發(fā)布時(shí)間：2024-01-19 18:49

　　本文對研究資本結(jié)構(gòu)與企業(yè)績效關(guān)系的相關(guān)文獻(xiàn)進(jìn)行了歸納與總結(jié)。學(xué)者們關(guān)于二者間的關(guān)系的研究結(jié)論可以分成三大類。分別為二者之間存在正相關(guān)關(guān)系、負(fù)相關(guān)關(guān)系和二者之間的關(guān)系不顯著。另外,本文對資本結(jié)構(gòu)理論根據(jù)理論提出的順序進(jìn)行了歸納整理,并進(jìn)一步闡明了資本結(jié)構(gòu)對企業(yè)績效的影響機(jī)制。本文根據(jù)我國房地產(chǎn)行業(yè)的發(fā)展?fàn)顩r,分析出了目前我國房地產(chǎn)行業(yè)發(fā)展的特點(diǎn)。并且,本文參照Wind的行業(yè)分類標(biāo)準(zhǔn)將我國房地產(chǎn)上市公司分為三類,分別為住宅地產(chǎn)(RRE)、產(chǎn)業(yè)地產(chǎn)(IRE)和商業(yè)地產(chǎn)(CRE),并分析了這三類房地產(chǎn)上市公司在公司績效、資本結(jié)構(gòu)和行業(yè)發(fā)展形勢上的不同特點(diǎn)。進(jìn)而,本文對這三類不同的房地產(chǎn)上市公司的資本結(jié)構(gòu)與公司績效分別進(jìn)行了實(shí)證分析。在實(shí)證分析時(shí)首先闡明了本文提出非線性關(guān)系假設(shè)的原因。本文的假設(shè)是資本結(jié)構(gòu)對績效的影響并不是線性的,而是存在門檻效應(yīng)。而且,在一定范圍內(nèi),公司績效會(huì)隨著資產(chǎn)負(fù)債率的提高而上升,在超過該范圍后,公司績效會(huì)隨著資產(chǎn)負(fù)債率的提高而開始下降。即,公司存在最優(yōu)資本結(jié)構(gòu)。本文對三類公司分別進(jìn)行實(shí)證檢驗(yàn)后發(fā)現(xiàn),商業(yè)地產(chǎn)的資本結(jié)構(gòu)與公司績效之間存在單門檻效應(yīng)而不存在雙門檻效應(yīng)。住宅地...

【文章頁數(shù)】：67 頁

【學(xué)位級別】：碩士

【文章目錄】：
摘要
abstract
Chapter1 Introduction
    1.1 Research Background and Research Significance
        1.1.1 Research Background
        1.1.2 Research Significance
    1.2 Research Content and Research Method
        1.2.1 Research Content
        1.2.2 Research Method
    1.3 Research Framework
    1.4 Innovation and Deficiency
        1.4.1 Innovation
        1.4.2 Deficiency
Chapter2 Literature Review
    2.1 Positive Correlation
    2.2 Negative Correlation
    2.3 No Significant Correlation
    2.4 Review
Chapter3 Theoretical Analysis
    3.1 Definition of Relevant Concept
        3.1.1 Capital Structure
        3.1.2 Enterprise Performance
    3.2 Capital Structure Theory
        3.2.1 Early Capital Structure Theory
        3.2.2 Modern Capital Structure Theory
        3.2.3 New Capital Structure Theory
    3.3 Influence Mechanism
    3.4 The Optimal Capital Structure Model
Chapter4 Status Analysis
    4.1 Overall China’s Real Estate Industry
        4.1.1 High Proportion of Real Estate Development Investment
        4.1.2 Relatively Single Financing Channel
        4.1.3 High Asset-Liability Ratio
        4.1.4 Influenced by Industrial Policy
    4.2 Three Listed Real Estate Companies
        4.2.1 Corporate Performance
        4.2.2 Capital Structure
        4.2.3 The Development Situation of the Industry
Chapter5 Empirical Analysis
    5.1 Data Source and Variable Selection
        5.1.1 Data Source
        5.1.2 Variable Selection
    5.2 Descriptive Statistics
    5.3 Hypothesis and Model
        5.3.1 Hypothesis
        5.3.2 The Panel Threshold Regression Model(PTRM)
    5.4 Regression Analysis
        5.4.1 Unit Root Test
        5.4.2 Regression Result Analysis of CRE
        5.4.3 Regression Result Analysis of RRE
        5.4.4 Regression Result Analysis of IRE
    5.5 Robustness Test
        5.5.1 Robustness Test for CRE
        5.5.2 Robustness Test for RRE
        5.5.3 Robustness Test for IRE
    5.6 Endogeneity Test
Chapter6 Conclusion and Suggestion
    6.1 Conclusion
    6.2 Suggestion
        6.2.1 National Policy
        6.2.2 Listed Real Estate Company
Reference
Research Result during Studying for the Degree
Acknowledgement



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