本文選題：公司價(jià)值　切入點(diǎn)：債務(wù)融資　出處：《浙江大學(xué)》2017年碩士論文

【摘要】：房地產(chǎn)業(yè)是我國國民經(jīng)濟(jì)的重要支柱產(chǎn)業(yè),帶動(dòng)了很多上下游產(chǎn)業(yè),對(duì)于就業(yè)也有著重要的作用。我國正穩(wěn)步推進(jìn)城鎮(zhèn)化,城鎮(zhèn)化離不開房地產(chǎn)業(yè),房地產(chǎn)業(yè)產(chǎn)品是國民日常居住的必需品,同時(shí)也承擔(dān)了投資的屬性。從國家統(tǒng)計(jì)局2012年到2016年公布的數(shù)據(jù)來看,“房地產(chǎn)業(yè)全社會(huì)固定資產(chǎn)投資”占當(dāng)年GDP的比重始終高于18%,房地產(chǎn)業(yè)對(duì)中國經(jīng)濟(jì)的影響日益明顯。另外根據(jù)央行和銀監(jiān)會(huì)對(duì)全國除西藏以外的30個(gè)省(市)的調(diào)查數(shù)據(jù)來看,來自銀行系統(tǒng)的資金占到房地產(chǎn)開發(fā)資金的55%,若房地產(chǎn)市場暴跌或者大幅調(diào)整,房地產(chǎn)信貸就有可能變成壞賬,存在爆發(fā)金融系統(tǒng)性風(fēng)險(xiǎn),嚴(yán)重的話引發(fā)金融危機(jī)。由此可見,從債務(wù)融資的角度研究公司價(jià)值對(duì)于促進(jìn)房地產(chǎn)業(yè)健康發(fā)展、提高房地產(chǎn)上市公司的融資決策能力有較好的指導(dǎo)作用。本文在國內(nèi)外理論基礎(chǔ)上,將我國66家房地產(chǎn)上市公司做為樣本,通過實(shí)證分析的方法深入研究債務(wù)融資對(duì)公司價(jià)值的影響。研究如何更好利用債務(wù)融資提高公司價(jià)值并提出有效的對(duì)策措施。通過梳理資本結(jié)構(gòu)和公司價(jià)值的發(fā)展演變,對(duì)相關(guān)的理論進(jìn)行了分析,并以理論為依據(jù),結(jié)合我國實(shí)際的房地產(chǎn)上市公司融資情況。先進(jìn)行描述性統(tǒng)計(jì)分析,建立模型進(jìn)行多元回歸分析,采用spss22軟件對(duì)2008-2015年66家A股房地產(chǎn)上市公司數(shù)據(jù)(來自wind數(shù)據(jù)庫)進(jìn)行實(shí)證分析,實(shí)證結(jié)果為:(1)模型1顯示總體資產(chǎn)負(fù)債率跟公司價(jià)值(ROE)存在顯著正相關(guān)關(guān)系;總體資產(chǎn)負(fù)債率與公司價(jià)值(托賓Q值)存在負(fù)相關(guān)關(guān)系。(2)模型2顯示長期負(fù)債率、短期負(fù)債率與公司價(jià)值(托賓Q值)存在負(fù)相關(guān)關(guān)系。(3)模型3顯示商業(yè)信用融資率與公司價(jià)值(托賓Q值)存在負(fù)相關(guān)關(guān)系,銀行借款融資率與公司價(jià)值(托賓Q值)存在負(fù)相關(guān)關(guān)系;企業(yè)債券融資率與公司價(jià)值(ROE)負(fù)相關(guān)關(guān)系,其他類型融資率與公司價(jià)值(托賓Q值)呈正相關(guān)關(guān)系。最后,本文依據(jù)上述實(shí)證結(jié)果和分析結(jié)論,結(jié)合我國房地產(chǎn)業(yè)實(shí)際情況,提出降低房地產(chǎn)上市公司的總體債務(wù)融資水平,建立完善的商業(yè)信用體系和償債保障機(jī)制,降低政府對(duì)銀行貸款的干預(yù)等對(duì)策建議。
[Abstract]:The real estate industry is an important pillar industry of our national economy, which drives many upstream and downstream industries and plays an important role in employment. China is steadily promoting urbanization, which cannot be separated from the real estate industry. Real estate products are the daily necessities of the people. According to the data released by the National Bureau of Statistics from 2012 to 2016, the proportion of "real estate investment in fixed assets of the whole society" in the year of GDP is always higher than 18%, and the impact of the real estate industry on the Chinese economy. In addition, according to the survey data of the Central Bank and the Banking Regulatory Commission on 30 provinces (municipalities) other than Tibet, The funds from the banking system account for 55% of the real estate development funds. If the real estate market collapses or adjusts substantially, real estate credit may become bad loans, and there is a systemic risk of financial outbreak. This shows that if the financial crisis is serious, it can be seen. The study of corporate value from the perspective of debt financing has a good guiding effect on promoting the healthy development of the real estate industry and improving the financing decision-making ability of the listed real estate companies. Taking 66 listed real estate companies in China as a sample, Through the method of empirical analysis, this paper deeply studies the influence of debt financing on corporate value, studies how to make better use of debt financing to improve corporate value and puts forward effective countermeasures. Through combing the development and evolution of capital structure and corporate value, The related theories are analyzed, and based on the theory, combined with the actual financing situation of listed real estate companies in China, the descriptive statistical analysis is carried out, and the model is established to carry out multivariate regression analysis. The data of 66 A-share real estate listed companies from 2008 to 2015 (from wind database) were analyzed by spss22 software. The empirical results are as follows: 1) Model 1 shows that there is a significant positive correlation between total asset-liability ratio and corporate value. There is a negative correlation between total asset-liability ratio and company value (Tobin Q value). Model 2 shows long-term debt ratio. There is a negative correlation between short-term debt ratio and company value (Tobin Q value). Model 3 shows that commercial credit financing ratio has negative correlation with company value (Tobin Q value). There is a negative correlation between bank loan financing rate and company value (Tobin Q value), corporate bond financing rate and company value ROEs, other types of financing rate and company value (Tobin Q value). Finally, Based on the above empirical results and analysis conclusions, this paper puts forward to reduce the overall debt financing level of listed real estate companies, establish a perfect commercial credit system and debt repayment guarantee mechanism, combined with the actual situation of the real estate industry in China. Reduce the government's intervention in bank loans and other countermeasures.
【學(xué)位授予單位】：浙江大學(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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