本文選題：房地產(chǎn)上市公司　切入點：債務(wù)融資　出處：《湖南大學》2014年碩士論文　論文類型：學位論文

【摘要】：房地產(chǎn)行業(yè)屬于受宏觀經(jīng)濟和國家政策影響較大的行業(yè)，具有資金密集和負債規(guī)模偏高的特點，良好的融資結(jié)構(gòu)對其發(fā)展起到關(guān)鍵作用。當前，房地產(chǎn)市場正處在轉(zhuǎn)型升級和行業(yè)整合的關(guān)鍵時期，房地產(chǎn)上市公司必須不斷加強內(nèi)部治理，提高公司績效才能有長遠的發(fā)展。房地產(chǎn)行業(yè)存在偏好債務(wù)融資的現(xiàn)象，而債務(wù)融資是公司融資的重要方式，其直接影響著公司的融資結(jié)構(gòu)對公司績效產(chǎn)生作用。因此，，針對房地產(chǎn)行業(yè)研究債務(wù)融資對公司績效的影響，將有助于優(yōu)化融資結(jié)構(gòu)，促進房地產(chǎn)上市公司績效的提升。 不同的債務(wù)融資選擇對公司績效的影響有所差異，本文首先依據(jù)MM理論、權(quán)衡理論、激勵理論、信號傳遞理論和優(yōu)序融資理論，同時結(jié)合房地產(chǎn)上市公司的債務(wù)融資現(xiàn)狀，詳細分析不同債務(wù)融資方式對公司績效的影響機理；其次，通過運用因子分析法構(gòu)造房地產(chǎn)上市公司綜合績效作為被解釋變量，分別從債務(wù)整體水平、債務(wù)期限結(jié)構(gòu)和債務(wù)來源結(jié)構(gòu)角度選取資產(chǎn)負債率、短期債務(wù)比率、長期債務(wù)比率、銀行借款比率和商業(yè)信用比率作為解釋變量構(gòu)建回歸模型；最后，采用我國房地產(chǎn)上市公司2007-2012年的樣本數(shù)據(jù)，進行面板數(shù)據(jù)回歸分析。 研究結(jié)果表明，房地產(chǎn)上市公司的資產(chǎn)負債率、短期債務(wù)比率和商業(yè)信用比率與公司績效顯著負相關(guān)，長期債務(wù)比率與公司績效顯著正相關(guān)，銀行借款比率與公司績效正相關(guān)，但不顯著。鑒此，房地產(chǎn)上市公司應(yīng)該適度降低負債比例，增強公司內(nèi)源融資能力和擴大股權(quán)融資規(guī)模；在債務(wù)期限選擇上，合理安排長短期債務(wù)組合，去除短期負債過度利用導(dǎo)致的短視行為，充分發(fā)揮長期負債對公司績效的正向作用；在債務(wù)來源選擇上，要拓展多元化融資渠道，積極發(fā)展房地產(chǎn)債券市場。通過不同方式的債務(wù)選擇組合，優(yōu)化房地產(chǎn)上市公司的債務(wù)融資結(jié)構(gòu)，提高資金使用效率，從而提升公司績效，為房地產(chǎn)行業(yè)的發(fā)展壯大提供參考借鑒。
[Abstract]:The real estate industry, which is greatly influenced by macroeconomic and national policies, is characterized by intensive capital and high debt scale. A good financing structure plays a key role in its development. The real estate market is in a critical period of transformation, upgrading and industry integration. Real estate listed companies must constantly strengthen their internal governance and improve their corporate performance in order to develop in the long run. The real estate industry has a preference for debt financing. Debt financing is an important way of corporate financing, which has a direct impact on corporate performance. Therefore, to study the impact of debt financing on corporate performance in real estate industry will help to optimize the financing structure. To promote the performance of listed real estate companies. Different debt financing options have different effects on corporate performance. Firstly, according to MM theory, trade-off theory, incentive theory, signaling theory and priority financing theory, this paper combines the debt financing status of listed real estate companies. The influence mechanism of different debt financing methods on corporate performance is analyzed in detail. Secondly, the comprehensive performance of real estate listed companies is constructed by using factor analysis method as the explanatory variable, respectively from the overall debt level, From the perspective of debt maturity structure and debt source structure, asset-liability ratio, short-term debt ratio, long-term debt ratio, bank loan ratio and commercial credit ratio are selected as explanatory variables to construct regression model. Using the sample data of real estate listed companies in China from 2007 to 2012, the panel data regression analysis is carried out. The results show that the asset-liability ratio, short-term debt ratio and commercial credit ratio of real estate listed companies are negatively correlated with corporate performance, while long-term debt ratios are positively correlated with corporate performance. Bank borrowing ratio is positively correlated with corporate performance, but it is not significant. Therefore, listed real estate companies should reduce their debt ratio moderately, enhance their endogenous financing capacity and expand their equity financing scale. Reasonable arrangement of long-term and short-term debt portfolio, remove short-sighted behavior caused by over-utilization of short-term debt, give full play to the positive role of long-term debt on corporate performance; in the choice of debt source, we should expand diversified financing channels. Actively develop the real estate bond market. Through different ways of debt selection combination, optimize the debt financing structure of listed real estate companies, improve the efficiency of the use of funds, thereby improving corporate performance, For the development of the real estate industry to provide reference.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.233.4

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