發(fā)布時(shí)間：2018-03-24 03:26

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

【摘要】：1998年的住房體制改革促使房地產(chǎn)行業(yè)更快進(jìn)入市場(chǎng)化，經(jīng)過30多年的高速發(fā)展，房地產(chǎn)行業(yè)逐漸成為國(guó)民經(jīng)濟(jì)的支柱性行業(yè)，加之，房地產(chǎn)行業(yè)促進(jìn)40多個(gè)行業(yè)的發(fā)展，為國(guó)民經(jīng)濟(jì)的發(fā)展制造了更多增長(zhǎng)點(diǎn)，國(guó)家對(duì)房地產(chǎn)行業(yè)的發(fā)展尤為重視。 房地產(chǎn)行業(yè)屬于資金密集型行業(yè)，科學(xué)合理的資金籌集安排有助于房地產(chǎn)公司構(gòu)建合理的資本結(jié)構(gòu)。1998年以來，房地產(chǎn)行業(yè)經(jīng)歷了不同的發(fā)展階段，，國(guó)家出臺(tái)一系列政策引導(dǎo)它的規(guī)范發(fā)展，影響房地產(chǎn)融資渠道，公司績(jī)效受到影響。在變化的市場(chǎng)環(huán)境下，對(duì)房地產(chǎn)行業(yè)資本結(jié)構(gòu)和公司績(jī)效進(jìn)行關(guān)系研究，為資本結(jié)構(gòu)的優(yōu)化方向提供有效依據(jù)，有利于公司績(jī)效的提高，長(zhǎng)遠(yuǎn)來看更有利于房地產(chǎn)行業(yè)乃至國(guó)民經(jīng)濟(jì)有序健康的發(fā)展。 本文首先介紹了資本結(jié)構(gòu)理論、公司價(jià)值理論，分別梳理了國(guó)內(nèi)外學(xué)者對(duì)資本結(jié)構(gòu)與公司績(jī)效相關(guān)性研究的豐碩成果，對(duì)文獻(xiàn)進(jìn)行評(píng)述；其次分析我國(guó)房地產(chǎn)行業(yè)資本結(jié)構(gòu)特征和融資方式；最后結(jié)合房地產(chǎn)行業(yè)特征，選取恰當(dāng)?shù)墓蓹?quán)結(jié)構(gòu)與債務(wù)結(jié)構(gòu)指標(biāo)，綜合財(cái)務(wù)收益、市場(chǎng)收益、經(jīng)濟(jì)收益選取權(quán)益利潤(rùn)率（ROE）、資產(chǎn)利潤(rùn)率（ROA）、托賓Q和經(jīng)濟(jì)增加值（EVA）作為績(jī)效評(píng)價(jià)指標(biāo)，以49家完成股權(quán)分置改革的房地產(chǎn)上市公司2001—2011年面板數(shù)據(jù)為樣本，采用多元線性回歸方法，先從總體分析房地產(chǎn)上市公司資本結(jié)構(gòu)與公司績(jī)效關(guān)系，再對(duì)比分析股權(quán)分置改革前后資本結(jié)構(gòu)與公司績(jī)效關(guān)系。實(shí)證結(jié)果表明：資產(chǎn)負(fù)債率與公司績(jī)效（EVA、ROE、ROA、TBQ）正相關(guān)，流動(dòng)負(fù)債率、長(zhǎng)期資本負(fù)債率、帶息負(fù)債率與公司績(jī)效負(fù)相關(guān)，機(jī)構(gòu)持股比例、股權(quán)集中度與公司績(jī)效正相關(guān)。股權(quán)分置改革改變了股權(quán)結(jié)構(gòu)，對(duì)公司績(jī)效產(chǎn)生了一定影響。股改后，資本結(jié)構(gòu)影響公司績(jī)效的程度及方向有所變化，流通股比率對(duì)公司績(jī)效影響更為顯著。 最后，本文根據(jù)實(shí)證結(jié)果，結(jié)合實(shí)際情況，找出關(guān)鍵因素，為促進(jìn)房地產(chǎn)行業(yè)資本結(jié)構(gòu)優(yōu)化提出有效意見，提高公司績(jī)效，促進(jìn)社會(huì)資源合理配置。
[Abstract]:The housing system reform in 1998 prompted the real estate industry to enter the market more quickly. After more than 30 years of rapid development, the real estate industry gradually became the pillar industry of the national economy. In addition, the real estate industry promoted the development of more than 40 industries. For the development of the national economy to create more growth points, the development of the real estate industry is particularly important. The real estate industry is a capital-intensive industry. A scientific and reasonable arrangement for raising funds helps real estate companies to build a reasonable capital structure. Since 1998, the real estate industry has experienced different stages of development. The state has issued a series of policies to guide its normative development, affecting real estate financing channels and corporate performance. In the changing market environment, the relationship between capital structure and corporate performance of the real estate industry is studied. It provides an effective basis for the direction of capital structure optimization, is conducive to the improvement of corporate performance, and is more conducive to the orderly and healthy development of the real estate industry and even the national economy in the long run. Firstly, this paper introduces the theory of capital structure and the theory of corporate value, combs the fruitful achievements of scholars at home and abroad on the correlation between capital structure and corporate performance, and reviews the literature. Secondly, it analyzes the capital structure characteristics and financing methods of the real estate industry in China. Finally, combining the characteristics of the real estate industry, the author selects the appropriate equity structure and debt structure index, synthesizes the financial returns and market returns. Economic returns select equity profit margin, asset profit margin, Tobin Q and EVA as performance evaluation indicators. The panel data of 49 listed real estate companies that have completed the split share structure reform from 2001 to 2011 are taken as samples, and multivariate linear regression method is used. First, the relationship between capital structure and corporate performance of listed real estate companies is analyzed, and then the relationship between capital structure and corporate performance before and after the split share structure reform is compared. The empirical results show that the ratio of assets and liabilities is positively correlated with corporate performance. Current debt ratio, long-term capital debt ratio, interest-bearing debt ratio are negatively correlated with corporate performance, institutional shareholding ratio, ownership concentration ratio and corporate performance are positively correlated. After the stock reform, the degree and direction of the capital structure influencing the performance of the company has changed, and the ratio of circulating shares has a more significant impact on the performance of the company. Finally, according to the empirical results, combined with the actual situation, find out the key factors, in order to promote the optimization of the capital structure of the real estate industry put forward effective advice, improve corporate performance, promote the rational allocation of social resources.
【學(xué)位授予單位】：云南財(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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