【摘要】：房地產(chǎn)行業(yè)在我國(guó)作為國(guó)家經(jīng)濟(jì)體系的支柱產(chǎn)業(yè),行業(yè)的可持續(xù)健康發(fā)展尤為必要。在我國(guó)的房地產(chǎn)企業(yè)中存在著較高的資產(chǎn)負(fù)債率,這說明公司都比較偏好運(yùn)用債務(wù)融資的方式,過多的債務(wù)融資會(huì)給公司帶來一定經(jīng)營(yíng)風(fēng)險(xiǎn)和財(cái)務(wù)風(fēng)險(xiǎn),從而影響公司的績(jī)效。讓公司債務(wù)融資和股權(quán)融資控制在一個(gè)合理的范圍內(nèi)來優(yōu)化公司的融資結(jié)構(gòu),以使公司績(jī)效可以得到提高顯得尤為必要。本文就從上市房地產(chǎn)企業(yè)入手,深入全面的分析債務(wù)融資與公司績(jī)效之間的關(guān)系。本文以滬深A(yù)股上市的100家中國(guó)房地產(chǎn)公司2012-2015年四年年報(bào)及相關(guān)財(cái)務(wù)指標(biāo)為研究樣本,從債務(wù)融資的三個(gè)方面來分析上市房地產(chǎn)公司債務(wù)融資對(duì)公司績(jī)效影響和可能的經(jīng)濟(jì)后果。本文第一章介紹選題背景和研究意義,給出文章的研究方法及研究?jī)?nèi)容,并對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)綜述進(jìn)行梳理分析。第二章對(duì)債務(wù)融資與公司績(jī)效相關(guān)理論進(jìn)行概述及分析。明確債務(wù)融資概念并對(duì)債務(wù)融資理論的發(fā)展進(jìn)行介紹;明確公司績(jī)效的概念,并闡述債務(wù)融資對(duì)公司績(jī)效的影響。第三章對(duì)上市房地產(chǎn)公司債務(wù)融資情況進(jìn)行分析。包括我國(guó)上市房地產(chǎn)公司現(xiàn)狀及特點(diǎn)和債務(wù)融資現(xiàn)狀以及產(chǎn)生這種現(xiàn)狀的原因。第四章進(jìn)行實(shí)證分析,通過實(shí)證研究結(jié)果說明上市房地產(chǎn)公司債務(wù)融資結(jié)構(gòu)與公司績(jī)效的相關(guān)性,由此得出結(jié)論。第五章是本文的結(jié)論和建議,根據(jù)研究結(jié)果的分析提出相關(guān)的、合理化的政策建議。通過研究分析得到以下的結(jié)論:(1)從債務(wù)整體水平上來說,上市房地產(chǎn)公司債務(wù)融資和公司績(jī)效之間是負(fù)相關(guān)關(guān)系。(2)從債務(wù)期限水平上來說,上市房地產(chǎn)公司債務(wù)融資和公司績(jī)效之間是負(fù)相關(guān)關(guān)系。(3)從債務(wù)來源結(jié)構(gòu)上來說,不同的債務(wù)融資來源對(duì)公司績(jī)效的影響不同。商業(yè)信用貸款和公司績(jī)效之間是正相關(guān)關(guān)系,而銀行借款和公司績(jī)效之間是負(fù)相關(guān)關(guān)系。
[Abstract]:As the pillar industry of national economic system, the sustainable and healthy development of real estate industry is particularly necessary. There is a high ratio of assets and liabilities in real estate enterprises in our country, which shows that companies prefer to use debt financing, too much debt financing will bring a certain business risk and financial risk to the company, thus affecting the performance of the company. It is necessary to optimize the financing structure of the company by controlling the debt financing and equity financing within a reasonable range so that the corporate performance can be improved. This paper analyzes the relationship between debt financing and corporate performance from listed real estate enterprises. In this paper, 100 Chinese real estate companies listed in Shanghai and Shenzhen A shares listed in the 2012-2015 quadrennial annual report and related financial indicators as the research sample, This paper analyzes the impact of debt financing on corporate performance and its possible economic consequences from three aspects of debt financing. The first chapter introduces the background and significance of the research, gives the research methods and research content, and analyzes the literature review at home and abroad. The second chapter summarizes and analyzes the theory of debt financing and corporate performance. This paper clarifies the concept of debt financing and introduces the development of debt financing theory, clarifies the concept of corporate performance, and expounds the impact of debt financing on corporate performance. The third chapter analyzes the debt financing of listed real estate companies. Including the status quo and characteristics of listed real estate companies in China, debt financing status and the reasons for this situation. Chapter four analyzes the relationship between debt financing structure and corporate performance of listed real estate companies. The fifth chapter is the conclusions and suggestions of this paper, according to the analysis of the results of the research, put forward the relevant, rational policy recommendations. The conclusions are as follows: (1) there is a negative correlation between debt financing and corporate performance of listed real estate companies from the overall debt level. (2) from the debt maturity level, the relationship between debt financing and corporate performance is negative. There is a negative correlation between debt financing and corporate performance of listed real estate companies. (3) in terms of debt source structure, different sources of debt financing have different effects on corporate performance. There is a positive correlation between commercial credit loan and corporate performance, but a negative correlation between bank loan and corporate performance.
【學(xué)位授予單位】：天津工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42

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