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  本文關(guān)鍵詞：基于融資約束的房地產(chǎn)上市公司現(xiàn)金持有價(jià)值研究　出處：《成都理工大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 現(xiàn)金價(jià)值 融資約束 房地產(chǎn)企業(yè)

【摘要】：經(jīng)營(yíng)性的現(xiàn)金流反映的是企業(yè)所持有的現(xiàn)金及其現(xiàn)金管理能力，尤其是貨幣信貸環(huán)境趨緊、堅(jiān)決管控流動(dòng)性的背景下，現(xiàn)金流已經(jīng)成為企業(yè)關(guān)注的焦點(diǎn)。企業(yè)現(xiàn)金持有行為不僅反映了企業(yè)的經(jīng)營(yíng)策略和財(cái)務(wù)戰(zhàn)略，還與公司治理的結(jié)構(gòu)及社會(huì)宏觀制度環(huán)境密切相關(guān)。企業(yè)的現(xiàn)金持有的行為、方式、決策和效率對(duì)企業(yè)的可持續(xù)經(jīng)營(yíng)發(fā)展，有著重要的影響�，F(xiàn)金持有決策是企業(yè)一項(xiàng)重要的財(cái)務(wù)行為。 本文首先在現(xiàn)有文獻(xiàn)和實(shí)踐的基礎(chǔ)上，從理論上分析了融資約束與公司價(jià)值的關(guān)系，為建立實(shí)證研究假設(shè)奠定了基礎(chǔ)。然后從融資約束角度研究了房地產(chǎn)上市公的現(xiàn)金價(jià)值問題，通過相關(guān)理論和文獻(xiàn)的回顧梳理，得出相關(guān)融資約束分類標(biāo)準(zhǔn)，通過相關(guān)描述性分析和回歸模型得出不同分類標(biāo)準(zhǔn)下樣本的現(xiàn)金邊際價(jià)值，并與房地產(chǎn)全樣本、上市公司總樣本進(jìn)行比較分析，研究融資約束對(duì)企業(yè)現(xiàn)金價(jià)值的影響，最后提出相關(guān)建議。全文遵循理論-現(xiàn)狀-設(shè)計(jì)-建議的邏輯研究框架。主要內(nèi)容如下： 首先，本文在介紹相關(guān)研究背景的基礎(chǔ)上，引導(dǎo)出房地產(chǎn)企業(yè)現(xiàn)金使用效率即現(xiàn)金價(jià)值，對(duì)相關(guān)理論基礎(chǔ)和文獻(xiàn)進(jìn)行闡述和梳理，然后根據(jù)學(xué)者的實(shí)證研究犯非法、結(jié)果及其描述分析，進(jìn)而引出本文研究的問題。 其次，本文以房地產(chǎn)上市公司為研究樣本，，運(yùn)用統(tǒng)計(jì)軟件SPSS17.0系統(tǒng)分析了房地產(chǎn)上市公司現(xiàn)金持有的現(xiàn)狀，并與全體上市公司樣本數(shù)據(jù)對(duì)比分析。發(fā)現(xiàn)我國(guó)上市公司現(xiàn)金持有水平偏高，房地產(chǎn)上市公司現(xiàn)金持有水平偏低，進(jìn)而探討存在差異的原因，為下一步的實(shí)證檢驗(yàn)奠定基礎(chǔ)。在具體的實(shí)證研究過程中，通過建立多元回歸模型（FW模型），先界定了融資約束的分類標(biāo)準(zhǔn)，在不同融資約束狀態(tài)下，實(shí)證檢驗(yàn)房地產(chǎn)企業(yè)的現(xiàn)金價(jià)值。并對(duì)實(shí)證結(jié)果進(jìn)行了理論上的解釋。 最后，通過對(duì)房地產(chǎn)現(xiàn)金持有現(xiàn)狀和現(xiàn)金價(jià)值的分析，提出了促進(jìn)房地產(chǎn)上市公司現(xiàn)金使用效率的對(duì)策建議，提高持有現(xiàn)金的價(jià)值。 通過對(duì)房地產(chǎn)企業(yè)的現(xiàn)金價(jià)值的研究，本文得出了一些有價(jià)值的結(jié)論： 1.通過對(duì)我國(guó)房地產(chǎn)上市公司的現(xiàn)金持有背景統(tǒng)計(jì)分析發(fā)現(xiàn)，現(xiàn)金持有水平小于行業(yè)平均水平。側(cè)面反映了我國(guó)房地產(chǎn)上市公司的資金屬性，房地產(chǎn)行業(yè)屬于資本密集型行業(yè)，對(duì)資本的需求較高。而在資金回流、回收的環(huán)節(jié)又是較慢的，這些因素造成了房地產(chǎn)行業(yè)較低的現(xiàn)金水平。其中，電子通信類企業(yè)的現(xiàn)金水平最高，房地產(chǎn)行業(yè)在現(xiàn)金水平排序中，在末尾的位置。通過進(jìn)一步的研究發(fā)現(xiàn)，不同規(guī)模的房地產(chǎn)企業(yè)所對(duì)應(yīng)的現(xiàn)金水平是不同的，資產(chǎn)規(guī)模越大，現(xiàn)金水平就越高。其次，規(guī)模大的房地產(chǎn)企業(yè)的現(xiàn)金水平更穩(wěn)定，波動(dòng)性更小。 2.建立多元回歸模型，對(duì)我國(guó)連續(xù)6年的511個(gè)房地產(chǎn)上市公司樣本進(jìn)行實(shí)證分析，本文發(fā)現(xiàn)：（1）房地產(chǎn)上市公司的現(xiàn)金價(jià)值顯著低1元且低于行業(yè)平均水平，這說明的我國(guó)企業(yè)尤其是房地產(chǎn)類企業(yè)的現(xiàn)金使用效率不高、公司治理水平較低。國(guó)外學(xué)者研究發(fā)現(xiàn)，歐美發(fā)達(dá)國(guó)家上市公司的現(xiàn)金價(jià)值普遍在一元左右，Dittmar和Mahrt-Smith（2007）通過研究發(fā)現(xiàn)現(xiàn)金價(jià)值低的企業(yè)其價(jià)值為0.42到0.88美元，而高現(xiàn)金價(jià)值的企業(yè)持有現(xiàn)金價(jià)值是其2倍。（2）高股利支付企業(yè)的現(xiàn)金價(jià)值高于低股利支付企業(yè)；小規(guī)模的企業(yè)現(xiàn)金價(jià)值大于大規(guī)模企業(yè)現(xiàn)金價(jià)值。證明了融資約束下企業(yè)持有現(xiàn)金的使用效率更高，從而會(huì)創(chuàng)造出更多的價(jià)值。其次，對(duì)成長(zhǎng)機(jī)會(huì)分組下分析結(jié)果表明高成長(zhǎng)企業(yè)現(xiàn)金價(jià)值大于低成長(zhǎng)企業(yè)現(xiàn)金價(jià)值。 3.我國(guó)房地產(chǎn)上市公司現(xiàn)金市場(chǎng)價(jià)值存在著較大損失，Pinkowitz（2006）研究發(fā)現(xiàn)，強(qiáng)投資者保護(hù)國(guó)家的企業(yè)現(xiàn)金價(jià)值為0.95元，而弱投資者保護(hù)的國(guó)家的企業(yè)現(xiàn)金價(jià)值僅為0.29元。可以發(fā)現(xiàn)，我國(guó)屬于弱投資者保護(hù)的國(guó)家，這是因?yàn)槲覈?guó)資本市場(chǎng)發(fā)展不完善、監(jiān)管部門缺乏有效監(jiān)督、公司治理水平較低等原因造成的。
[Abstract]:Operating cash flow reflects the cash and cash management ability held by the enterprise , especially the tightening of the monetary credit environment and the firm control of liquidity . Cash flow has become the focus of enterprise concern . The cash holding behavior of the enterprise not only reflects the business strategy and financial strategy of the enterprise , but also closely related to the corporate governance structure and the social macro - institutional environment . The behavior , mode , decision and efficiency of the cash held by the enterprise have important influence on the sustainable development of the enterprise . The cash holding decision is an important financial behavior of the enterprise . Based on the existing literature and practice , this paper theoretically analyzes the relationship between financing restriction and company value , and lays a foundation for the establishment of the empirical research hypothesis . Then , the paper studies the cash value problem of the real estate listing public from the angle of financing constraint . Through the relevant descriptive analysis and regression model , the paper obtains the cash marginal value of the sample under different classification standards , and makes a comparative analysis with the whole sample of the real estate and the total sample of the listed company . The paper also puts forward the relevant suggestions . The whole text follows the theory - current situation - design - proposed logical research framework . The main contents are as follows : First , on the basis of introducing relevant research background , this article guides the cash use efficiency of real estate enterprises , namely , the cash value , explains and combs the relevant theoretical foundation and literature , then makes the analysis of illegal , result and description according to the scholar ' s empirical research , and then draws out the problems in this paper . Secondly , this paper takes real estate listed companies as the research samples , analyzes the present situation of cash holdings in real estate listed companies by using SPSS 17.0 , and compares them with the sample data of all listed companies . Finally , through the analysis of the status quo and the cash value of the real estate cash , this paper puts forward the countermeasures to promote the cash use efficiency of the real estate listed company , and raises the value of holding cash . Through the research on the cash value of real estate enterprises , this paper draws some valuable conclusions : 1 . According to the statistical analysis of the cash holdings of real estate listed companies in our country , the level of cash holdings is less than the average level of the industry . The side reflects the financial attributes of the real estate listed companies in our country . The real estate industry is capital - intensive , and the demand for capital is relatively high . In addition , the cash level of the electronic communication enterprises is the highest , and the higher the cash level , the higher the cash level of the real estate industry . Secondly , the cash level of the large - scale real estate enterprises is more stable and the volatility is less . 2 . A multiple regression model is established to empirically analyze 511 real estate listed companies in China for six consecutive years . In this paper , it is found that : ( 1 ) The cash value of the listed companies in real estate is significantly lower than the industry average . The cash value of the enterprises in China , especially the real estate companies , is not high , and the cash value of the enterprises with high cash value is higher than that of the large - scale enterprises . 3 . The value of cash market of real estate listed companies in our country has a great loss , Pinkowitz ( 2006 ) has found that strong investor protection country has a cash value of 0.95 yuan , while weak investor protection country ' s enterprise cash value is only 0.29 yuan . It can be found that our country belongs to weak investor protection country , because our country ' s capital market is not perfect , the supervision department lacks effective supervision , the corporate governance level is low and so on .

【學(xué)位授予單位】：成都理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F293.33;F224;F832.51

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