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论文编号：	1615
作者编号：	2220080812
上传时间：	2010/6/10 10:58:03
中文题目：	在港上市中资地产企业公司治理状况及其绩效分析
英文题目：	Analysis of Corporate Governance of Hong Kong Listed Mainland Real-estate Enterprises and the relationship between the governance and the performance
指导老师：	李维安
中文关键字：	关键词：房地产 公司治理 中资企业
英文关键字：	Keywords: Real Estate Corporate Governance Chinese Enterprises
中文摘要：	改革开放以来，中资企业在香港上市渐渐成为一大趋势，除了大型国有企业在香港上市之外，部分民营企业也在香港上市，在这其中，以房地产开发投资为主业的企业也占到了一定比例，这些公司通常被称为“内房股”公司，既包括一些大型国有企业，也包含一些规模较大的民营地产企业。这些在香港上市的中资房地产企业的公司治理的特征与治理绩效，是值得研究的。 本文首先通过文献回顾，回顾了公司治理的相关理论，包括公司治理的理论起源、公司治理评价理论和指标等，并同时对公司治理指标和绩效评价以及房地产企业治理的相关文献进行了回顾。其中重点对公司治理绩效评价方面的文献进行了回顾和总结。 然后，本文通过上市公司年报等公开资料，对内房股企业的公司治理手段和其财务绩效进行了数学统计。完成统计后，本文采用社会学统计软件SPSS对公司治理手段和财务绩效之间进行了描述性统计及其他统计分析，得出了结论。 本文采用的研究方法主要包括理论研究和定量统计分析，特别是采用了统计学分析软件SPSS中的相关性分析进行了定量分析。 本文通过研究发现，内房股的房地产企业普遍存在着强人治理的现象，而且采用强人治理的企业的财务绩效也较其他企业更好，而其他治理特征与财务绩效之间并不存在统计意义上的相关性。这与过往对沪深股市上市的房地产企业的研究结论不同，过往研究认为，持股集中度更高的企业的财务绩效更好，但在香港上市的内房股企业并未验证此结论。 本文建议，尽管强人治理的企业绩效更好，但长期而言，对个别强势人物的依赖并不利于企业的长期健康发展，因此，内房股企业需要尽快改变这一情况，通过制度建设来实现长期健康发展。另一方面，内房股企业也更加需要发挥外部独立董事的作用，因本研究发现，目前外部独立董事对内房股企业的绩效提升并未起到显著作用，这与整个资本市场的总体情况是不同的，因此内房股企业在未来的公司治理实践中，需要更加采取手段发挥外部董事的作用。
英文摘要：	It has become more and more common for the Mainland enterprises to list in the Hong Kong stock market since the reforming and opening-up policy. The large-scale state-owned enterprises and even some private companies are listed in Hong Kong in the last several decades, among which are real-estate firms whose major business are real-estate investment and development in Mainland. It would be meaningful to conduct a research on the corporate governance of these Hong Kong listed real-estate firms. Firstly, a literature review was conducted on corporate governance related theories, including the origin of corporate governance, the evaluation theory and indicators of corporate governance. Past researches on theories, practices, and especially real-estate firm-related corporate governance and performance evaluation of corporate governance, are summarized and analyzed. The paper also summarizes the practices and financial performances of these real-estate firms through the analysis of the annual reports. A statistical analysis is thereafter conducted on the relationship between the governance characteristics and financial performance using the software SPSS. The methods adopted in the paper are mainly theory analysis and quantitative statistical analysis, especially the relevance analysis using SPSS. The paper finds out that those firms with a powerful individual person achieved a better financial performance than those without a powerful individual person statistically. Nevertheless, no relationship was found among other governance characteristics and financial performance. This conclusion is different from the conclusion from the researches on the listed firm in Shanghai and Shenzhen stock market, which concluded that real-estate firms with higher stock concentration degree owned better financial performance. It is recommended that a powerful individual person shall not benefit the long-term healthy development of the real-estate firms, although these firms with such person achieved a better performance temporarily. It is suggested such trend should be overturned in the future. At the same time, it is suggested the external and independent directors should play a more active role in the course of corporate governance because this research found out that the external directors did not play an active and significant role on the financial performance of real-estate firms, which was different from the general rule of the capital market; therefore, the function of external directors should be improved in the corporate governance practice in the future.
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