本文選題：債務(wù)融資 + 企業(yè)績效��； 參考：《吉林財經(jīng)大學(xué)》2017年碩士論文

【摘要】：房地產(chǎn)行業(yè)是國民經(jīng)濟(jì)發(fā)展的“晴雨表”,它既是國民經(jīng)濟(jì)的基礎(chǔ)性和先導(dǎo)性產(chǎn)業(yè),又是支柱性產(chǎn)業(yè),控制著國家的經(jīng)濟(jì)命脈和財政收入,尤其對于我國國民而言,房地產(chǎn)業(yè)關(guān)乎著每個人的切身利益。債務(wù)融資是企業(yè)主要的資金來源,又是資本結(jié)構(gòu)的一個重要構(gòu)成部分,而資本結(jié)構(gòu)又是公司治理的重要方面,房地產(chǎn)業(yè)又是資金密集型產(chǎn)業(yè),所以如何科學(xué)地做出債務(wù)融資結(jié)構(gòu)決策來完善房地產(chǎn)上市公司的公司治理,將房地產(chǎn)上市公司的企業(yè)績效提升上去特別重要。所以,為了替房地產(chǎn)上市公司找出一些比較合理的有利于公司進(jìn)行債務(wù)融資的方式,研究房地產(chǎn)上市公司的債務(wù)融資對企業(yè)績效的影響是有必要的,該項研究不僅具有理論意義,更具有現(xiàn)實意義。本文選取了2011—2015年在深滬交易所上市的A股房地產(chǎn)上市公司為研究樣本,從國泰安數(shù)據(jù)庫下載原始數(shù)據(jù),運用SPSS19.0、EXCEL軟件對數(shù)據(jù)進(jìn)行處理,突破了傳統(tǒng)的其他學(xué)者的單一變量對企業(yè)績效的影響的研究,本文分別從債務(wù)融資整體水平、債務(wù)期限結(jié)構(gòu)和債務(wù)來源三個方面來研究它們對企業(yè)績效的影響,根據(jù)這三個方面提出了五個假設(shè),構(gòu)建了三個模型,然后根據(jù)模型來進(jìn)行實證研究,目的就是希望通過根據(jù)此項研究的研究結(jié)果來找到提高房地產(chǎn)上市公司的企業(yè)績效的方法。最后通過本文的論證分析,結(jié)果表明:房地產(chǎn)上市公司的債務(wù)整體水平與企業(yè)績效是有關(guān)系的,他們之間是負(fù)向關(guān)系,即企業(yè)的債務(wù)水平越高,房地產(chǎn)上市公司的績效就越低;短期債務(wù)和長期債務(wù)對企業(yè)績效均有負(fù)向影響,說明無論是短期債務(wù)還是長期債務(wù),對企業(yè)的績效影響都是不利的;銀行借款與公司績效呈負(fù)的相關(guān)關(guān)系,銀行借款越多,企業(yè)績效越低,商業(yè)信用與公司績效呈正的相關(guān)關(guān)系,說明如果一個公司的商業(yè)信用良好,那么它的績效水平越高。
[Abstract]:The real estate industry is a "barometer" for the development of the national economy. It is not only the basic and leading industry of the national economy, but also a pillar industry, which controls the national economic lifeline and financial revenue, especially for the people of our country. Real estate concerns everyone's vital interests. Debt financing is the main source of capital and an important component of the capital structure, and the capital structure is an important aspect of corporate governance, and the real estate industry is a capital-intensive industry. Therefore, how to make the decision of debt financing structure scientifically to perfect the corporate governance of listed real estate companies and improve the corporate performance of listed real estate companies is particularly important. Therefore, in order to find some reasonable ways for the listed real estate companies to make debt financing, it is necessary to study the impact of debt financing on the performance of the real estate listed companies. This research has not only theoretical significance, but also practical significance. In this paper, the A share real estate listed companies listed in Shenzhen and Shanghai Stock Exchange from 2011 to 2015 are selected as the research samples, the original data are downloaded from Cathay's database, and the data are processed by SPSS 19.0 excel software. This paper studies the influence of debt financing, debt maturity structure and debt source on corporate performance from three aspects: the overall level of debt financing, debt maturity structure and debt source. According to these three aspects, this paper puts forward five hypotheses, constructs three models, and then carries on the empirical research according to the model. The purpose is to find the method to improve the enterprise performance of the real estate listed company through the research result of this research. Finally, through the argumentation and analysis of this paper, the result shows that: the overall debt level of the real estate listed company is related to the enterprise performance, and the relationship between them is negative, that is, the higher the debt level of the enterprise, the lower the performance of the real estate listed company; Both short-term debt and long-term debt have a negative impact on corporate performance, indicating that both short-term debt and long-term debt have negative effects on corporate performance, and bank borrowing has a negative correlation with corporate performance. The lower the firm performance, the positive correlation between the business credit and the company performance, indicating that if a company's commercial credit is good, then its performance level is higher.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.42

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