宏观调控、公司治理与财务风险基于房地产上市公司的面板数据.docVIP

屮央财经大学学报2014,05,52-59 宏观调控、公司治理与财务风险 于房地产上市公司的面板数据 彭中文李力文磊 湘潭大学商学院哈尔滨工业大学深圳研究生院 导出/ 关注 分享 收藏打印 笔者基于2003-2012年中国房地产上市公司的面板数据，运用固定效应模型进 行实证分析，结果表明，国家宏观调控政策越宽松，房地产上市公司财务风险 越大;宏观调控政策越严厉，增加股东大会和监事会召开次数有利于降低企业财 务风险。在公司治理结构对财务风险的影响方面，扩大董事会规模，提高股权集 中度和高管薪酬，能较好地降低企业的财务风险;较低的股权制衡度有利于降低 企业财务风险，但其效果不显著。基于以上结论，我国房地产企业应当不断优化 股权结构，适当提高股权集屮度，提升股东大会和监事会会议质量;强化董事会 下设委员会职能，采用适当的董事会规模，建立良好的高管激励机制。 关键词： 房地产公司;宏观调控;公司治理;财务风险; 彭中文，男，湖南湘乡人，湘潭大学商学院副教授，博士，研究方向 为公司治理与财务管理； 李力，男，广东人，哈尔滨工业大学深圳研究生院教授，博士生导师, 研究方向为公司治理与创新管理； 文磊，男，湖南长沙人，湘潭大学商学院硕士研宄生，研宄方向为公 司治理与财务管理。 2014-01-15 基金：W家自然科学基金项目 Macroeconomic Control， Corporate Governance and Financial Risk: Based on Panel Data of Listed Real Estate Companies PENG Zhong-wen LI li WEN Lei Abstract： This paper has made an empirical analysis with fixed effects regression model based on the panel data of listed real estate companies from 2003 to 2012. The result shows that: firstly, the more liberal the national macro-control policies arc, the greater the financial risk of real estate listed companies will be. Secondly, with strict national macro-control policies and more times of shareholders meeting and the board of supervisors, the corporate financial risk will reduce greatly. Thirdly, with larger board of directors, higher ownership concentration and executive compensation, the companies can effectively reduce the financial risk. Lastly，low equity restriction is also helpful to reduce the corporate financial risk but it is no so significant. Based on the above conclusions, Chinese real estate enterprises should continue to optimize the equity structure, increase the ownership concentration appropriately and enhance the quality of the Shareholders’ meeting and the board of supervisors’ meeting. Meanwhile they should also continue to strengthen the functions of the Committee under the Board, using the appropriate size of the Board and establish a good executive incentive mechanism. Keyword： Real estate enterprise Macro-control Financial ri