设,即国有股的持股比例和收益质量是负相关关系。法人股的持股比例和收益质量是正相关关系。第一大股东的持股比例和收益质量之间是负相关关系。控制权竞争度和收益质量是负相关关系。限售股和收益质量之间是正相关关系。运用了多元回归的实证分析方法,验证了本文的假设,只有法人股的持股比例和收益质量的关系有出入。实证结果为两者之间是不存在相关性的。究其原因主要是因为传媒业上市公司的法人股成分构成比较复杂,不具备单一性。针对本文的研究结果,提出了三点提高传媒业收益质量的建议和对策。第一,在保证传媒业事业属性的前提下,降低国有股的持股比例。第二,适度降低第一大股东的持股比例。第三,注重对经理人的选择。本文在研究过程中受到客观条件的制约,不能运用在香港上市的公司的相关的数据。这也就使得本文的研究数据不具备完整性。文化传媒业作为新兴的行业,虽然发展的速度十分惊人,但是,必定发展时间较短,相较与其他的行业而言,公司的数量较少,所以文章的可选择的样本数量较少。最终的结论不太显著。本文在对收益质量进行研究时,本文仅仅选用了9个财务指标,和前人的研究相比,本文指标的选取数量较少。本文对于一个具体的行业进行了研究。从中发现个别的研究结果与全行业的研究结果相悖。所以,为了促进其他行业的发展,在以后的研究中可以以行业为分类标准进行研究,找出不同行业的差异。从而,针对不同的行业找出有针对性的策略。
[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.

【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G206-F

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