發(fā)布時(shí)間：2018-04-29 21:43

  本文選題：房地產(chǎn)企業(yè) + 債務(wù)融資效率��； 參考：《湖南大學(xué)》2016年博士論文

【摘要】：近年來,房地產(chǎn)行業(yè)得到了突飛猛進(jìn)的發(fā)展,逐漸成為國民經(jīng)濟(jì)中的先導(dǎo)及支柱產(chǎn)業(yè),對(duì)國內(nèi)生產(chǎn)總值的增長(zhǎng)做出了很大的貢獻(xiàn)。但房地產(chǎn)市場(chǎng)存在著諸多不完善之處,增長(zhǎng)速度過激、房?jī)r(jià)上漲過快、資金來源過于單一、債務(wù)融資結(jié)構(gòu)不盡合理等問題也開始凸顯。因此,房地產(chǎn)行業(yè)正在積極謀求轉(zhuǎn)型及整合,作為其中關(guān)鍵因素的房地產(chǎn)企業(yè)的發(fā)展因而遇到了前所未有的阻力。房地產(chǎn)是一個(gè)資金密集程度較高的行業(yè),房地產(chǎn)企業(yè)融資效率的高低直接影響著相關(guān)企業(yè)乃至整個(gè)行業(yè)的發(fā)展。債務(wù)融資作為房地產(chǎn)企業(yè)的一種重要融資工具,無疑會(huì)對(duì)融資效率乃至經(jīng)營績(jī)效產(chǎn)生顯著影響。就不同的債務(wù)融資結(jié)構(gòu)而言,其融資成本和融資風(fēng)險(xiǎn)不盡相同,對(duì)企業(yè)價(jià)值的影響也有所不同,進(jìn)而影響房地產(chǎn)企業(yè)的融資效率。過高的債務(wù)融資水平將使得企業(yè)的償債壓力也非常大,但是債務(wù)融資水平過低又會(huì)提高企業(yè)的資本成本,降低財(cái)務(wù)杠桿作用。因此,科學(xué)地安排債務(wù)融資結(jié)構(gòu),降低資本成本和風(fēng)險(xiǎn),增加企業(yè)價(jià)值,從而有效促進(jìn)房地產(chǎn)行業(yè)的穩(wěn)定發(fā)展變得相當(dāng)迫切。在此背景下,本文基于債務(wù)融資效率的視角,以滬深證券市場(chǎng)房地產(chǎn)上市公司為對(duì)象,就其債務(wù)融資規(guī)模結(jié)構(gòu)、期限結(jié)構(gòu)和來源結(jié)構(gòu)進(jìn)行優(yōu)化分析,并提出相應(yīng)的對(duì)策建議。在理論分析部分,本文從債務(wù)融資的相關(guān)研究基礎(chǔ)、債務(wù)融資效率及其評(píng)價(jià)方法以及房地產(chǎn)債務(wù)融資的相關(guān)概念等三個(gè)方面展開闡述。首先對(duì)債務(wù)融資的內(nèi)涵進(jìn)行討論,分析并比較債務(wù)融資的相關(guān)理論。進(jìn)而分析債務(wù)融資效率的界定,并考察債務(wù)融資效率的影響因素。最后結(jié)合房地產(chǎn)行業(yè)的實(shí)際探討房地產(chǎn)債務(wù)融資的特點(diǎn)及影響因素,為后文研究房地產(chǎn)債務(wù)融資結(jié)構(gòu)的優(yōu)化問題奠定理論基礎(chǔ)。在實(shí)證研究部分,本文以房地產(chǎn)企業(yè)債務(wù)融資效率評(píng)價(jià)為基礎(chǔ),分別從債務(wù)融資規(guī)模結(jié)構(gòu)的優(yōu)化、債務(wù)融資期限結(jié)構(gòu)的分析、債務(wù)融資來源結(jié)構(gòu)的改進(jìn)等三個(gè)方面出發(fā),系統(tǒng)探討房地產(chǎn)企業(yè)債務(wù)融資結(jié)構(gòu)的優(yōu)化問題。首先,構(gòu)建房地產(chǎn)企業(yè)債務(wù)融資效率評(píng)價(jià)模型,確定房地產(chǎn)企業(yè)債務(wù)融資效率評(píng)價(jià)的指標(biāo)體系,并利用熵值法計(jì)算每家公司的效率水平得分對(duì)房地產(chǎn)行業(yè)的債務(wù)融資效率進(jìn)行評(píng)價(jià)和量化分析。然后,選取相關(guān)模型探討房地產(chǎn)企業(yè)債務(wù)融資最優(yōu)規(guī)模結(jié)構(gòu),在驗(yàn)證企業(yè)價(jià)值與融資規(guī)模結(jié)構(gòu)之間存在互動(dòng)關(guān)系的基礎(chǔ)上,從企業(yè)價(jià)值實(shí)現(xiàn)最大的視角來考察債務(wù)融資規(guī)模結(jié)構(gòu)的優(yōu)化。接著,在考慮降低融資成本、提高融資效率的前提下,結(jié)合多元回歸模型,構(gòu)建房地產(chǎn)企業(yè)債務(wù)融資期限結(jié)構(gòu)優(yōu)化模型,考察房地產(chǎn)企業(yè)債務(wù)融資債務(wù)期限結(jié)構(gòu)的具體優(yōu)化方向和最優(yōu)期限結(jié)構(gòu)。最后,從房地產(chǎn)企業(yè)不同債務(wù)融資來源風(fēng)險(xiǎn)的角度,采用模糊層次分析法對(duì)房地產(chǎn)企業(yè)不同債務(wù)融資來源的相對(duì)重要性開展評(píng)分,辨別債務(wù)融資來源的重要程度,進(jìn)而利用目標(biāo)規(guī)劃模型對(duì)債務(wù)融資來源結(jié)構(gòu)進(jìn)行優(yōu)化。在應(yīng)用研究方面,本文參考?xì)W美發(fā)達(dá)國家房地產(chǎn)企業(yè)債務(wù)融資的經(jīng)驗(yàn),基于滬深證券市場(chǎng)房地產(chǎn)上市公司債務(wù)融資結(jié)構(gòu)現(xiàn)狀,對(duì)房地產(chǎn)企業(yè)在債務(wù)融資的規(guī)模結(jié)構(gòu)、期限結(jié)構(gòu)和來源結(jié)構(gòu)三個(gè)方面存在的問題進(jìn)行剖析,進(jìn)而在考慮債務(wù)融資效率評(píng)價(jià)的基礎(chǔ)上,分別結(jié)合前文對(duì)這三個(gè)方面的實(shí)證研究的結(jié)論,提出房地產(chǎn)企業(yè)債務(wù)融資結(jié)構(gòu)優(yōu)化的具體策略。
[Abstract]:In recent years, the real estate industry has been developing by leaps and bounds, gradually becoming the leading and pillar industry in the national economy, making great contributions to the growth of GDP. However, there are many imperfections in the real estate market. The real estate market has a lot of imperfections, the growth rate is too fast, the price of house prices is too fast, the source of capital is too single, and the debt financing structure is not exhausted. The real estate industry is actively seeking transformation and integration. As a key factor, real estate enterprises have encountered unprecedented resistance. Real estate is a high capital intensive industry, and the financing efficiency of real estate enterprises directly affects the related enterprises and even the whole. As an important financing tool for real estate enterprises, debt financing will undoubtedly have a significant impact on the efficiency of financing and business performance. As far as different debt financing structures are concerned, the financing cost and financing risk are different, and the impact on the enterprise value is different, thus affecting the financing of real estate enterprises. The high level of debt financing will make the enterprise's debt paying pressure very large, but the low level of debt financing will improve the capital cost and the financial leverage. Therefore, it will scientifically arrange the debt financing structure, reduce the capital cost and risk, increase the value of the enterprise, and thus effectively promote the stable development of the real estate industry. In this context, based on the perspective of debt financing efficiency, this paper makes an optimization analysis on the scale structure, term structure and source structure of the debt financing in Shanghai and Shenzhen stock market, and puts forward the corresponding countermeasures and suggestions. In the theory and analysis part, this paper is based on the related research base of debt financing. Foundation, debt financing efficiency and evaluation method and the related concept of real estate debt financing in three aspects. First, discuss the connotation of debt financing, analyze and compare the related theory of debt financing, and then analyze the definition of debt financing efficiency, and examine the factors affecting the efficiency of debt financing. Finally, it combines the real estate. The characteristics and influencing factors of real estate debt financing are discussed in the actual production industry, which lays a theoretical foundation for the optimization of the debt financing structure of the real estate. In the empirical part, this paper is based on the evaluation of the debt financing efficiency of the real estate enterprises, and from the optimization of the scale structure of debt financing, the term structure of debt financing is divided into two parts. In the three aspects of the improvement of the source structure of debt financing, this paper systematically discusses the optimization of the debt financing structure of the real estate enterprises. Firstly, the evaluation model of the debt financing efficiency of the real estate enterprises is constructed, the index system of the evaluation of the debt financing efficiency of the real estate enterprises is determined, and the efficiency level score of each company is calculated by the entropy method. This paper evaluates and quantifies the debt financing efficiency of the real estate industry. Then, it selects the relevant model to explore the optimal scale structure of the debt financing of the real estate enterprises. On the basis of the verification of the interaction between the enterprise value and the financing scale structure, the optimization of the debt financing scale structure is investigated from the greatest perspective of the enterprise value. Then, on the premise of reducing the cost of financing and raising the efficiency of financing, combining multiple regression model, the paper constructs the optimization model of the term structure of the debt financing of real estate enterprises, and investigates the specific optimization direction and the optimal term structure of the debt maturity structure of the real estate enterprises. Finally, the different sources of debt financing from the real estate enterprises are in the wind. In the perspective of risk, fuzzy analytic hierarchy process is used to evaluate the relative importance of different debt financing sources of real estate enterprises, to identify the importance of debt financing sources, and then to optimize the structure of debt financing by using the target planning model. In the field of applied research, this paper refers to the debt financing of real estate enterprises in developed countries in Europe and America. Based on the current situation of the debt financing structure of real estate listed companies in Shanghai and Shenzhen stock market, this paper analyzes the problems in the three aspects of the scale structure, term structure and source structure of the real estate enterprises, and then on the basis of considering the evaluation of debt financing efficiency, the empirical research on these three aspects is combined with the previous article. The conclusion is that specific strategies for optimizing the debt financing structure of real estate enterprises are put forward.

【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2016
【分類號(hào)】：F299.233.42

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