【摘要】：隨著1958年MM理論的興起，越來(lái)越多的學(xué)者開始針對(duì)資本結(jié)構(gòu)理論展開研究與此同時(shí)，代理成本理論信息不對(duì)稱理論控制權(quán)理論等也逐漸進(jìn)入學(xué)者們的視野，，這使得學(xué)術(shù)界對(duì)資本結(jié)構(gòu)理論的認(rèn)識(shí)越來(lái)越深刻我國(guó)學(xué)者對(duì)資本結(jié)構(gòu)的研究起步較晚，且偏重于股權(quán)融資研究，從債務(wù)融資的視角對(duì)資本結(jié)構(gòu)展開的研究尚不多見(jiàn)為了豐富現(xiàn)有研究，本文將從債務(wù)融資的角度分析其與公司績(jī)效之間的影響作用房地產(chǎn)行業(yè)作為和諧社會(huì)建設(shè)中的關(guān)鍵行業(yè)，其發(fā)展?fàn)顩r不僅影響國(guó)家經(jīng)濟(jì)建設(shè)，同時(shí)也決定了人民群眾的生活質(zhì)量，關(guān)系到中國(guó)夢(mèng)的實(shí)現(xiàn)問(wèn)題因此，如何保證房地產(chǎn)行業(yè)的健康持續(xù)發(fā)展是學(xué)術(shù)界及企業(yè)界必須正視的問(wèn)題但是，房地產(chǎn)行業(yè)具有資產(chǎn)負(fù)債率高融資渠道單一且過(guò)度依賴銀行信貸等融資特點(diǎn)，因此從防范金融風(fēng)險(xiǎn)和提高公司績(jī)效角度來(lái)看，亟需對(duì)房產(chǎn)企業(yè)的債務(wù)融資行為展開研究 本文以2008---2011年我國(guó)A股房地產(chǎn)上市公司為研究對(duì)象，將債務(wù)融資行為細(xì)分為融資期限融資方式以及債務(wù)總體水平三個(gè)方面此外，結(jié)合我國(guó)房地產(chǎn)行業(yè)發(fā)展現(xiàn)狀，在研究中考慮了限購(gòu)政策的影響，通過(guò)構(gòu)建恰當(dāng)?shù)挠?jì)量模型，系統(tǒng)分析了債務(wù)融資行為對(duì)公司績(jī)效（EVA）的影響，嘗試確定房地產(chǎn)上市公司債務(wù)融資的優(yōu)化方向，以便為房地產(chǎn)上市公司合理安排債務(wù)融資進(jìn)而提高公司績(jī)效提供對(duì)策建議 本研究發(fā)現(xiàn)：流動(dòng)負(fù)債率對(duì)公司績(jī)效的影響不顯著；銀行借款率與公司績(jī)效負(fù)相關(guān)，應(yīng)付賬款率與公司績(jī)效正相關(guān)，預(yù)收賬款率與公司績(jī)效正相關(guān)；而資產(chǎn)負(fù)債率與公司績(jī)效負(fù)相關(guān)性；同時(shí)，宏觀調(diào)控政策與公司績(jī)效負(fù)相關(guān)由此可見(jiàn)，房地產(chǎn)上市公司的債務(wù)融資給公司績(jī)效帶來(lái)的提升作用不明顯，主要原因可能是其債務(wù)融資渠道相對(duì)單一，而作為主要債權(quán)人的國(guó)有銀行在公司治理中又扮演著消極的角色；此外，對(duì)房地產(chǎn)上市公司來(lái)說(shuō)限購(gòu)政策是系統(tǒng)性風(fēng)險(xiǎn)，，限購(gòu)政策會(huì)使房地產(chǎn)上市公司的績(jī)效出現(xiàn)下降論文最后從三個(gè)方面提出了優(yōu)化房地產(chǎn)上市公司債務(wù)融資以提高公司績(jī)效的對(duì)策建議，總結(jié)了本研究的不足以及研究展望
[Abstract]:With the rise of MM theory in 1958, more and more scholars began to study the capital structure theory. Agency cost theory, information asymmetry theory, control theory and so on have gradually entered the field of vision of scholars, which makes the academic circles understand capital structure theory more and more deeply. And focus on equity financing, from the perspective of debt financing, the capital structure of the research has not been widely seen in order to enrich the existing research. This paper will analyze the influence between debt financing and corporate performance. The real estate industry is a key industry in the construction of a harmonious society, and its development will not only affect the national economic construction. At the same time, it also determines the quality of life of the people and concerns the realization of Chinese Dream. Therefore, how to ensure the healthy and sustainable development of the real estate industry is a problem that academia and the business community must face squarely. The real estate industry has the characteristics of single financing channel with high asset-liability ratio and excessive reliance on bank credit, so from the angle of preventing financial risk and improving company performance, It is urgent to study the debt financing behavior of real estate enterprises. This paper takes the A share real estate listed companies of China from 2008 to 2011 as the research object. The behavior of debt financing is divided into three aspects: the financing method of financing term and the overall level of debt. In addition, combined with the current situation of the real estate industry in China, the influence of the limited purchase policy is considered in the study, and the appropriate measurement model is constructed. This paper systematically analyzes the influence of debt financing behavior on corporate performance (EVA), and tries to determine the optimal direction of debt financing for real estate listed companies. In order to provide countermeasures for real estate listed companies to arrange debt financing and improve corporate performance, this study found that the current debt ratio has no significant impact on corporate performance, and the bank borrowing rate is negatively correlated with corporate performance. The rate of accounts payable is positively correlated with corporate performance, the rate of accounts received in advance is positively correlated with corporate performance, while the ratio of assets and liabilities is negatively correlated with corporate performance. At the same time, it can be seen that macro-control policies are negatively correlated with corporate performance. The debt financing of listed real estate companies has no obvious effect on corporate performance, the main reason may be that their debt financing channels are relatively single, while the state-owned banks, as the main creditors, play a negative role in corporate governance. In addition, for listed real estate companies, the purchase restriction policy is a systemic risk. The paper puts forward the countermeasures and suggestions of optimizing debt financing of real estate listed companies in order to improve the performance of the listed companies from three aspects, summarizes the shortcomings of this study and the research prospects.
【學(xué)位授予單位】：廣東商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F272.5;F299.233.4

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