【摘要】：債務(wù)融資是企業(yè)重要的資金來源，對(duì)于房地產(chǎn)這種資金密集型產(chǎn)業(yè)來說尤為如此。如何科學(xué)地做出債務(wù)融資結(jié)構(gòu)決策，促進(jìn)企業(yè)績效的提升，是很多學(xué)者和管理者都關(guān)注的問題，，對(duì)國家經(jīng)濟(jì)的穩(wěn)定持續(xù)發(fā)展也有著重要意義。 本文首先對(duì)國內(nèi)外學(xué)者有關(guān)債務(wù)融資結(jié)構(gòu)對(duì)公司績效影響的研究現(xiàn)狀進(jìn)行了回顧和歸納，在借鑒前人的研究經(jīng)驗(yàn)和不足的基礎(chǔ)上提出本文研究的方向和方法。然后對(duì)相關(guān)理論進(jìn)行整理，從債務(wù)融資的財(cái)務(wù)杠桿效應(yīng)、稅盾效應(yīng)、激勵(lì)效應(yīng)和信號(hào)傳遞效應(yīng)四個(gè)方面分析了其對(duì)公司績效的影響。接著選取了2004-2013年間在我國上海證券交易所和深圳證券交易所上市交易的房地產(chǎn)上市公司共132家，對(duì)它們的債務(wù)融資現(xiàn)狀和公司績效現(xiàn)狀進(jìn)行了描述性統(tǒng)計(jì)，并采用面板回歸分析方法，從債務(wù)融資整體、期限結(jié)構(gòu)和類型結(jié)構(gòu)三個(gè)角度對(duì)我國房地產(chǎn)上市公司債務(wù)融資結(jié)構(gòu)對(duì)公司績效影響進(jìn)行了分析，結(jié)果顯示，資產(chǎn)負(fù)債率與公司績效之間的關(guān)系是負(fù)相關(guān)的，它們之間的“倒U型”的關(guān)系并不顯著；短期債務(wù)比率和長期債務(wù)比率都與公司績效之間存在顯著的負(fù)相關(guān)關(guān)系；銀行貸款融資率、企業(yè)債券融資率均與公司績效之間存在顯著的負(fù)相關(guān)關(guān)系；商業(yè)信用融資率與公司績效存在顯著的正相關(guān)關(guān)系。最后，本文分別對(duì)房地產(chǎn)企業(yè)和政府兩個(gè)主體提出了相關(guān)政策建議。
[Abstract]:Debt financing is an important source of capital for companies, especially for capital-intensive industries such as real estate. How to make the decision of debt financing structure scientifically and promote the improvement of enterprise performance is a problem that many scholars and managers pay attention to, and it is also of great significance to the stable and sustainable development of national economy. This paper first reviews and summarizes the current situation of the research on the influence of debt financing structure on corporate performance at home and abroad, and puts forward the research direction and method of this paper on the basis of the previous research experience and deficiency. Then the paper analyzes the influence of debt financing on corporate performance from four aspects: financial leverage effect, tax shield effect, incentive effect and signal transmission effect. Then, 132 listed real estate companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange from 2004 to 2013 are selected, and their debt financing and corporate performance are analyzed. Using panel regression analysis, the paper analyzes the effect of debt financing structure on corporate performance from three angles of debt financing, maturity structure and type structure. The relationship between asset-liability ratio and corporate performance is negative, the "inverted U-type" relationship between them is not significant, there is a significant negative correlation between short-term debt ratio and long-term debt ratio and corporate performance. Bank loan financing rate, corporate bond financing rate and corporate performance have significant negative correlation, commercial credit financing rate and corporate performance have a significant positive correlation. Finally, this paper puts forward the relevant policy recommendations to the real estate enterprises and the government respectively.
【學(xué)位授予單位】：暨南大學(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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