發(fā)布時間：2019-03-02 12:18

【摘要】：房地產(chǎn)業(yè)具有很長的產(chǎn)業(yè)鏈條，近年來占國內(nèi)生產(chǎn)總值的比重也在不斷增大，在現(xiàn)代社會經(jīng)濟中有著舉足輕重的地位。經(jīng)過十幾年的發(fā)展，我國房地產(chǎn)行業(yè)正處于向規(guī)模化、品牌化、規(guī)范化發(fā)展的轉(zhuǎn)型期，房地產(chǎn)業(yè)的發(fā)展目標正在從偏重速度規(guī)模向注重效益和市場細分轉(zhuǎn)變，例如近幾年細分市場中商業(yè)地產(chǎn)、綠色地產(chǎn)以及老年地產(chǎn)等都取得了較快的發(fā)展，從發(fā)展方式上也逐漸從主要依靠政府調(diào)控方式轉(zhuǎn)向依靠市場和企業(yè)自身調(diào)節(jié)的方式。 房地產(chǎn)業(yè)具有資金需求大、投資量大、回收期長、資產(chǎn)負債率高、地域性強但集中度偏低以及受國家政策影響大的特點。其龐大的資金需求、巨額的資金占用以及特有的高風險運作，令股東們更加重視其投資成本與取得報酬間的關(guān)系。股利作為上市公司股東們?nèi)〉猛顿Y回報的一種重要方式，已成為眾股東關(guān)注的要點。已有研究也表明如今研究房地產(chǎn)業(yè)的資本成本與公司股利政策間的關(guān)系已變得越來越重要。因此，本文根據(jù)我國上市房地產(chǎn)企業(yè)的特殊性，以及房地產(chǎn)行業(yè)對國家政策的依賴性巨大的特性，運用多元回歸進行實證研究，，分別研究了控股股東性質(zhì)和國家政策對資本成本與股利支付政策影響程度的變化。 文章理論部分基于MM理論、優(yōu)序融資理論和股東權(quán)益最大化理論等對我國房地產(chǎn)業(yè)的資本成本和現(xiàn)金股利政策的關(guān)系進行了理論研究。實證部分針對現(xiàn)有研究對于股利政策影響因素結(jié)論不一，國有企業(yè)與非國有企業(yè)的資本成本對股利政策影響程度不同，現(xiàn)金股利分配易受證監(jiān)會政策影響等問題，首先研究了影響我國房地產(chǎn)業(yè)股利政策的幾個因素；然后，結(jié)合我國國情根據(jù)控股股東性質(zhì)不同，分別研究了國有企業(yè)和非國有企業(yè)我國房地產(chǎn)業(yè)資本成本對其股利支付政策的影響；最后，從政策影響角度入手，分別研究了我國房地產(chǎn)業(yè)半強制股利政策實施前與實施后，其資本成本與股利政策的影響有何不同。
[Abstract]:The real estate industry has a long industrial chain. In recent years, the proportion of the real estate industry in the gross domestic product (GDP) is increasing, and it plays an important role in the modern society and economy. After more than ten years of development, the real estate industry in China is in the transition period of scale, branding and standardization development. The development target of the real estate industry is changing from focusing on the speed scale to emphasizing the benefit and market segmentation. For example, in recent years, commercial real estate, green real estate and old-age real estate have made a rapid development in the market segment, and the way of development has gradually changed from relying mainly on government regulation to relying on market and self-regulation of enterprises. The real estate industry has the characteristics of large capital demand, large amount of investment, long payback period, high ratio of assets and liabilities, strong regionality but low concentration and great influence by national policies. Because of its huge capital demand, huge capital occupation and high-risk operation, shareholders pay more attention to the relationship between investment cost and reward. Dividend, as an important way for shareholders of listed companies to get return on investment, has become the key point of shareholders' attention. Studies have also shown that it is more and more important to study the relationship between the capital cost of real estate and dividend policy. Therefore, according to the particularity of the listed real estate enterprises in China and the huge dependence of the real estate industry on the national policy, this paper uses multiple regression to carry on the empirical research. The effects of the nature of controlling shareholders and state policies on capital cost and dividend payment policy are studied respectively. Based on MM theory, optimal order financing theory and shareholder equity maximization theory, this paper studies the relationship between capital cost and cash dividend policy of real estate industry in China. In the empirical part, there are different conclusions on the influencing factors of dividend policy, the capital cost of state-owned enterprises and non-state-owned enterprises have different influence on dividend policy, and the cash dividend distribution is easily influenced by the policy of CSRC, and so on. Firstly, several factors that influence the dividend policy of the real estate industry in our country are studied. Then, according to the different nature of controlling shareholders, this paper studies the influence of capital cost of real estate industry on dividend payment policy of state-owned enterprises and non-state-owned enterprises respectively according to the different nature of controlling shareholders in our country. Finally, from the perspective of policy impact, this paper studies the difference between capital cost and dividend policy before and after the implementation of semi-compulsory dividend policy in the real estate industry of our country.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.233.42

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