本文關(guān)鍵詞：我國房地產(chǎn)上市公司融資結(jié)構(gòu)與公司績效關(guān)系的實(shí)證研究　出處：《云南師范大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn)上市公司 績效 融資結(jié)構(gòu) 因子分析 股權(quán)結(jié)構(gòu)

【摘要】：房地產(chǎn)上市公司已經(jīng)成為我國中央和地方政府財(cái)政收入的重要來源，儼然成為推動(dòng)我國經(jīng)濟(jì)增長不可或缺的因素。房地產(chǎn)上市公司狀況成果的好壞，直接影響市場經(jīng)濟(jì)的穩(wěn)定和繁榮。而房地產(chǎn)市場由于其行業(yè)的特殊性，需要大量資金的支持，因此，能否以合理的方式融資成為影響其發(fā)展的關(guān)鍵，也就是說，房地產(chǎn)上市公司應(yīng)當(dāng)如何合理安排其融資結(jié)構(gòu)是一大難題。融資結(jié)構(gòu)的不同會(huì)影響其融資資本成本、公司財(cái)務(wù)風(fēng)險(xiǎn)的大小和債務(wù)利息抵稅等，從而影響公司的績效。特別在金融危機(jī)過后，市場經(jīng)濟(jì)并不景氣，研究我國房地產(chǎn)上市公司的融資結(jié)構(gòu)與其績效之間的關(guān)系就更加有必要。 MM理論以來，國內(nèi)外學(xué)者都開始從不同的視角研究公司的不同融資結(jié)構(gòu)對其公司價(jià)值的影響。本文從這些理論出發(fā)，結(jié)合我國目前的經(jīng)濟(jì)環(huán)境，通過收集我國房地產(chǎn)上市公司的最新財(cái)務(wù)數(shù)據(jù)，利用因子分析和多元線性回歸相結(jié)合的實(shí)證方法，試圖找到我國房地產(chǎn)上市公司的融資結(jié)構(gòu)存在的缺陷和不足，并根據(jù)實(shí)證結(jié)果提出相關(guān)的建議。本文具體框架結(jié)構(gòu)如下： 第一章，介紹選題背景和目的、本文的研究方法和大體框架，并著重介紹國內(nèi)外學(xué)者對房地產(chǎn)上市公司融資結(jié)構(gòu)的研究。第二章，主要介紹融資結(jié)構(gòu)和績效的相關(guān)概念，并具體分析現(xiàn)階段關(guān)于融資結(jié)構(gòu)與公司價(jià)值關(guān)系的相關(guān)理論。主要包括MM理論、權(quán)衡理論、代理理論和委托代理理論。第三章，主要結(jié)合我國房地產(chǎn)市場的實(shí)際情況，介紹我國房地產(chǎn)行業(yè)的特點(diǎn)、融資渠道的來源和融資結(jié)構(gòu)的現(xiàn)狀。并通過實(shí)際數(shù)據(jù)加以輔助說明，從中發(fā)現(xiàn)我國房地產(chǎn)上市公司存在以下融資問題：我國融資渠道單一、盈利能力高，同時(shí)資產(chǎn)負(fù)債率和流動(dòng)資產(chǎn)負(fù)債率也偏高、股權(quán)結(jié)構(gòu)有一定改善等等。第四章，這章是本文重點(diǎn)章節(jié)，通過對49家房地產(chǎn)上市公司2009-2011年三年數(shù)據(jù)進(jìn)行分析。由于采用單一指標(biāo)法衡量公司績效存在一定的局限，因此本文通過多個(gè)指標(biāo)法進(jìn)行綜合績效（利用因子分析法），得到一個(gè)綜合績效值，，利用該綜合績效值反映房地產(chǎn)上市公司的績效。之后通過實(shí)證深入研究和分析該綜合績效值與上市公司的負(fù)債結(jié)構(gòu)和股權(quán)結(jié)構(gòu)（采用多元線性回歸和逐步多元線性回歸）之間的關(guān)系。第五章，通過上一章的實(shí)證分析，得出資產(chǎn)負(fù)債率、流動(dòng)資產(chǎn)負(fù)債率與其公司績效負(fù)相關(guān)，這主要是由于我國房地產(chǎn)上市公司的融資結(jié)構(gòu)單一、短期債務(wù)過多無法分散公司財(cái)務(wù)風(fēng)險(xiǎn)；第一大股東持股比例、公司規(guī)模大小和公司成長性與其公司績效正相關(guān)，這是因?yàn)槲覈康禺a(chǎn)市場并不發(fā)達(dá)，股東集中能夠減少代理成本，有利于對企業(yè)的監(jiān)督管理，而公司規(guī)模越大和成長性越強(qiáng)，會(huì)增加投資者信心，減少企業(yè)的融資成本和融資風(fēng)險(xiǎn)；國有股比例、流通股比例和法人股比例與其公司績效相關(guān)性不顯著，這主要是在股權(quán)分置改革后，效果比較明顯，國有股比例慢慢減少，并且維持在一個(gè)比較低的水平，對房地產(chǎn)上市公司的績效的影響并不大。面對實(shí)證結(jié)果闡述的問題，本文提出改進(jìn)我國房地產(chǎn)上市公司目前窘境的建議，分別從公司負(fù)債融資結(jié)構(gòu)、股權(quán)結(jié)構(gòu)和其他方面三個(gè)方面進(jìn)行闡述。第六章，主要介紹本文在研究過程中的局限性和不足，并提出新的展望。
[Abstract]:The real estate listed companies has become an important source of central and local government revenue in China, has become the driving factor of China's economic growth is indispensable. The listed real estate companies in performance, directly affects the stability and prosperity of market economy and the real estate market. Because of its particularity, need the support of a lot of money. Therefore, whether in a reasonable way to become the key factor that influences the development of financing, that is to say, the real estate listed companies should be how to arrange the financing structure is a big problem. Different financing structure will influence the financing cost of capital, corporate finance risk size and debt interest tax, thus affecting the performance of the company. Especially after the financial crisis, the market economy is stagnant, the relationship between the financing structure of the listed real estate companies in China and its performance is even more necessary.
Since the MM theory, domestic and foreign scholars have started from the effect of different financing structure research, different perspectives on the value of the company. This paper from the theory, combined with China's current economic environment, through the collection of real estate listed companies in China the latest financial data, the empirical method by using factor analysis and multiple linear regression the defects of the existing financing structure to find the real estate listed companies in China and the insufficiency, and puts forward related suggestions according to the empirical results of this paper are as follows. The concrete frame structure:
The first chapter introduces the background and purpose, the research methods and framework, and focuses on the research on the financing structure of listed real estate companies at home and abroad. The second chapter mainly introduces the related concepts of financing structure and performance, and analyzes the related theories about the relationship between financing structure and corporate value at this stage. Including the MM theory, trade-off theory, agency theory and principal-agent theory. The third chapter mainly according to the actual situation of China's real estate market, introducing the characteristics of China's real estate industry, the status quo of financing channels and sources of financing structure. And through the actual data to illustrate, from found the following financing problems China's real estate listed companies in China: the financing channels for a single, high profitability, and asset liability ratio and the asset liability ratio is high, the ownership structure has certain improvement and so on. In the fourth chapter, this The chapter is the key chapter of this article, based on the 49 listed real estate company 2009-2011 three years data analysis. By adopting the single index method to measure corporate performance has certain limitations, so this paper through a number of indicators of the comprehensive performance (using factor analysis), get a comprehensive performance value, the value of comprehensive performance reflect the performance of the listed real estate companies. Through empirical research and analysis of the debt structure and ownership structure of the listed company and the comprehensive performance values (multivariate linear regression and stepwise multiple linear regression). The relationship between the fifth chapter, through the empirical analysis in the previous chapter, the asset liability ratio, asset liability ratio and flow company's performance is negative correlation, this is mainly due to the financing structure of Listed Companies in China's real estate single, short-term debt cannot be too much financial risk; the largest shareholder The proportion of shares, company size and growth of the company and the company performance is positively related, this is because China's real estate market is not developed, shareholder concentration can reduce the agency cost, is conducive to the supervision and management of the enterprise, and the company bigger and stronger growth, will increase investor confidence, reduce corporate financing the cost and risk of financing; the proportion of state-owned shares, the proportion of tradable shares and the proportion of corporate shares and corporate performance relationship is not significant, which is mainly in the equity division reform, the effect is obvious, the proportion of state-owned shares is gradually reduced, and maintained at a relatively low level, influence on the performance of the listed real estate companies are not in the face of problems. The empirical results, this paper puts forward the real estate listed companies in China at present dilemma suggestions respectively from the structure of corporate debt financing, the three aspects of ownership structure and other aspects The sixth chapter mainly introduces the limitations and shortcomings of this paper, and puts forward a new prospect.

【學(xué)位授予單位】：云南師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.233.42

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