【摘要】：債務(wù)融資對(duì)公司績(jī)效的影響研究已經(jīng)經(jīng)歷了很多個(gè)階段,雖然各個(gè)學(xué)派的觀點(diǎn)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(duì)公司績(jī)效的提高有很大幫助。近些年,我國(guó)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(xiǎn)積聚的行業(yè)。我國(guó)學(xué)者從資本結(jié)構(gòu)的角度對(duì)房地產(chǎn)公司的績(jī)效進(jìn)行過(guò)研究,并形成完備的研究體系,但從債務(wù)融資角度對(duì)房地產(chǎn)公司績(jī)效的研究還處在初級(jí)階段。目前,我國(guó)房地產(chǎn)業(yè)資產(chǎn)負(fù)債率較高,債務(wù)融資對(duì)房地產(chǎn)公司績(jī)效的正效應(yīng)將會(huì)對(duì)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(gè)方面分析債務(wù)融資對(duì)公司績(jī)效產(chǎn)生的影響,即,財(cái)務(wù)杠桿作用、激勵(lì)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(shí)證結(jié)合的方法,提出研究設(shè)計(jì)方案,選取53個(gè)我國(guó)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(zhǎng)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(xiāo)售收入增長(zhǎng)率為控制變量,在對(duì)各項(xiàng)指標(biāo)進(jìn)行描述性統(tǒng)計(jì)分析的基礎(chǔ)上,利用多元統(tǒng)計(jì)回歸和檢驗(yàn)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(jī)效負(fù)相關(guān),即負(fù)債率越高,財(cái)務(wù)杠桿負(fù)效應(yīng)顯著,公司績(jī)效降低。第二,短期債務(wù)融資率與房地產(chǎn)上市公司績(jī)效負(fù)相關(guān),即短期債務(wù)融資率過(guò)高,房地產(chǎn)上市公司面臨還款壓力過(guò)大,對(duì)公司績(jī)效負(fù)面影響顯著。第三,長(zhǎng)期債務(wù)融資率對(duì)房地產(chǎn)上市公司績(jī)效影響不顯著,我國(guó)房地產(chǎn)上市公司應(yīng)該充分利用長(zhǎng)期負(fù)債,去除過(guò)度利用短期負(fù)債的短視行為,發(fā)揮長(zhǎng)期負(fù)債對(duì)公司績(jī)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(jī)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(duì)公司績(jī)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(jī)效負(fù)相關(guān),可見(jiàn)我國(guó)房地產(chǎn)上市公司應(yīng)該加大對(duì)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(jī)。
[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(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F299.233.4

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本文編號(hào)：2148409