本文選題：房地產(chǎn)企業(yè)　切入點(diǎn)：資本結(jié)構(gòu)　出處：《華東師范大學(xué)》2017年碩士論文

【摘要】：回顧剛剛過(guò)去的2016年,"房地產(chǎn)"可以算是一個(gè)年度熱詞。針對(duì)本輪的房?jī)r(jià)飛漲,社會(huì)各界人士評(píng)論不一,但有目共睹的是,自2013年來(lái),地產(chǎn)行業(yè)景氣度不斷下滑,在行業(yè)高庫(kù)存的壓力下,2014年930新政出臺(tái),標(biāo)志著行業(yè)政策寬松期的伊始,各城市(除北上廣深和三亞)限購(gòu)陸續(xù)放開(kāi)。隨后,2015年的330政策以及2015年的930政策接連出臺(tái),加速行業(yè)去庫(kù)存。在政策助推,改善性需求及投資性需求激增的背景下,全國(guó)房?jī)r(jià)呈現(xiàn)不同程度的上漲,2016年全年商品房銷(xiāo)售面積達(dá)到了 15.73億平米。隨著全國(guó)房?jī)r(jià)的快速上漲,房企也順勢(shì)加快了拿地速度,緊接著各地地王頻頻出現(xiàn)。而房地產(chǎn)企業(yè)有著資金需求量大,自有資金少的顯著特點(diǎn),這一特點(diǎn)也決定了房地產(chǎn)行業(yè)是金融體系之外最具杠桿屬性的行業(yè)。回顧行業(yè)的發(fā)展歷程,房企的融資渠道從最初單一的"房企、銀行、地方政府"的鐵三角結(jié)構(gòu),發(fā)展到目前的銀行、資本市場(chǎng)、公司債、企業(yè)債、非標(biāo)債權(quán)、信托、資管等更為多元化的融資結(jié)構(gòu)。隨著新型的融資工具不斷出現(xiàn),房企對(duì)銀行的過(guò)度依賴(lài)有所緩解,近年來(lái)銀行借款占比呈現(xiàn)下降趨勢(shì),債權(quán)融資比重上升,但縱觀整個(gè)行業(yè),房企的整體資產(chǎn)負(fù)債率仍處于高位,且有息負(fù)債總額仍呈現(xiàn)出上升態(tài)勢(shì)。在房企融資渠道進(jìn)一步升級(jí)換代的行業(yè)背景下,眾多企業(yè)紛紛提出"輕資產(chǎn)化"的轉(zhuǎn)型模式,負(fù)債出表,小股操盤(pán)等概念應(yīng)聲而出,而這些概念的背后實(shí)質(zhì),是房企對(duì)于融資方式的深入思考以及謹(jǐn)慎選擇。融資方式的選擇直接決定了企業(yè)的資本結(jié)構(gòu),而隨著學(xué)界對(duì)公司制度的研究深入,人們也漸漸認(rèn)識(shí)到企業(yè)的資本結(jié)構(gòu)不單單表現(xiàn)了債務(wù)、資本與資產(chǎn)的比例關(guān)系,更是直接影響到企業(yè)的資金成本,治理結(jié)構(gòu)以及運(yùn)營(yíng)方式,進(jìn)而對(duì)企業(yè)的經(jīng)營(yíng)績(jī)效及發(fā)展前景產(chǎn)生深遠(yuǎn)的影響。本文圍繞文獻(xiàn)研究,現(xiàn)狀分析,理論實(shí)證研究以及總結(jié)建議的研究思路,嘗試對(duì)我國(guó)房地產(chǎn)上市企業(yè)資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效的關(guān)系進(jìn)行比較深入的研究。首先,本文對(duì)國(guó)內(nèi)外的相關(guān)文獻(xiàn)進(jìn)行了梳理,分為資本結(jié)構(gòu)及影響因素和資本結(jié)構(gòu)與經(jīng)營(yíng)績(jī)效關(guān)系兩個(gè)角度,對(duì)前人的研究結(jié)果做了簡(jiǎn)要闡述;接著對(duì)我國(guó)房地產(chǎn)行業(yè)現(xiàn)狀進(jìn)行介紹,對(duì)企業(yè)的內(nèi)源融資結(jié)構(gòu)、債務(wù)結(jié)構(gòu)以及股權(quán)結(jié)構(gòu)做了較為全面的描述及比較。在理論模型及實(shí)證研究部分,本文以篩選的72家滬深兩市的房地產(chǎn)企業(yè)為樣本,首先構(gòu)建了評(píng)價(jià)企業(yè)經(jīng)營(yíng)績(jī)效的4個(gè)維度15個(gè)指標(biāo)組成的指標(biāo)體系,采用了因子分析的研究方法,對(duì)企業(yè)的總體經(jīng)營(yíng)績(jī)效進(jìn)行了打分以及排名,并將企業(yè)經(jīng)營(yíng)績(jī)效的綜合指標(biāo)作為回歸方程的被解釋變量,研究其與長(zhǎng)期資本負(fù)債率、資產(chǎn)負(fù)債率、內(nèi)源融資率、股權(quán)融資率以及流動(dòng)負(fù)債權(quán)益比率的關(guān)系。最后對(duì)全文進(jìn)行總結(jié),并提出相關(guān)建議以及意見(jiàn)。
[Abstract]:Looking back on 2016, real estate is a hot word of the year.In view of this round of soaring house prices, people from all walks of life have different comments, but what is obvious to all is that since 2013, the real estate industry has seen a steady decline in the strength of the real estate industry. Under the pressure of the industry's high inventory, the New deal of 930 in 2014 was introduced.Marked the beginning of industry policy easing period, cities (in addition to the north of Guangshen and Sanya) restrictions have been liberalized.Subsequently, the 2015 330 policy and the 2015 930 policy have been introduced, accelerating industry destocking.Against the backdrop of a policy boost, improved demand and a surge in investment demand, housing prices across the country have risen to varying degrees, with sales of commercial housing reaching 1.573 billion square meters in 2016.With the rapid rise in housing prices, housing enterprises also hastened the pace of land, followed by the frequent emergence of land kings.But the real estate enterprise has the remarkable characteristic that the capital demand is big, the own capital is small, this characteristic also decided that the real estate industry is the industry with the most leverage attribute outside the financial system.Looking back on the development of the industry, the financing channels for housing enterprises have developed from a single iron triangle structure of "housing enterprises, banks, local governments" to the present banks, capital markets, corporate bonds, corporate bonds, non-standard claims, trusts,More diversified financing structure such as capital management.With the emergence of new financing tools, the over-dependence of housing enterprises on banks has been eased. In recent years, the proportion of bank loans has declined, the proportion of debt financing has increased, but throughout the industry,Housing companies overall asset-liability ratio is still high, and the total amount of interest-bearing debt is still showing an upward trend.Under the background of further upgrading and upgrading of financing channels for housing enterprises, many enterprises have put forward the transformation mode of "light capitalization", the concepts of debt out of the table, small stock trading and so on. But the essence of these concepts is behind them.Housing enterprises for the financing of the in-depth thinking and careful choice.The choice of financing mode directly determines the capital structure of an enterprise. With the in-depth study of corporate system in academic circles, people have come to realize that the capital structure of an enterprise does not merely represent the relationship between debt, capital and assets.It also directly affects the capital cost, governance structure and operation mode of the enterprise, and then has a profound impact on the business performance and development prospects of the enterprise.This paper focuses on the literature research, current situation analysis, theoretical and empirical research, as well as the research ideas of summing up the suggestions, trying to conduct a more in-depth study on the relationship between the capital structure and operating performance of listed real estate enterprises in China.First of all, this paper combed the relevant literature at home and abroad, divided into capital structure and influencing factors and the relationship between capital structure and operating performance, and briefly elaborated the previous research results;Then the present situation of real estate industry in China is introduced, and the internal financing structure, debt structure and equity structure of enterprises are described and compared comprehensively.In the part of theoretical model and empirical research, this paper takes 72 real estate enterprises selected from Shanghai and Shenzhen stock markets as samples, and constructs an index system of 15 indexes of four dimensions to evaluate the performance of enterprises.By using factor analysis method, the overall operating performance of enterprises is rated and ranked, and the comprehensive index of business performance is taken as the explanatory variable of the regression equation, and the long-term capital debt ratio, asset-liability ratio, and the relationship between the index and the long-term capital debt ratio, the asset-liability ratio, are studied.The relationship among endogenous financing ratio, equity financing rate and current debt equity ratio.Finally, the full text of the summary, and put forward relevant suggestions and opinions.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F299.233.42

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本文編號(hào)：1711714