本文選題：房地產(chǎn) + 融資約束　； 參考：《哈爾濱工業(yè)大學(xué)》2017年碩士論文

【摘要】：當(dāng)前我國(guó)經(jīng)濟(jì)發(fā)展處于重要的轉(zhuǎn)型時(shí)期,不斷加速的全球化進(jìn)程使市場(chǎng)競(jìng)爭(zhēng)日益激烈,再加上國(guó)家日趨嚴(yán)格的管控政策,房地產(chǎn)行業(yè)經(jīng)營(yíng)環(huán)境的不確定程度進(jìn)一步增加,尤其表現(xiàn)在籌措資金方面,很大一部分企業(yè)都面臨著嚴(yán)重的融資約束困擾。與此同時(shí),財(cái)務(wù)柔性作為一個(gè)新興的研究領(lǐng)域,受到實(shí)務(wù)界和理論界的重視程度與日俱增,因?yàn)樗軌騾f(xié)調(diào)內(nèi)外部資源,合理安排現(xiàn)金流的分布時(shí)間和數(shù)量,有效緩解資金短缺壓力,實(shí)現(xiàn)資源優(yōu)化配置,提高風(fēng)險(xiǎn)應(yīng)對(duì)能力�；诖�,本文以融資約束為切入點(diǎn),以2011-2015年我國(guó)滬深兩市房地產(chǎn)行業(yè)上市公司為研究樣本,借鑒Fama和French提出的經(jīng)典企業(yè)價(jià)值回歸模型,對(duì)房地產(chǎn)公司的財(cái)務(wù)柔性和企業(yè)價(jià)值之間的關(guān)系進(jìn)行更加深入的研究。結(jié)果顯示,我國(guó)房地產(chǎn)企業(yè)的財(cái)務(wù)柔性水平普遍偏低,而且企業(yè)之間存在顯著差異;企業(yè)儲(chǔ)備財(cái)務(wù)柔性具有明顯的價(jià)值效應(yīng),即財(cái)務(wù)柔性能夠顯著提高公司價(jià)值;加入融資約束和財(cái)務(wù)柔性的交乘項(xiàng)后,財(cái)務(wù)柔性在提升企業(yè)價(jià)值方面對(duì)高融資約束公司有著更為顯著的作用,說(shuō)明高融資約束公司進(jìn)行財(cái)務(wù)柔性管理具有更高的實(shí)用價(jià)值。針對(duì)實(shí)證結(jié)果,本文對(duì)如何實(shí)行財(cái)務(wù)柔性管理突破融資約束提高企業(yè)價(jià)值提出了幾點(diǎn)建議。首先,我國(guó)有關(guān)部門應(yīng)該不斷加快房地產(chǎn)金融創(chuàng)新的規(guī)范進(jìn)程,完善社會(huì)信用體系,為企業(yè)營(yíng)造多元化融資環(huán)境,不斷開拓財(cái)務(wù)柔性的獲取和應(yīng)用領(lǐng)域,促進(jìn)整個(gè)行業(yè)的可持續(xù)發(fā)展和企業(yè)價(jià)值的穩(wěn)步提升;其次,房地產(chǎn)企業(yè)應(yīng)充分認(rèn)識(shí)到財(cái)務(wù)柔性的重要性,強(qiáng)化儲(chǔ)備意識(shí),拓寬來(lái)源渠道,在最大規(guī)模利用現(xiàn)有財(cái)務(wù)柔性資源的基礎(chǔ)上,不斷創(chuàng)新整合,降低財(cái)務(wù)柔性的取得成本;最后,房地產(chǎn)企業(yè)在不同的生命周期和項(xiàng)目開發(fā)階段有著不同的資金需求,承受著不同程度和類型的融資約束壓力,所以依據(jù)實(shí)際情況合理安排財(cái)務(wù)柔性策略,提高財(cái)務(wù)柔性使用效率顯得尤為重要。
[Abstract]:At present, the economic development of our country is in an important period of transition. The accelerating process of globalization makes the market competition fiercer and fiercer. In addition, with the country's increasingly strict control and control policies, the degree of uncertainty in the operating environment of the real estate industry has further increased.Especially in raising funds, a large number of enterprises are facing serious financing constraints.At the same time, as a new research field, financial flexibility is paid more and more attention by the practical and theoretical circles, because it can coordinate the internal and external resources, arrange the distribution time and quantity of cash flow reasonably.Effectively alleviate the pressure of capital shortage, achieve optimal allocation of resources, and improve the ability to cope with risks.Based on this, this paper takes financing constraints as the starting point, taking the listed companies of real estate industry in Shanghai and Shenzhen stock markets in China from 2011-2015 as the research samples, and draws lessons from the classic enterprise value regression model proposed by Fama and French.The relationship between financial flexibility and enterprise value of real estate companies is studied more deeply.The results show that the level of financial flexibility of Chinese real estate enterprises is generally low, and there are significant differences among enterprises, the financial flexibility of enterprise reserve has obvious value effect, that is, financial flexibility can significantly improve the value of the company.With the addition of financial constraints and financial flexibility, financial flexibility plays a more significant role in enhancing the value of enterprises, indicating that the financial flexibility management of high financing constraint companies has higher practical value.Based on the empirical results, this paper puts forward some suggestions on how to implement financial flexible management to break through financing constraints to improve enterprise value.First of all, the relevant departments of our country should speed up the standardization process of real estate financial innovation, perfect the social credit system, create a diversified financing environment for enterprises, and continuously open up the fields of obtaining and applying financial flexibility.To promote the sustainable development of the whole industry and the steady improvement of enterprise value; secondly, the real estate enterprises should fully realize the importance of financial flexibility, strengthen the sense of reserve, broaden the source channels,On the basis of utilizing the existing flexible financial resources on a maximum scale, it is constantly innovating and integrating to reduce the cost of obtaining financial flexibility. Finally, real estate enterprises have different capital needs in different life cycles and project development stages.Under the pressure of different degree and type of financing constraints, it is very important to arrange the financial flexibility strategy according to the actual situation and to improve the efficiency of financial flexibility.
【學(xué)位授予單位】：哈爾濱工業(yè)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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