本文關(guān)鍵詞：房地產(chǎn)上市公司資本結(jié)構(gòu)及其優(yōu)化研究　出處：《黑龍江大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn) 上市公司 資本結(jié)構(gòu) 影響因素

【摘要】：隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的不斷發(fā)展，安全、合理的資本結(jié)構(gòu)已成為企業(yè)發(fā)展、壯大的關(guān)鍵。國(guó)內(nèi)外學(xué)者對(duì)資本結(jié)構(gòu)理論進(jìn)行了不斷深入的研究，同時(shí)也根據(jù)各行業(yè)的實(shí)際情況進(jìn)行了相關(guān)的實(shí)證研究。房地產(chǎn)業(yè)是我國(guó)國(guó)民經(jīng)濟(jì)的支柱產(chǎn)業(yè)之一，它有效地帶動(dòng)了相關(guān)產(chǎn)業(yè)的發(fā)展，充分?jǐn)U大了就業(yè)機(jī)會(huì)。目前我國(guó)房地產(chǎn)開(kāi)發(fā)企業(yè)的現(xiàn)狀是數(shù)量多、規(guī)模小、資質(zhì)有限，而房地產(chǎn)行業(yè)又屬于資金密集型行業(yè)，資金需求量大。由于現(xiàn)狀和行業(yè)特點(diǎn)就造成了目前房地產(chǎn)業(yè)高資產(chǎn)負(fù)債率這個(gè)行業(yè)通病。更重要的是負(fù)債結(jié)構(gòu)不合理，企業(yè)大部分負(fù)債都屬于中短期負(fù)債，，而且主要來(lái)源于銀行貸款。不夠合理的資本結(jié)構(gòu)使企業(yè)缺乏抵御風(fēng)險(xiǎn)的能力，而且嚴(yán)重受限于國(guó)家對(duì)銀行政策的調(diào)控。企業(yè)資金鏈條脆弱，極容易斷裂，不利于企業(yè)長(zhǎng)遠(yuǎn)發(fā)展。因此，分析我國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)現(xiàn)狀及其存在問(wèn)題，找出影響資本結(jié)構(gòu)的關(guān)鍵因素，確定最優(yōu)資本結(jié)構(gòu)，這有利于房地產(chǎn)行業(yè)健康、有序地發(fā)展。 本文以房地產(chǎn)上市公司作為研究對(duì)象，以資本結(jié)構(gòu)相關(guān)理論和實(shí)證研究結(jié)果為依據(jù)，分析了我國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)現(xiàn)狀及闡述其中存在的問(wèn)題，然后根據(jù)相關(guān)影響因素建立實(shí)證分析模型，得出研究結(jié)論。本文認(rèn)為盈利能力、流動(dòng)性、企業(yè)規(guī)模是影響資本結(jié)構(gòu)的關(guān)鍵因素。最后在實(shí)證分析的基礎(chǔ)上提出了優(yōu)化我國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)的相關(guān)建議。通過(guò)本文的研究旨在對(duì)我國(guó)房地產(chǎn)上市公司合理資本結(jié)構(gòu)的建立，對(duì)我國(guó)房地產(chǎn)行業(yè)的健康長(zhǎng)足發(fā)展起到一定的借鑒。
[Abstract]:With the continuous development of market economy in our country, security and reasonable capital structure have become the key to the development and growth of enterprises. Scholars at home and abroad have carried out in-depth research on the theory of capital structure. The real estate industry is one of the pillar industries of our national economy, which effectively drives the development of related industries. The current situation of our real estate development enterprises is a large number, small scale, limited qualifications, and the real estate industry is a capital-intensive industry. Because of the current situation and the characteristics of the industry, the current high asset-liability ratio of the real estate industry common problem. More importantly, the debt structure is unreasonable, most of the liabilities of enterprises are short and medium term liabilities. And mainly comes from bank loans. Unreasonable capital structure makes enterprises lack the ability to resist risks, and is seriously limited by the regulation and control of banking policies. The capital chain of enterprises is fragile and easy to break. Therefore, this paper analyzes the present situation and existing problems of the capital structure of the listed real estate companies in China, finds out the key factors that affect the capital structure, and determines the optimal capital structure. This is conducive to healthy and orderly development of the real estate industry. Based on the theory of capital structure and the results of empirical research, this paper analyzes the current situation of capital structure of listed real estate companies in China and expounds the existing problems. Then the empirical analysis model is established according to the related factors, and the conclusion is drawn. This paper believes that profitability, liquidity. Enterprise size is the key factor affecting capital structure. Finally, the paper puts forward some suggestions on optimizing the capital structure of listed real estate companies on the basis of empirical analysis. Through the research of this paper, the purpose of this paper is to study the listed companies of real estate in China. The establishment of a reasonable capital structure. For the healthy and rapid development of the real estate industry in China to play a certain reference.
【學(xué)位授予單位】：黑龍江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F299.233.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 蔡楠,李海菠;宏觀經(jīng)濟(jì)因素對(duì)上市公司資本結(jié)構(gòu)的影響——基于面板數(shù)據(jù)模型的實(shí)證分析[J];財(cái)經(jīng)科學(xué);2003年S1期

2 封晴;;銀根緊縮政策下房地產(chǎn)企業(yè)的融資創(chuàng)新[J];財(cái)經(jīng)科學(xué);2008年05期

3 李春艷,劉海波;我國(guó)上市公司融資行為的變化趨勢(shì)與發(fā)展對(duì)策[J];當(dāng)代經(jīng)濟(jì)研究;2003年09期

4 楊華,楊瓊;我國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)的實(shí)證研究[J];福建行政學(xué)院福建經(jīng)濟(jì)管理干部學(xué)院學(xué)報(bào);2004年02期

5 劉洪玉,翁少群;中國(guó)房地產(chǎn)市場(chǎng)的發(fā)展呼喚機(jī)構(gòu)投資者參與[J];中國(guó)房地產(chǎn);2005年02期

6 于東智;資本結(jié)構(gòu)、債權(quán)治理與公司績(jī)效:一項(xiàng)經(jīng)驗(yàn)分析[J];中國(guó)工業(yè)經(jīng)濟(jì);2003年01期

7 李炳金;;中小企業(yè)資本結(jié)構(gòu)影響因素的實(shí)證分析——基于2005—2009年中小板上市公司平衡面板數(shù)據(jù)[J];貴州財(cái)經(jīng)學(xué)院學(xué)報(bào);2011年06期

8 張鵬;張屹山;;通脹傳導(dǎo)與貨幣政策獨(dú)立性[J];經(jīng)濟(jì)學(xué)動(dòng)態(tài);2011年10期

9 陸正飛,辛宇;上市公司資本結(jié)構(gòu)主要影響因素之實(shí)證研究[J];會(huì)計(jì)研究;1998年08期

10 劉麗華;;我國(guó)企業(yè)資本結(jié)構(gòu)優(yōu)化問(wèn)題的研究[J];遼寧工業(yè)大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2012年02期

本文編號(hào)：1396760