本文關(guān)鍵詞： 資本結(jié)構(gòu) 零杠桿 有息負債率 長期有息負債率 長期負債率　出處：《山西大學》2013年碩士論文　論文類型：學位論文

【摘要】：資本結(jié)構(gòu)是研究企業(yè)資金來源中負債與權(quán)益的比例關(guān)系,作為公司理財活動的重要組成部分,不同的融資方式產(chǎn)生的資本成本不同,不僅影響融資、經(jīng)營、分配決策等方面,反映企業(yè)的資金實力,還通過企業(yè)治理和經(jīng)理人的行為,影響著企業(yè)價值的形成,且間接影響國家的經(jīng)濟狀況。作為我國支柱產(chǎn)業(yè)的房地產(chǎn)行業(yè),對我國經(jīng)濟發(fā)展和社會進步具有重要影響作用,而近年來我國房地產(chǎn)市場飛速發(fā)展,房地產(chǎn)企業(yè)數(shù)目不斷增加,資金使用周期長、資金需求量大、風險高、對外部融資高度依賴是房地產(chǎn)行業(yè)的主要特點。因此,長期負債作為能夠提供穩(wěn)定的資金來源應該是企業(yè)重要的外部融資方式。然而,長期以來,作為我國房地產(chǎn)行業(yè)領(lǐng)頭羊的上市房地產(chǎn)企業(yè)卻表現(xiàn)出普遍的低杠桿、甚至零杠桿現(xiàn)象,這與資本市場和房地產(chǎn)市場的普遍規(guī)律不符,房地產(chǎn)上市企業(yè)的這種零杠桿現(xiàn)象是本文的主要研究對象。 因此,本文選擇剔除了應付賬款、應付票據(jù)、應付職工薪酬、應交稅金等與企業(yè)日常生產(chǎn)經(jīng)營活動相聯(lián)系的自然融資后的長期負債率、有息負債率和長期有息負債率三個指標來刻畫企業(yè)的資本結(jié)構(gòu),描述本文所稱的零杠桿、低杠桿現(xiàn)象,以真正捕捉上市房地產(chǎn)企業(yè)的資金來源和資本構(gòu)成情況。選擇上市房地產(chǎn)企業(yè)1992至2010年的報表數(shù)據(jù),運用Logistic回歸方法,探究與企業(yè)融資策略有關(guān)的資金來源、企業(yè)特征變量、宏觀經(jīng)濟環(huán)境和宏觀政策四個方面的影響因素與企業(yè)是否選擇零杠桿融資之間的相關(guān)性。實證結(jié)果表明,當貨幣資金、短期借款、商業(yè)信用融資充足,股票上市融資充分時,上市房地產(chǎn)企業(yè)更傾向于零杠桿融資決策。與非零杠桿企業(yè)相比,這樣的企業(yè)通常企業(yè)規(guī)模較小、擁有較少的有形資產(chǎn)、且成長性高,宏觀經(jīng)濟環(huán)境對其影響更為顯著。因此,本文建議在適時、適度的選擇零杠桿融資策略的同時,考慮我國資本市場發(fā)展程度,完善市場融資方式,加快融資多元化步伐,建立合理有效的房地產(chǎn)企業(yè)融資渠道。
[Abstract]:Capital structure is a study of the relationship between debt and equity in the capital source of enterprises. As an important part of corporate financial activities, different financing methods produce different capital costs, which not only affect financing, but also affect management. Distribution decision-making reflects the capital strength of enterprises, but also affects the formation of enterprise value through corporate governance and managers' behavior. As the pillar industry of our country, the real estate industry plays an important role in the economic development and social progress of our country, but in recent years, the real estate market of our country develops rapidly. The number of real estate enterprises is increasing, the use of funds is long, the demand for funds is large, the risk is high, and the dependence on external financing is the main characteristics of the real estate industry. Long-term debt as a stable source of funds should be an important external financing method. However, for a long time. As the leader of China's real estate industry, listed real estate enterprises show a common low leverage, even zero leverage phenomenon, which is not consistent with the general law of capital market and real estate market. The zero-lever phenomenon of real estate listed enterprises is the main research object of this paper. Therefore, this paper chooses to eliminate the accounts payable, notes payable, wages payable, tax payable and other natural financing related to the daily production and management activities of the enterprise after long-term debt ratio. Interest bearing debt ratio and long-term interest-bearing debt ratio to describe the capital structure of the enterprise, described in this paper, zero leverage, low leverage phenomenon. In order to really capture the capital sources and capital composition of listed real estate enterprises, select the listed real estate enterprises from 1992 to 2010 report data, and use Logistic regression method. This paper explores the correlation between the four factors related to the financing strategy, such as the source of capital, the characteristic variables of the enterprise, the macroeconomic environment and the macroeconomic policy, and whether the firm chooses zero leverage financing. The empirical results show that. When the monetary funds, short-term loans, commercial credit financing is sufficient, the listed real estate companies are more inclined to zero leverage financing decisions. Compared with non-zero leverage enterprises. Such enterprises are usually smaller, have less tangible assets, and have high growth, and the macroeconomic environment has a more significant impact on them. Therefore, this paper suggests in due course. At the same time, we should consider the development of China's capital market, perfect the way of market financing, quicken the pace of financing diversification, and establish reasonable and effective financing channels for real estate enterprises.
【學位授予單位】：山西大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F299.233.4

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