【摘要】：債務(wù)融資對公司績效的影響研究已經(jīng)經(jīng)歷了很多個階段,雖然各個學(xué)派的觀點并不一致,但各學(xué)派都認(rèn)為合理安排債務(wù)融資規(guī)模和結(jié)構(gòu),對公司績效的提高有很大幫助。近些年,我國房地產(chǎn)業(yè)得到突飛猛進(jìn)的發(fā)展,房地產(chǎn)業(yè)是資金高度密集的行業(yè),也是風(fēng)險積聚的行業(yè)。我國學(xué)者從資本結(jié)構(gòu)的角度對房地產(chǎn)公司的績效進(jìn)行過研究,并形成完備的研究體系,但從債務(wù)融資角度對房地產(chǎn)公司績效的研究還處在初級階段。目前,我國房地產(chǎn)業(yè)資產(chǎn)負(fù)債率較高,債務(wù)融資對房地產(chǎn)公司績效的正效應(yīng)將會對房地產(chǎn)業(yè)的發(fā)展起到重大貢獻(xiàn)。 本文以相關(guān)資本結(jié)構(gòu)理論為支撐,綜合學(xué)者研究的基礎(chǔ)上,從四個方面分析債務(wù)融資對公司績效產(chǎn)生的影響,即,財務(wù)杠桿作用、激勵約束作用、債權(quán)人介入治理作用和破產(chǎn)威脅作用。本文采用理論與實證結(jié)合的方法,提出研究設(shè)計方案,選取53個我國房地產(chǎn)上市公司為樣本,2009-2011年三年的數(shù)據(jù),以凈資產(chǎn)收益率為被解釋變量,資產(chǎn)負(fù)債率、短期債務(wù)融資率、長期債務(wù)融資率、商業(yè)信用融資率、可支配自由現(xiàn)金流比率為解釋變量,資產(chǎn)規(guī)模和銷售收入增長率為控制變量,在對各項指標(biāo)進(jìn)行描述性統(tǒng)計分析的基礎(chǔ)上,利用多元統(tǒng)計回歸和檢驗分析各解釋變量與被解釋變量之間的關(guān)系。 本文的結(jié)論有：第一,資產(chǎn)負(fù)債率與房地產(chǎn)上市公司績效負(fù)相關(guān),即負(fù)債率越高,財務(wù)杠桿負(fù)效應(yīng)顯著,公司績效降低。第二,短期債務(wù)融資率與房地產(chǎn)上市公司績效負(fù)相關(guān),即短期債務(wù)融資率過高,房地產(chǎn)上市公司面臨還款壓力過大,對公司績效負(fù)面影響顯著。第三,長期債務(wù)融資率對房地產(chǎn)上市公司績效影響不顯著,我國房地產(chǎn)上市公司應(yīng)該充分利用長期負(fù)債,去除過度利用短期負(fù)債的短視行為,發(fā)揮長期負(fù)債對公司績效的正效應(yīng)。第四,商業(yè)信用融資率與房地產(chǎn)上市公司績效正相關(guān),即高商業(yè)信用融資率不僅可以降低資本成本,還有助于提高公司信用,對公司績效提升有顯著幫助。第五,可支配自由現(xiàn)金流比率與房地產(chǎn)上市公司績效負(fù)相關(guān),可見我國房地產(chǎn)上市公司應(yīng)該加大對可支配自由現(xiàn)金流的控制,提高資金使用效率以提高公司業(yè)績。
[Abstract]:The research on the impact of debt financing on corporate performance has gone through many stages. Although the views of different schools are not consistent, they all think that reasonable arrangement of debt financing scale and structure is of great help to the improvement of corporate performance. In recent years, the real estate industry of our country has been developed by leaps and bounds. The real estate industry is a highly capital-intensive industry and also an industry with accumulated risks. Chinese scholars have studied the performance of real estate companies from the perspective of capital structure, and formed a complete research system, but the research on the performance of real estate companies from the perspective of debt financing is still in the primary stage. At present, China's real estate industry has a high ratio of assets and liabilities, and the positive effect of debt financing on the performance of real estate companies will make a great contribution to the development of the real estate industry. Based on the theory of relevant capital structure and the comprehensive research of scholars, this paper analyzes the impact of debt financing on corporate performance from four aspects, namely, financial leverage, incentive and restraint. Creditor intervention governance and bankruptcy threat. In this paper, a research and design scheme is proposed by combining theoretical and empirical methods. 53 listed real estate companies in China are selected as sample data for the three years from 2009 to 2011. The rate of return on net assets is taken as the explanatory variable, the asset-liability ratio, and the short-term debt financing ratio. The long-term debt financing ratio, the commercial credit financing rate, the disposable free cash flow ratio are the explanatory variables, the assets size and the sales income growth rate are the controlling variables, on the basis of the descriptive statistical analysis of each index, Multivariate statistical regression and test are used to analyze the relationship between each explanatory variable and the explained variable. The conclusions of this paper are as follows: first, the asset-liability ratio is negatively correlated with the performance of listed real estate companies, that is, the higher the debt ratio, the more negative the financial leverage is, and the lower the corporate performance. Second, the short-term debt financing rate is negatively correlated with the performance of the listed real estate companies, that is, the short-term debt financing rate is too high, and the real estate listed companies are facing excessive repayment pressure, which has a significant negative impact on corporate performance. Third, the long-term debt financing rate has no significant impact on the performance of listed real estate companies. The listed real estate companies in China should make full use of long-term liabilities and eliminate short-sighted behavior of over-utilizing short-term liabilities. Give full play to the positive effect of long-term liabilities on corporate performance. Fourth, the commercial credit financing rate is positively correlated with the performance of listed real estate companies, that is, high commercial credit financing rate can not only reduce the cost of capital, but also help to improve the corporate credit, which has a significant help to the improvement of corporate performance. Fifth, the ratio of disposable free cash flow is negatively related to the performance of listed real estate companies, which shows that the listed real estate companies in China should strengthen the control of disposable free cash flow and improve the efficiency of capital use in order to improve their performance.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F299.233.4

【共引文獻(xiàn)】

相關(guān)會議論文 前10條

1 楊慧輝;;“中小企業(yè)板”對改善中小企業(yè)資本結(jié)構(gòu)的實證分析[A];中國會計學(xué)會高等工科院校分會2005年學(xué)術(shù)年會暨第十二屆年會論文集[C];2005年

2 湯海溶;黃登仕;周嘉南;;是什么改變了上市公司資本結(jié)構(gòu)——來自中國上市公司的證據(jù)[A];公司財務(wù)研討會論文集[C];2004年

3 呂鵬娟;;中國零售業(yè)贏利能力影響因素的灰色關(guān)聯(lián)分析[A];第19屆灰色系統(tǒng)全國會議論文集[C];2010年

4 王魯平;陳軍;聶麗潔;;資本結(jié)構(gòu)影響因素的新證據(jù)——來自于上證180和深證100的數(shù)據(jù)分析[A];中國會計學(xué)會2006年學(xué)術(shù)年會論文集（下冊）[C];2006年

5 黎精明;;企業(yè)財務(wù)能力管理研究述評[A];中國會計學(xué)會財務(wù)管理專業(yè)委員會2009年學(xué)術(shù)年會論文集[C];2009年

6 楊海燕;孫健;;監(jiān)督或無為:異質(zhì)機(jī)構(gòu)投資者對代理成本的影響[A];中國會計學(xué)會2011學(xué)術(shù)年會論文集[C];2011年

7 陳藝萍;張信東;;企業(yè)資本結(jié)構(gòu)與公司效率互動關(guān)系分析——來自中小板上市公司的證據(jù)[A];中國會計學(xué)會2011學(xué)術(shù)年會論文集[C];2011年

8 劉仕煜;王福勝;;再探公司治理及其評價:成本收益視角[A];中國會計學(xué)會財務(wù)成本分會2011年年會暨第二十四次理論研討會論文集[C];2011年

9 張卿;賈懷京;;中國移動資本結(jié)構(gòu)影響因素實證研究[A];中國通信學(xué)會第五屆學(xué)術(shù)年會論文集[C];2008年

10 顧乃康;陳輝;;股票流動性與公司資本結(jié)構(gòu)[A];第三屆（2008）中國管理學(xué)年會論文集[C];2008年

相關(guān)博士學(xué)位論文 前10條

1 何溪明;房地產(chǎn)周期及其宏觀調(diào)控政策研究[D];南開大學(xué);2010年

2 江金鎖;市場環(huán)境、實際控制人控制方式與負(fù)債治理效應(yīng)[D];暨南大學(xué);2011年

3 龍建輝;銀行監(jiān)督與公司治理效率[D];浙江大學(xué);2011年

4 曲春青;管理者過度自信對公司金融決策影響的實證研究[D];東北財經(jīng)大學(xué);2010年

5 宋淑琴;信貸契約的治理效應(yīng)研究[D];東北財經(jīng)大學(xué);2010年

6 葉宏偉;國際市場勢力與出口商品結(jié)構(gòu)升級[D];浙江大學(xué);2011年

7 張永;行為公司金融視角下的我國中小企業(yè)融資結(jié)構(gòu)研究[D];山東農(nóng)業(yè)大學(xué);2011年

8 李雪峰;多元化經(jīng)營與公司績效關(guān)系研究[D];華中科技大學(xué);2011年

9 陳曉敏;財務(wù)重述公司盈余質(zhì)量特征及其經(jīng)濟(jì)后果研究[D];暨南大學(xué);2011年

10 鄧念;政府作用下的中國房地產(chǎn)市場理論與實證研究[D];復(fù)旦大學(xué);2010年

，

本文編號：2148409