發(fā)布時(shí)間：2018-07-06 08:42

  本文選題：房地產(chǎn)上市公司 + 資本結(jié)構(gòu)�。� 參考：《中南林業(yè)科技大學(xué)》2013年碩士論文

【摘要】：自1958年Modigliani和Miller提出MM定理以來(lái),便掀起了對(duì)資本結(jié)構(gòu)理論研究的熱潮,對(duì)資本結(jié)構(gòu)的研究具有重大的理論價(jià)值和現(xiàn)實(shí)意義。資本結(jié)構(gòu)對(duì)企業(yè)的資本成本、投融資決策等都有影響,如果能夠明確影響企業(yè)資本結(jié)構(gòu)的因素,就可以針對(duì)這些影響因素,提出優(yōu)化企業(yè)資本結(jié)構(gòu)的可行性措施,企業(yè)實(shí)現(xiàn)價(jià)值最大化。 房地產(chǎn)行業(yè)對(duì)國(guó)民經(jīng)濟(jì)的發(fā)展起著舉足輕重的作用,由于房地產(chǎn)業(yè)屬于資金密集型產(chǎn)業(yè),所以公司自身情況、國(guó)家宏觀經(jīng)濟(jì)政策、資本市場(chǎng)環(huán)境都會(huì)影響其資本結(jié)構(gòu),因此對(duì)我國(guó)房地產(chǎn)上市公司的資本結(jié)構(gòu)影響因素進(jìn)行研究有重大的意義,并為我國(guó)房地產(chǎn)上市公司優(yōu)化其資本結(jié)構(gòu)提供參考。 文章首先介紹了資本結(jié)構(gòu)的基礎(chǔ)理論,為后面的特點(diǎn)、現(xiàn)狀和實(shí)證分析提供了理論基礎(chǔ)。然后介紹了房地產(chǎn)上市公司的行業(yè)特征、經(jīng)營(yíng)現(xiàn)狀和資本結(jié)構(gòu)現(xiàn)狀,總體上看,我國(guó)房地產(chǎn)上市公司的負(fù)債融資較高,是所有行業(yè)中最高的;資金來(lái)源以銀行貸款為主,融資渠道和方式比較單一；受宏觀政策影響大。其次,對(duì)房地產(chǎn)上市公司影響因素進(jìn)行實(shí)證分析并建立模型。用資產(chǎn)負(fù)債率衡量其資本結(jié)構(gòu),選取7個(gè)微觀因素(包括盈利能力、企業(yè)規(guī)模、成長(zhǎng)性、營(yíng)運(yùn)能力、償債能力、股權(quán)結(jié)構(gòu)和抵押價(jià)值)和4個(gè)宏觀因素(包括通貨膨脹率、財(cái)政支出增長(zhǎng)率、實(shí)際貸款利率和GDP增長(zhǎng)率)為自變量。選用上海、深圳交易所2009-2011年137家房地產(chǎn)上市公司的財(cái)務(wù)數(shù)據(jù)和2002-2011年10年的宏觀數(shù)據(jù)。分別對(duì)7個(gè)微觀因素、4個(gè)宏觀因素指標(biāo)進(jìn)行多元線性回歸分析。實(shí)證結(jié)果表明：微觀方而：盈利能力、公司規(guī)模、成長(zhǎng)性、抵押價(jià)值與資本結(jié)構(gòu)正相關(guān)；營(yíng)運(yùn)能力和償債能力與資本結(jié)構(gòu)負(fù)相關(guān);股權(quán)結(jié)構(gòu)與我國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)不存在顯著的相關(guān)關(guān)系。宏觀方面分析結(jié)果：通貨膨脹率與資本結(jié)構(gòu)呈負(fù)相關(guān)關(guān)系；GDP增長(zhǎng)率、財(cái)政支出增長(zhǎng)率和實(shí)際貸款利率與資本結(jié)構(gòu)呈顯著正相關(guān)。采用最新數(shù)據(jù)分別對(duì)所建立的模型進(jìn)行驗(yàn)證,驗(yàn)證結(jié)果表明所建立模型合理、有實(shí)際意義。最后,通過(guò)分析得出當(dāng)我國(guó)房地產(chǎn)上市公司的資產(chǎn)負(fù)債率在0.60-0.65之間時(shí),為企業(yè)的最優(yōu)資本結(jié)構(gòu)。 根據(jù)對(duì)房地產(chǎn)上市公司資本結(jié)構(gòu)的現(xiàn)狀分析和影響因素的實(shí)證分析,從以下幾個(gè)方面提出優(yōu)化資本結(jié)構(gòu)的建議：實(shí)現(xiàn)融資渠道多元化、提高企業(yè)償債能力、營(yíng)運(yùn)能力、完善公司治理結(jié)構(gòu)；建立健全資本市場(chǎng)機(jī)制、完善金融市場(chǎng)等建議。
[Abstract]:Since Modigliani and Miller put forward MM theorem in 1958, there has been an upsurge in the study of capital structure theory, which has great theoretical value and practical significance. The capital structure has influence on the capital cost, investment and financing decision of the enterprise. If the factors influencing the capital structure of the enterprise can be clearly defined, the feasible measures to optimize the capital structure of the enterprise can be put forward. The enterprise realizes the value maximization. The real estate industry plays an important role in the development of the national economy. Because the real estate industry is a capital-intensive industry, the company's own situation, the state macroeconomic policy, and the capital market environment will all affect its capital structure. Therefore, it is of great significance to study the factors affecting the capital structure of the listed real estate companies in China, and to provide a reference for the listed real estate companies to optimize their capital structure. The paper first introduces the basic theory of capital structure, which provides the theoretical basis for the later characteristics, current situation and empirical analysis. Then introduced the real estate listed company's industry characteristic, the management present situation and the capital structure present situation, in general, our country real estate listed company's debt financing is high, is the highest of all industries, the capital source is mainly the bank loan. Financing channels and methods are relatively single; affected by macro-policy. Secondly, empirical analysis on the factors affecting real estate listed companies and the establishment of a model. To measure its capital structure by asset-liability ratio, seven micro factors (including profitability, enterprise size, growth, operating capacity, solvency, equity structure and mortgage value) and four macro factors (including inflation rate) are selected. Fiscal expenditure growth rate, real loan interest rate and GDP growth rate) are independent variables. The financial data of 137 listed real estate companies in Shanghai and Shenzhen from 2009 to 2011 and macro data from 2002 to 2011 were selected. Multivariate linear regression analysis was carried out on 7 micro factors and 4 macro factors. The empirical results show that: the micro side: profitability, company size, growth, mortgage value and capital structure are positively correlated, operating capacity and solvency are negatively correlated with capital structure; There is no significant correlation between equity structure and capital structure of listed real estate companies in China. The results of macro analysis show that there is a negative correlation between inflation rate and capital structure and a significant positive correlation between the growth rate of fiscal expenditure and real loan interest rate and capital structure. The model is verified by the latest data, and the results show that the model is reasonable and has practical significance. Finally, it is concluded that when the asset-liability ratio of the listed real estate companies is between 0.60-0.65, it is the optimal capital structure of the enterprises. Based on the analysis of the present situation of the capital structure of the listed real estate companies and the empirical analysis of the influencing factors, this paper puts forward some suggestions for optimizing the capital structure from the following aspects: to realize the diversification of the financing channels, to improve the ability of the enterprise to repay debt, and to improve the operating ability. Perfect corporate governance structure; establish and perfect capital market mechanism, perfect financial market and other suggestions.
【學(xué)位授予單位】：中南林業(yè)科技大學(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

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前1條

1 孔慶輝;宏觀經(jīng)濟(jì)波動(dòng)對(duì)中國(guó)上市公司資本結(jié)構(gòu)影響的實(shí)證研究[D];東北財(cái)經(jīng)大學(xué);2011年

，

本文編號(hào)：2102195