本文選題：房地產(chǎn)企業(yè) + 融資結(jié)構(gòu)��； 參考：《復(fù)旦大學(xué)》2014年碩士論文

【摘要】：房地產(chǎn)行業(yè)是目前我國(guó)經(jīng)濟(jì)體系中的熱門行業(yè),是社會(huì)關(guān)注度較高的行業(yè),它不僅關(guān)系到人民的安居樂業(yè),也關(guān)系到上下游產(chǎn)業(yè)的發(fā)展,是一個(gè)具有較長(zhǎng)產(chǎn)業(yè)鏈的行業(yè)；房地產(chǎn)業(yè)屬于典型的資金密集型行業(yè),資金投資量巨大,回收期相對(duì)較長(zhǎng),企業(yè)必須借助信貸和其他融資途徑才能保證項(xiàng)目順利進(jìn)行,因此決定了該類企業(yè)的發(fā)展必須依靠金融領(lǐng)域的協(xié)助,也決定了房地產(chǎn)企業(yè)融資結(jié)構(gòu)的復(fù)雜性和多樣性。同時(shí)我國(guó)房地產(chǎn)企業(yè)的發(fā)展又有其特殊性,20年間中國(guó)房地產(chǎn)企業(yè)迅速發(fā)展壯大,而其發(fā)展模式也越顯野蠻,融資模式千變?nèi)f化,尤其是債務(wù)融資為代表的間接融資大規(guī)模上升,且大多以銀行信貸、金融機(jī)構(gòu)貸款為主,而股權(quán)融資等直接融資相對(duì)較少,社會(huì)監(jiān)督職能嚴(yán)重不足。本文主要采用規(guī)范研究與實(shí)證研究相結(jié)合的方法研究我國(guó)A股房地產(chǎn)企業(yè)融資結(jié)構(gòu)對(duì)績(jī)效的影響,選擇滬深兩市A股市場(chǎng)的128家上市房地產(chǎn)企業(yè)2008至2012年的公開財(cái)務(wù)數(shù)據(jù)作為計(jì)算各項(xiàng)指標(biāo)的基礎(chǔ),構(gòu)建面板指標(biāo)數(shù)據(jù),建立房地產(chǎn)企業(yè)融資結(jié)構(gòu)指標(biāo)和相關(guān)績(jī)效評(píng)估指標(biāo),將公司績(jī)效分為盈利能力、運(yùn)營(yíng)能力和發(fā)展能力,并采用因子分析法得出各績(jī)效的結(jié)果,之后分別建立帶有一階滯后項(xiàng)的回歸方程。得出結(jié)論認(rèn)為A股上市的房地產(chǎn)企業(yè)中,內(nèi)源融資對(duì)企業(yè)的盈利能力、運(yùn)營(yíng)能力、發(fā)展能力以及綜合經(jīng)營(yíng)績(jī)效均有正的影響；股權(quán)融資對(duì)企業(yè)運(yùn)營(yíng)能力有積極的影響,但是對(duì)企業(yè)的長(zhǎng)期發(fā)展能力有負(fù)的影響；商業(yè)信貸對(duì)企業(yè)的運(yùn)營(yíng)能力的影響為負(fù),對(duì)企業(yè)的發(fā)展能力影響為正；銀行信貸對(duì)企業(yè)的盈利能力為正,但是對(duì)企業(yè)運(yùn)營(yíng)能力的影響為負(fù)。
[Abstract]:The real estate industry is the hot industry in the present economic system of our country, is the industry with high social attention, it not only relates to the people's living and working in peace and contentment, but also relates to the development of the upstream and downstream industries, and is an industry with a long industrial chain. The real estate industry is a typical capital-intensive industry, with a huge amount of capital investment and a relatively long payback period. Enterprises must resort to credit and other financing channels to ensure the smooth progress of the project. Therefore, the development of this kind of enterprises must rely on the assistance of the financial field, but also determine the complexity and diversity of the financing structure of real estate enterprises. At the same time, the development of Chinese real estate enterprises has its particularity. During the past 20 years, Chinese real estate enterprises have developed rapidly, and their development mode has become more and more barbaric, and the financing mode has been changing, especially the indirect financing represented by debt financing. And most of the bank credit, financial institutions loans, and equity financing and other direct financing is relatively small, social supervision function is seriously inadequate. This paper mainly adopts the method of combining normative research and empirical research to study the impact of the financing structure of A-share real estate enterprises on the performance of China's A-share real estate enterprises. The open financial data of 128 listed real estate enterprises in Shanghai and Shenzhen A-share market from 2008 to 2012 are selected as the basis of calculating each index, and the panel index data is constructed, and the financing structure index and related performance evaluation index of real estate enterprise are established. The performance of the company is divided into profitability, operational ability and development ability, and the results of each performance are obtained by factor analysis, and then the regression equations with first-order lag term are established respectively. The conclusion is that endogenous financing has a positive effect on the profitability, operation ability, development ability and comprehensive operating performance of the A-share listed real estate enterprises, and equity financing has a positive impact on the operation ability of the enterprises. However, it has a negative impact on the long-term development ability of the enterprise; the impact of commercial credit on the operation ability of the enterprise is negative, and the impact on the development ability of the enterprise is positive; the bank credit has a positive impact on the profitability of the enterprise. But the influence to the enterprise operation ability is negative.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.42

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