【摘要】：資本結(jié)構(gòu)是指各種資本在企業(yè)資本總額中的構(gòu)成比例,而企業(yè)的資本主要由長(zhǎng)期債務(wù)資本和權(quán)益資本構(gòu)成,所以,最為基本的資本結(jié)構(gòu)即是指長(zhǎng)期債務(wù)資本和權(quán)益資本的比例。資本結(jié)構(gòu)不僅對(duì)企業(yè)的資本成本具有重要影響,同時(shí)還影響著其治理結(jié)構(gòu)以及經(jīng)營(yíng)方式,進(jìn)而影響企業(yè)的總體經(jīng)營(yíng)成果。由于資本結(jié)構(gòu)具有的一系列重大理論價(jià)值和實(shí)際意義,資本結(jié)構(gòu)與公司績(jī)效的關(guān)系成為了近年來(lái)國(guó)內(nèi)外許多學(xué)者研究的重要課題。 房地產(chǎn)業(yè)是近年來(lái)我國(guó)國(guó)民最為關(guān)注的行業(yè)之一,作為我國(guó)國(guó)民經(jīng)濟(jì)的基礎(chǔ)性和支柱性產(chǎn)業(yè),始終在我國(guó)經(jīng)濟(jì)生活中扮演著舉足輕重的角色。同時(shí),作為一個(gè)資金密集型的行業(yè),其生存與發(fā)展必須緊密依賴(lài)于資金的供應(yīng),于是資本成本便成為其不得不考慮的重要問(wèn)題。近幾年來(lái),金融危機(jī)的沖擊與國(guó)家的調(diào)控又為房地產(chǎn)業(yè)的未來(lái)蒙上了一層面紗。因此,房地產(chǎn)企業(yè)不得不在加強(qiáng)自身經(jīng)營(yíng)實(shí)力的同時(shí)通過(guò)其他途徑增強(qiáng)競(jìng)爭(zhēng)優(yōu)勢(shì),而通過(guò)優(yōu)化資本結(jié)構(gòu),將資本成本降至最低就是其中一個(gè)重要途徑。又由于房地產(chǎn)行業(yè)中的央企國(guó)企在資金鏈上能夠得到一定的保證,所以這一途徑對(duì)于該行業(yè)中的民營(yíng)企業(yè)就顯得更為重要。本文同時(shí)采用規(guī)范研究與實(shí)證研究的方法,通過(guò)定性與定量分析來(lái)進(jìn)行研究,希望能夠?qū)ξ覈?guó)房地產(chǎn)業(yè)民營(yíng)企業(yè)的資本結(jié)構(gòu)優(yōu)化起到一定作用,進(jìn)而對(duì)我國(guó)房地產(chǎn)資本市場(chǎng)的健康發(fā)展做出些許貢獻(xiàn)。 本論文一共包括五個(gè)部分： 第一部分為緒論。概括介紹本文選題的背景和意義,并對(duì)目前有關(guān)資本結(jié)構(gòu)與公司績(jī)效關(guān)系的國(guó)內(nèi)外研究進(jìn)行文獻(xiàn)綜述及總結(jié),進(jìn)而提出本文的研究思路和方法以及本文的創(chuàng)新點(diǎn)和不足。 第二部分為相關(guān)理論的描述。在這一部分,首先,對(duì)房地產(chǎn)業(yè)、民營(yíng)上市公司、資本結(jié)構(gòu)及公司績(jī)效等相關(guān)概念進(jìn)行界定。其次,闡述了資本結(jié)構(gòu)的理論基礎(chǔ),同時(shí)為后文研究資本結(jié)構(gòu)相關(guān)變量奠定基礎(chǔ)。然后,對(duì)公司績(jī)效的度量方法進(jìn)行分析。最后,闡述了資本結(jié)構(gòu)對(duì)公司績(jī)效影響的作用機(jī)理,這部分與后文確定計(jì)量模型密切相關(guān)。 第三部分為實(shí)證前的研究設(shè)計(jì)。在本部分中,首先在文獻(xiàn)綜述與現(xiàn)狀分析的基礎(chǔ)上提出本文的研究假設(shè)。然后,根據(jù)已經(jīng)提出的研究假設(shè),進(jìn)行變量選取和樣本及數(shù)據(jù)的選取。 第四部分為實(shí)證部分。這一部分主要是根據(jù)搜集的符合條件的滬市房地產(chǎn)業(yè)民營(yíng)上市公司2010-2012年的相關(guān)數(shù)據(jù),首先進(jìn)行描述性統(tǒng)計(jì)；其次,在此基礎(chǔ)上建立模型并對(duì)樣本進(jìn)行相關(guān)性檢驗(yàn)；再次,運(yùn)用多元回歸模型對(duì)資本結(jié)構(gòu)和公司績(jī)效的關(guān)系進(jìn)行回歸分析。 第五部分為實(shí)證結(jié)果分析和建議。首先,通過(guò)對(duì)實(shí)證結(jié)果的分析與研究,試圖提出相關(guān)建議以求優(yōu)化資本結(jié)構(gòu)與加強(qiáng)公司績(jī)效,最后則提出對(duì)未來(lái)研究的展望。
[Abstract]:Capital structure refers to the proportion of all kinds of capital in the total capital of an enterprise, and the capital of an enterprise is mainly composed of long-term debt capital and equity capital, so the most basic capital structure is the proportion of long-term debt capital and equity capital. The capital structure not only has an important impact on the capital cost of the enterprise, but also affects its governance structure and management mode, and then affects the overall operating results of the enterprise. Because of a series of important theoretical value and practical significance of capital structure, the relationship between capital structure and corporate performance has become an important subject studied by many scholars at home and abroad in recent years. The real estate industry is one of the most concerned industries in our country in recent years, as the basic and pillar industry of our national economy, it always plays a pivotal role in the economic life of our country. At the same time, as a capital-intensive industry, its survival and development must be closely dependent on the supply of capital, so the cost of capital has become an important issue it has to consider. In recent years, the impact of the financial crisis and national regulation and control for the real estate industry in the future covered a veil. Therefore, real estate enterprises have to strengthen their own management strength while enhancing their competitive advantage through other ways, and by optimizing the capital structure, reducing the cost of capital to the lowest is one of the important ways. Because the state-owned enterprises in the real estate industry can be guaranteed in the capital chain, this approach is more important to the private enterprises in the real estate industry. At the same time, this paper adopts the methods of normative research and empirical research, through qualitative and quantitative analysis to study, hoping to play a role in the capital structure optimization of private enterprises in real estate industry. And then make some contribution to the healthy development of our real estate capital market. This thesis consists of five parts: the first part is the introduction. This paper briefly introduces the background and significance of this topic, and summarizes the current domestic and foreign research on the relationship between capital structure and corporate performance, and then puts forward the research ideas and methods of this paper, as well as the innovative points and shortcomings of this paper. The second part is the description of relevant theories. In this part, first of all, the real estate, private listed companies, capital structure and corporate performance and other related concepts are defined. Secondly, it expounds the theoretical basis of capital structure, and lays a foundation for the later study of capital structure variables. Then, the measurement of corporate performance is analyzed. Finally, the paper expounds the mechanism of the influence of capital structure on corporate performance, which is closely related to the determination of econometric model later. The third part is the research design before demonstration. In this part, firstly, on the basis of literature review and current situation analysis, the research hypotheses of this paper are put forward. Then, according to the proposed research hypothesis, the selection of variables and samples and data are carried out. The fourth part is the empirical part. This part is mainly based on the relevant data collected from 2010 to 2012 of Shanghai real estate private listed companies, first of all, descriptive statistics; secondly, on the basis of this model and sample correlation test; again, The multiple regression model is used to analyze the relationship between capital structure and corporate performance. The fifth part is empirical analysis and recommendations. First of all, through the analysis and research of the empirical results, this paper tries to put forward some suggestions to optimize the capital structure and strengthen the performance of the company, and finally puts forward the prospect of the future research.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F299.233.4;F275

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