本文選題：房地產(chǎn)行業(yè) + 融資結(jié)構(gòu)��； 參考：《西南交通大學(xué)》2017年碩士論文

【摘要】：在國(guó)內(nèi)外的財(cái)務(wù)理論研究中,融資結(jié)構(gòu)問(wèn)題一直占據(jù)著重要的位置。在融資方式上有不同的選擇,將會(huì)形成不一致的融資結(jié)構(gòu),進(jìn)而導(dǎo)致不同的融資成本,最后直接影響公司的經(jīng)營(yíng)績(jī)效。同時(shí),融資結(jié)構(gòu)通過(guò)影響公司的治理結(jié)構(gòu)和經(jīng)濟(jì)行為間接影響公司的經(jīng)營(yíng)績(jī)效。以往的研究表明,不同的國(guó)家、不同的行業(yè),由于環(huán)境等各方面因素的不同,融資結(jié)構(gòu)同經(jīng)營(yíng)績(jī)效會(huì)表現(xiàn)出的不同的相關(guān)性�；谏鲜鲇懻�,針對(duì)指定行業(yè)的深入研究是很有必要的。近些年來(lái),房地產(chǎn)行業(yè)得到了迅速發(fā)展,逐漸成為我國(guó)國(guó)民經(jīng)濟(jì)的核心產(chǎn)業(yè)。房地產(chǎn)行業(yè)具有資金密集的顯著特點(diǎn),在其整個(gè)項(xiàng)目過(guò)程中對(duì)資金的需求量很大。目前,房地產(chǎn)企業(yè)的大部分資本都來(lái)自于銀行的貸款,這種情況導(dǎo)致了融資渠道的狹窄單一,融資結(jié)構(gòu)的不合理。因此,對(duì)房地產(chǎn)行業(yè)融資結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的相關(guān)性研究具有重要的現(xiàn)實(shí)意義。本文選取我國(guó)房地產(chǎn)行業(yè)作為研究對(duì)象,首先回顧國(guó)內(nèi)外學(xué)者對(duì)融資結(jié)構(gòu)與公司經(jīng)營(yíng)績(jī)效相關(guān)性的研究,并對(duì)房地產(chǎn)行業(yè)融資結(jié)構(gòu)進(jìn)行理論上的分析。再將其與我國(guó)房地產(chǎn)行業(yè)的行業(yè)特征、政策環(huán)境等外部因素加以聯(lián)系,探討房地產(chǎn)行業(yè)上市公司的融資結(jié)構(gòu)目前呈現(xiàn)的狀態(tài),找到當(dāng)中的問(wèn)題。然后,通過(guò)實(shí)證分析研究房地產(chǎn)上市公司融資結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的相關(guān)性。本文以管理用財(cái)務(wù)報(bào)表理論為基礎(chǔ),將經(jīng)營(yíng)績(jī)效進(jìn)行新的定義,從內(nèi)源融資、股權(quán)融資和債務(wù)融資這三個(gè)維度出發(fā)研究融資結(jié)構(gòu)同經(jīng)營(yíng)績(jī)效的相關(guān)性。在文章的最后依據(jù)研究的結(jié)果對(duì)目前的情況提出自己的建議,希望能為改進(jìn)我國(guó)房地產(chǎn)企業(yè)的融資結(jié)構(gòu)提供自己的力量。本文研究的成果指出:我國(guó)房地產(chǎn)行業(yè)上市公司的內(nèi)源融資與公司經(jīng)營(yíng)績(jī)效表現(xiàn)出正相關(guān)關(guān)系;債務(wù)融資與經(jīng)營(yíng)績(jī)效表現(xiàn)出負(fù)相關(guān)關(guān)系;股權(quán)融資與經(jīng)營(yíng)績(jī)效無(wú)明顯相關(guān)關(guān)系;針對(duì)以上結(jié)果,本文提出以下改進(jìn)措施:擴(kuò)大公司內(nèi)源融資比例;降低債務(wù)比例,促進(jìn)企業(yè)債券市場(chǎng)的發(fā)展,強(qiáng)化債權(quán)的監(jiān)督約束權(quán)力;合理采用股權(quán)融資。
[Abstract]:In the study of financial theory at home and abroad, financing structure has always occupied an important position. Different ways of financing will form inconsistent financing structure, and then lead to different financing costs, and finally directly affect the performance of the company. At the same time, the financing structure affects the performance of the company indirectly through influencing the corporate governance structure and economic behavior. Previous studies have shown that different countries, different industries, due to different factors such as the environment, financing structure and business performance will show a different correlation. Based on the above discussion, it is necessary to study the specific industry in depth. In recent years, the real estate industry has developed rapidly and gradually become the core industry of our national economy. The real estate industry has the characteristic of capital-intensive, and the demand for capital is great in the whole project process. At present, most of the capital of real estate enterprises comes from bank loans, which leads to narrow financing channels and unreasonable financing structure. Therefore, it is of great practical significance to study the correlation between financing structure and operating performance of real estate industry. This paper selects the real estate industry of our country as the research object, first reviews the domestic and foreign scholars' research on the correlation between the financing structure and the operating performance of the company, and makes a theoretical analysis on the financing structure of the real estate industry. Then it is connected with external factors such as industry characteristics and policy environment of China's real estate industry to discuss the current state of financing structure of listed companies in real estate industry and find out the problems in it. Then, the correlation between financing structure and operating performance of listed real estate companies is studied by empirical analysis. Based on the financial statement theory of management, this paper defines the operating performance and studies the correlation between the financing structure and the operating performance from the three dimensions of endogenous financing, equity financing and debt financing. At the end of the paper, according to the results of the research, the author puts forward his own suggestions on the current situation, hoping to provide his own strength for improving the financing structure of the real estate enterprises in China. The results of this study indicate that: there is a positive correlation between endogenous financing and operating performance of listed companies in China's real estate industry, a negative correlation between debt financing and operating performance, no obvious correlation between equity financing and operating performance, and a negative correlation between debt financing and business performance. In view of the above results, this paper puts forward the following improvement measures: to expand the proportion of internal financing of the company, to reduce the debt ratio, to promote the development of the corporate bond market, to strengthen the supervision and binding power of the creditor's rights, and to use equity financing reasonably.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42

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