發(fā)布時(shí)間：2018-06-22 16:47

  本文選題：房地產(chǎn)企業(yè) + 資本結(jié)構(gòu)��； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：資本結(jié)構(gòu)理論一直以來都是學(xué)術(shù)界不斷探討研究的課題,從最初的MM理論一直到現(xiàn)在的新資本結(jié)構(gòu)理論,幾十年來國內(nèi)國外的學(xué)者們根據(jù)不同的行業(yè)都進(jìn)行了深入研究。通過研究發(fā)現(xiàn),資本結(jié)構(gòu)始終是處于一個(gè)動態(tài)的變化過程,沒有哪一種資本結(jié)構(gòu)是絕對的最優(yōu)資本結(jié)構(gòu),企業(yè)只有根據(jù)不同的經(jīng)濟(jì)環(huán)境,不同的宏觀政策和企業(yè)自身的整體情況來不斷的調(diào)整自己的資本結(jié)構(gòu),才能使企業(yè)有一個(gè)更好的經(jīng)營業(yè)績。我國的房地產(chǎn)行業(yè)經(jīng)歷了起起伏伏的幾十年,在期間經(jīng)歷過低谷也經(jīng)歷過高潮。總的來說我國的房地產(chǎn)行業(yè)是一個(gè)高投資高風(fēng)險(xiǎn)高回報(bào)的行業(yè)。這幾年來,隨著國家宏觀調(diào)控政策的不斷深入,以往高負(fù)債高杠桿經(jīng)營模式對房地產(chǎn)企業(yè)來說,已經(jīng)不再是創(chuàng)造利潤的萬能鑰匙了。為了應(yīng)對政府的宏觀調(diào)控,保障房地產(chǎn)行業(yè)健康可持續(xù)的發(fā)展,對房地產(chǎn)行業(yè)資本結(jié)構(gòu)對企業(yè)經(jīng)營績效影響的研究是十分必要的。 本文在借鑒前人研究的基礎(chǔ)上,以上市房地產(chǎn)企業(yè)作為研究對象,采用因子分析法,對資本結(jié)構(gòu)對企業(yè)經(jīng)營績效的影響方面進(jìn)行實(shí)證研究,希望最終得出的結(jié)果能夠?qū)Ψ康禺a(chǎn)企業(yè)的資本結(jié)構(gòu)優(yōu)化有一定的貢獻(xiàn)意義。 本文主要分為六個(gè)章節(jié)。第一章節(jié)主要介紹研究背景、意義、研究的內(nèi)容與方法和本文的預(yù)期貢獻(xiàn)；第二章節(jié)為文獻(xiàn)綜述部分,將筆者整理的國內(nèi)外對于資本結(jié)構(gòu)、經(jīng)營績效、資本結(jié)構(gòu)對經(jīng)營績效影響的一些研究成果做出介紹。第三章節(jié)為理論介紹部分,通過分別對資本結(jié)構(gòu)理論和績效理論的梳理,為本文奠定理論基礎(chǔ)：第四章節(jié)主要介紹房地產(chǎn)及其行業(yè)的概念,房地產(chǎn)行業(yè)的發(fā)展歷程以及房地產(chǎn)行業(yè)資本結(jié)構(gòu)的一些特點(diǎn),描述性統(tǒng)計(jì)了2009年一2011年近三年來房地產(chǎn)上市企業(yè)的資本結(jié)構(gòu)和經(jīng)營績效的數(shù)據(jù)。第五章節(jié)為本文的實(shí)證研究,通過因子分析法對樣本企業(yè)資本結(jié)構(gòu)對經(jīng)營績效的影響進(jìn)行實(shí)證分析。第六部分為文章的結(jié)論與建議,對實(shí)證分析的結(jié)果進(jìn)行分析,并且提出建議。 本文的貢獻(xiàn)點(diǎn)主要在于以下兩點(diǎn)： 第一,以往對于房地產(chǎn)行業(yè)的一些實(shí)證研究,通常是選擇一些大型房地產(chǎn)上市企業(yè)作為研究對象,這些大型上市房地產(chǎn)企業(yè)往往企業(yè)規(guī)模、公司治理、經(jīng)營績效上都是較好的,對于整個(gè)行業(yè)沒有很好的指導(dǎo)意義。而本文是在目前國家宏觀政策調(diào)控的背景下,選取整個(gè)上市房地產(chǎn)企業(yè)作為研究對象,研究的結(jié)果對整個(gè)行業(yè)有一定的借鑒意義。 第二,本文通過因子分析法對房地產(chǎn)上市企業(yè)資本結(jié)構(gòu)對經(jīng)營績效的影響進(jìn)行了實(shí)證研究,得出了資產(chǎn)負(fù)債率與經(jīng)營績效呈負(fù)相關(guān)關(guān)系,短期負(fù)債率和長期負(fù)債率與企業(yè)經(jīng)營績效的關(guān)系只有在顯著性水平為15%左右的情況下顯著。針對研究結(jié)果,從企業(yè)層面和國家層面提出了一些建議。這些建議為房地產(chǎn)企業(yè)優(yōu)化資本結(jié)構(gòu)提供了一些新的措施和途徑。
[Abstract]:The theory of capital structure has always been the subject of academic research, from the initial MM theory to the new capital structure theory, domestic and foreign scholars have carried out in-depth research according to different industries in recent decades. Through the research, it is found that the capital structure is always in a dynamic process of change, no capital structure is the absolute optimal capital structure, enterprises only according to different economic environment, Different macro policies and the overall situation of the enterprise itself to constantly adjust their capital structure, in order to enable the enterprise to have a better business performance. China's real estate industry has experienced ups and downs for decades, during which time experienced a trough and experienced a climax. In general, the real estate industry in China is a high investment, high risk and high return industry. In recent years, with the deepening of the national macro-control policy, the former high-debt high-leverage business model for real estate enterprises, is no longer the master key to create profits. In order to deal with the macro-control of the government and ensure the healthy and sustainable development of the real estate industry, it is necessary to study the impact of the capital structure of the real estate industry on the business performance. On the basis of previous studies, this paper makes an empirical study on the effect of capital structure on enterprise performance by factor analysis. It is hoped that the final results will contribute to the optimization of capital structure of real estate enterprises. This paper is divided into six chapters. The first chapter mainly introduces the research background, significance, content and method of the study and the expected contribution of this paper. The second chapter is the literature review part, the author collates the domestic and foreign capital structure, management performance, Some research results on the impact of capital structure on business performance are introduced. The third chapter is the theory introduction part, through combing the capital structure theory and the performance theory respectively, establishes the theoretical foundation for this article: the fourth chapter mainly introduces the real estate and its profession concept, The development course of real estate industry and some characteristics of capital structure of real estate industry are described. The data of capital structure and management performance of real estate listed enterprises in the past three years from 2009 to 2011 are described. The fifth chapter is the empirical study of this paper, through factor analysis of the sample enterprise capital structure on the impact of business performance empirical analysis. The sixth part is the conclusions and recommendations of the article, the empirical analysis of the results of the analysis, and put forward recommendations. The contribution of this paper mainly lies in the following two points: first, some empirical research on the real estate industry in the past, usually select some large real estate listed enterprises as the research object. These large listed real estate enterprises are often good in scale, corporate governance, management performance, and have no good guiding significance for the whole industry. Under the background of the current national macro-policy regulation, this paper selects the whole listed real estate enterprises as the research object, the results of the study have certain reference significance to the whole industry. Secondly, this paper makes an empirical study on the impact of capital structure on operating performance of listed real estate enterprises by factor analysis, and draws a negative correlation between asset-liability ratio and operating performance. The relationship between short-term debt ratio and long-term debt ratio is significant only when the significant level is about 15%. In view of the research results, some suggestions are put forward from the enterprise level and the national level. These suggestions provide some new measures and ways for real estate enterprises to optimize capital structure.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F299.233.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張淑英;張菊;蔣蕊;;公司資本結(jié)構(gòu)對盈利能力影響的實(shí)證研究——來自安徽省上市公司數(shù)據(jù)[J];安徽科技學(xué)院學(xué)報(bào);2008年02期

2 靳明;楊廣領(lǐng);;房地產(chǎn)上市公司資本結(jié)構(gòu)的影響因素分析[J];財(cái)經(jīng)論叢;2008年06期

3 魯靖文;朱淑芳;;上市公司資本結(jié)構(gòu)與公司績效的實(shí)證研究[J];財(cái)會通訊(學(xué)術(shù)版);2008年11期

4 陳紅艷;;福建省上市公司成長性與資本結(jié)構(gòu)關(guān)系的實(shí)證研究[J];福建商業(yè)高等專科學(xué)校學(xué)報(bào);2008年05期

5 李嘉雋;;中國航天類上市公司的資本結(jié)構(gòu)與公司績效實(shí)證研究[J];工業(yè)技術(shù)經(jīng)濟(jì);2010年03期

6 劉桂英;郭英哲;;公司治理機(jī)制對資本結(jié)構(gòu)的影響——基于中國上市公司的實(shí)證研究[J];河北大學(xué)學(xué)報(bào)(哲學(xué)社會科學(xué)版);2008年05期

7 申巧蓮;侯科峰;;我國電力行業(yè)資本結(jié)構(gòu)影響績效的實(shí)證分析[J];黑龍江對外經(jīng)貿(mào);2009年01期

8 周三深;;資本結(jié)構(gòu)對公司績效影響的研究——基于2007年滬深兩市A股上市公司的研究[J];科學(xué)技術(shù)與工程;2009年05期

9 蔡方;;河南省上市公司資本結(jié)構(gòu)的分析與思考[J];財(cái)會研究;2008年21期

10 潘立生;陸維紅;盛夏;;建筑業(yè)上市公司資本結(jié)構(gòu)對資產(chǎn)結(jié)構(gòu)影響的研究[J];合肥工業(yè)大學(xué)學(xué)報(bào)(社會科學(xué)版);2012年06期

，

本文編號：2053482