本文選題：房地產(chǎn)上市公司　切入點(diǎn)：資本結(jié)構(gòu)　出處：《山西財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：房地產(chǎn)業(yè)是一個(gè)資金密集型行業(yè)，資金需求量大，開(kāi)發(fā)周期長(zhǎng)，，受宏觀政策影響較大。在中國(guó)，房地產(chǎn)業(yè)是國(guó)民經(jīng)濟(jì)重要的支柱產(chǎn)業(yè)。但由于中國(guó)房地產(chǎn)業(yè)發(fā)展時(shí)間短，投融資體系尚未健全，且近年來(lái)中國(guó)又陸續(xù)出臺(tái)了許多遏制房地產(chǎn)過(guò)熱的宏觀政策，這些都使得中國(guó)房地產(chǎn)業(yè)融資受阻，資金鏈日趨緊張。一旦房地產(chǎn)業(yè)的資金鏈斷裂，銀行及房地產(chǎn)相關(guān)產(chǎn)業(yè)都將受到嚴(yán)重影響，進(jìn)而影響國(guó)民經(jīng)濟(jì)健康穩(wěn)定的發(fā)展。如何在動(dòng)態(tài)情況下根據(jù)宏觀政策及投資需求的變化來(lái)調(diào)整房地產(chǎn)公司的融資行為，保證房地產(chǎn)公司資金流循環(huán)順暢和健康發(fā)展，便成為一個(gè)非常重要的課題。本文以房地產(chǎn)上市公司資本結(jié)構(gòu)的微觀影響因素為研究對(duì)象，在對(duì)房地產(chǎn)上市公司的融資渠道、融資結(jié)構(gòu)特征及資本結(jié)構(gòu)現(xiàn)狀進(jìn)行分析后，以40家房地產(chǎn)上市公司2002年—2011年半年度20期的財(cái)務(wù)數(shù)據(jù)為基礎(chǔ)，采用Panel Data模型對(duì)中國(guó)房地產(chǎn)業(yè)上市公司資本結(jié)構(gòu)的微觀影響因素進(jìn)行實(shí)證研究，并通過(guò)結(jié)果分析給出相關(guān)建議。本文主要工作如下： 1.在資本結(jié)構(gòu)及相關(guān)理論回顧的基礎(chǔ)上，結(jié)合中國(guó)房地產(chǎn)業(yè)上市公司的發(fā)展情況和所處的制度環(huán)境，對(duì)其產(chǎn)業(yè)特性、融資途徑、融資結(jié)構(gòu)特征和資本結(jié)構(gòu)現(xiàn)狀進(jìn)行分析。研究發(fā)現(xiàn)中國(guó)房地產(chǎn)業(yè)上市公司融資渠道單一，過(guò)度依賴銀行貸款。 2.首先對(duì)影響中國(guó)房地產(chǎn)業(yè)上市公司資本結(jié)構(gòu)選擇的微觀因素進(jìn)行理論分析，在此基礎(chǔ)上，從7個(gè)維度選取了23個(gè)時(shí)變解釋變量，采用動(dòng)態(tài)面板模型篩選出其中對(duì)中國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)有顯著影響的指標(biāo)，結(jié)合現(xiàn)有學(xué)者的相關(guān)研究引入非時(shí)變解釋變量初始資本結(jié)構(gòu)，分別從長(zhǎng)期和短期的角度分析其對(duì)中國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)的影響。研究發(fā)現(xiàn)中國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)從長(zhǎng)期來(lái)看是穩(wěn)定的。
[Abstract]:The real estate industry is a capital-intensive industry, with a large demand for funds, a long development period, and is greatly influenced by macro policies. In China, the real estate industry is an important pillar industry of the national economy. However, due to the short period of development of the real estate industry in China, The investment and financing system is not yet sound, and in recent years, China has introduced many macro policies to curb the overheating of real estate. All of these have hindered the financing of China's real estate industry, and the capital chain has become increasingly tight. Once the real estate industry's capital chain breaks, Banks and real estate related industries will be seriously affected, thus affecting the healthy and stable development of the national economy. How to adjust the financing behavior of real estate companies according to the changes of macro policies and investment demand in the dynamic situation, To ensure the smooth circulation and healthy development of capital flow of real estate companies, it has become a very important issue. This paper takes the micro factors of capital structure of listed real estate companies as the research object, and analyzes the financing channels of listed real estate companies. Based on the analysis of the characteristics of financing structure and the present situation of capital structure, based on the financial data of 40 listed real estate companies from 2002 to 2011, This paper makes an empirical study on the microcosmic influencing factors of the capital structure of the listed companies in China's real estate industry by using the Panel Data model, and puts forward the relevant suggestions through the analysis of the results. The main work of this paper is as follows:. 1. On the basis of the review of capital structure and related theories, combined with the development situation and institutional environment of listed companies in China's real estate industry, the industrial characteristics and financing channels of the listed companies are analyzed. By analyzing the characteristics of financing structure and the present situation of capital structure, it is found that the financing channel of listed companies in China's real estate industry is single, and they are over-dependent on bank loans. 2. Firstly, the microcosmic factors influencing the capital structure selection of listed companies in real estate industry in China are theoretically analyzed. On this basis, 23 time-varying explanatory variables are selected from 7 dimensions. The dynamic panel model is used to screen out the indexes which have significant influence on the capital structure of Chinese real estate listed companies, and the initial capital structure of the time-invariant explanatory variable is introduced in combination with the existing scholars' research. The paper analyzes its influence on the capital structure of Chinese real estate listed companies in the long and short term, and finds that the capital structure of Chinese real estate listed companies is stable in the long run.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F299.233.4

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