房地产上市公司产融结合财务风险研究
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摘要
以2013—2016年度沪深市公布的产融结合的房地产上市公司为样本,通过构建财务风险评价模型分析我国房地产上市公司产融结合的财务风险。从外部环境和内部结合两个方面分析房地产行业产融结合的财务风险的影响因素,研究表明,我国房地产上市公司的产融结合没有达到实质性的协同效应,不同参股比例下的产融结合也显示出不同的财务风险状态。因此,为了保证公司健康发展,房地产企业需适应外部宏观环境,完善产融结合的链条,增大协同价值,降低协同风险,实现战略协同。
Taking the real estate listed companies published in Shanghai and Shenzhen Stock Exchange in 2013—2016 as a sample,the paper analyzes the financial risks of real estate listed companies in China by constructing a financial risk evaluation model.This paper analyzes the financial risk factors of real estate industry from both external and internal environment.The research shows that the real estate listed companies'combination of industry and finance has not achieved substantial synergistic effect.The combination of production and finance under different share participation ratio also shows different financial risk state.Therefore,to ensure the healthy development of listed companies in real estate industry,the companies need to adapt to the external macro environment,improve the chain of the combination of production and finance,increase the synergy value of the combination of production and finance and reduce the synergistic risk,and enhance the synergistic effect of the combination of production and finance.
Taking the real estate listed companies published in Shanghai and Shenzhen Stock Exchange in 2013—2016 as a sample,the paper analyzes the financial risks of real estate listed companies in China by constructing a financial risk evaluation model.This paper analyzes the financial risk factors of real estate industry from both external and internal environment.The research shows that the real estate listed companies'combination of industry and finance has not achieved substantial synergistic effect.The combination of production and finance under different share participation ratio also shows different financial risk state.Therefore,to ensure the healthy development of listed companies in real estate industry,the companies need to adapt to the external macro environment,improve the chain of the combination of production and finance,increase the synergy value of the combination of production and finance and reduce the synergistic risk,and enhance the synergistic effect of the combination of production and finance.
引文
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[2]Deakin E.B.A Discriminant Analysis of Prediction of Business Failure[J].Journal of Accounting Research,1972,11(5):167-169.
[3]Altman E.Financial Ratios,Discriminant Analysis and the Prediction of Corporate Bankruptcy[J].Journal of Finance,1968,23(9):589-609.
[4]刘飞虎,罗晓光.基于PCA-RBF神经网络的商业银行财务风险评价研究[J].投资研究,2013(3):88-97.
[5]Stein,J.C.Internal Capital Markets and the Competition for Corporate Resources[J].Journal of Finance,1997,52(3):11-133.
[6]Kevin J.Stiroh,Adrienne Rumble.The Dark Side of Diversifcation:The Case of US Financial Holding Companies[J].Journal of Banking&Finance,2006,30(5):2131-2161.
[7]杜传忠,王飞,蒋伊菲.中国工业上市公司产融结合的动因及效率分析---基于参股上市金融机构的视角[J].经济与管理研究,2014(4):84-90.
[8]蔺元.我国上市公司产融结合效果分析---基于参股非上市金融机构视角的实证研究[J].南开管理评论,2010(5):153-160.
[9]陈燕玲.产融结合的风险及其防范对策研究[J].生产力研究,2005(5):130-132,243.
[10]魏遥.基于brusselator模型的产融集团生成机制研究[J].管理评论,2010(8):39-44.
[11]Ansoff,H.I.Corporate Strategy:An Analytic Approach to Business Policy for Growth and Expansion[J].New York:McGraw-hill,1965,30(3):101-120.
[12]Li Stan Xiao,Greenwood R.The Effect of Within-industry Diversifcation on Firm Performance:Synergy Creation,Multimarket Contact and Market Structuration[J].Strategic Management Journal,2004,25(12):1131-1153.
[13]张庆亮,孙景同.我国产融结合有效性的企业绩效分析[J].中国工业经济,2007(7):96-102.
[14]庞明,王梦鸽.基于产融结合的我国能源企业绩效研究[J].经济问题,2016(9):97-101.
[15]娄淑珍,吴俊杰,黄玉英.民营企业股权型产融结合的财务风险研究---来自上市公司的经验证据[J].科技进步与对策,2014(23):93-98.
[16]樊纲,王小鲁.中国市场化指数---各地区市场化相对进程报告(2009)[M].北京:经济科学出版社,2011.