本文選題：建筑行業(yè)上市公司 + 資本結(jié)構(gòu)��； 參考：《東北財(cái)經(jīng)大學(xué)》2016年碩士論文

【摘要】：建筑行業(yè)作為國民經(jīng)濟(jì)的三大支柱產(chǎn)業(yè)之一,對整個(gè)社會經(jīng)濟(jì)的發(fā)展、人民生活水平的提高起著非比尋常的作用。近年來,建筑企業(yè)的施工模式逐漸多樣化,企業(yè)經(jīng)營戰(zhàn)略的制定也需要企業(yè)的資金實(shí)力越來越雄厚、融資方式越來越靈活。資金對一個(gè)企業(yè)的生存和發(fā)展至關(guān)重要,然而,從建筑行業(yè)發(fā)展的現(xiàn)狀來看,資金短缺一直制約著建筑企業(yè)的發(fā)展,建筑企業(yè)毛利率并不高,其面臨的風(fēng)險(xiǎn)不容小視。從本次研究的數(shù)據(jù)來看,我國建筑行業(yè)屬高負(fù)債行業(yè),平均資產(chǎn)負(fù)債率達(dá)70%以上;資本結(jié)構(gòu)相關(guān)研究表明,不同的行業(yè)資本結(jié)構(gòu)也不同,且每個(gè)行業(yè)都存在一個(gè)理論上的最佳資本結(jié)構(gòu),使建筑行業(yè)上市公司綜合績效最大化的資產(chǎn)負(fù)債率為66.73%,高負(fù)債必然帶來高風(fēng)險(xiǎn)。概括來說,我國建筑企業(yè)的資本結(jié)構(gòu)不合理,債務(wù)資本所占過大份額加大了破產(chǎn)風(fēng)險(xiǎn),這又導(dǎo)致融資進(jìn)一步變難,因此建筑企業(yè)的資本結(jié)構(gòu)現(xiàn)狀不容樂觀。以往研究表明,國內(nèi)外對建筑企業(yè)資本結(jié)構(gòu)影響因素已有一定理論成果,但目前的分歧還很大,研究思路和方式也存在一定的局限性�；诖�,本文擬通過定性、定量等研究方法對其加以分析。本文以我國建筑行業(yè)的上市公司為研究對象,理論分析影響其資本結(jié)構(gòu)的宏、微觀兩個(gè)層面的因素。本文研究內(nèi)容與結(jié)論:首先,系統(tǒng)梳理了西方經(jīng)典的資本結(jié)構(gòu)理論,并對其在我國建筑行業(yè)資本結(jié)構(gòu)中的適用性做了簡要分析。其次,界定本文的建筑行業(yè)上市公司的范圍,在對中國建筑行業(yè)上市公司的發(fā)展現(xiàn)況簡要分析的前提下,對其資本結(jié)構(gòu)從年份、層次、內(nèi)部構(gòu)成三個(gè)方面進(jìn)行了現(xiàn)狀統(tǒng)計(jì)分析。再次,結(jié)合相關(guān)理論研究成果,認(rèn)為中國建筑行業(yè)上市公司資本結(jié)構(gòu)現(xiàn)狀主要是經(jīng)濟(jì)發(fā)展水平、通貨膨脹、企業(yè)規(guī)模、盈利能力、經(jīng)營能力、成長能力、償債能力、實(shí)際稅率、非債務(wù)稅盾、抵押價(jià)值、股權(quán)集中度、管理股比例、經(jīng)營風(fēng)險(xiǎn)和財(cái)務(wù)風(fēng)險(xiǎn)等14個(gè)因素綜合影響的結(jié)果,并選擇滬深A(yù)股中均屬于建筑行業(yè)的上市公司從2011到2015年的財(cái)務(wù)指標(biāo)數(shù)據(jù),實(shí)證了各個(gè)宏觀、微觀因素是如何影響中國建筑行業(yè)上市公司的資本結(jié)構(gòu);模型實(shí)證表明,宏觀經(jīng)濟(jì)因素的影響并不顯著;企業(yè)微觀因素對資本結(jié)構(gòu)的影響顯著,與資本結(jié)構(gòu)間存在明顯的相關(guān)關(guān)系,其中成長能力、償債能力、管理股比例這三個(gè)變量的顯著相關(guān)程度非常高,說明它們是影響我國建筑行業(yè)上市公司資本結(jié)構(gòu)的主要因素。最后,根據(jù)實(shí)證分析得到的結(jié)論依次從宏觀層面和企業(yè)自身微觀層面提出了幾點(diǎn)優(yōu)化建議,同時(shí)為后續(xù)在該方面的相關(guān)研究提出一些展望。本文的創(chuàng)新點(diǎn)主要在于通過整合2011-2015年的建筑行業(yè)上市公司的數(shù)據(jù),運(yùn)用因子分析和多元回歸等多種方法實(shí)證,從宏觀和微觀兩個(gè)角度對各種可能的要素進(jìn)行了分析,使研究角度更全面、更真實(shí)地反映事實(shí)情況。同時(shí),本文也可能存在對資本結(jié)構(gòu)影響因素的理論梳理不太全面、變量的選擇和設(shè)計(jì)上不完善等不足,建議后續(xù)研究可以從時(shí)間序列入手,動態(tài)研究各影響因素。
[Abstract]:As one of the three pillar industries of the national economy, the construction industry plays an extraordinary role in the development of the whole social economy and the improvement of the living standard of the people. In recent years, the construction mode of the construction enterprises has been gradually diversified. The formulation of enterprise management strategy also needs more and more strong capital and more flexible financing methods. Capital is very important to the survival and development of an enterprise. However, from the current situation of the development of the construction industry, the shortage of funds has been restricting the development of the construction enterprises. The gross interest rate of the construction enterprises is not high, and the risks they face can not be ignored. From the data of this study, China's construction industry is a highly indebted industry and the average asset liability rate is reached. More than 70%, the capital structure related research shows that the capital structure of different industries is different, and each industry has a theoretical best capital structure, which makes the asset liability ratio of the comprehensive performance of the listed companies of the construction industry is 66.73%, and the high debt inevitably brings high risk. In general, the capital structure of the construction enterprises in China is not compatible. The large share of debt capital increases the risk of bankruptcy, which leads to further difficulty in financing. Therefore, the capital structure of construction enterprises is not optimistic. Previous studies have shown that there have been some theoretical results on the factors affecting the capital structure of construction enterprises at home and abroad, but the current differences are still very large, and the research ideas and methods are also certain. Based on this, this paper intends to analyze it by means of qualitative and quantitative research methods. This paper, taking the listed companies in the construction industry of our country as the research object, analyzes the macro and microcosmic factors that affect its capital structure in two aspects. The contents and conclusions are studied in this paper. First, the classical western capital structure theory is systematically combed, and the theory of capital structure is systematically combed. This paper makes a brief analysis of its applicability in the capital structure of the construction industry in China. Secondly, it defines the scope of the listed companies in the construction industry. On the premise of a brief analysis of the current situation of the development of the listed companies in China's construction industry, this paper makes a statistical analysis of its capital structure from three aspects: the year, the level and the inner part. According to the relevant theoretical research results, it is believed that the capital structure of the listed companies in China's construction industry is mainly the level of economic development, inflation, enterprise scale, profitability, business capacity, growth capacity, debt paying ability, actual tax rate, non debt tax shield, mortgage value, equity concentration, management share ratio, management risk and financial risk, and so on 14 The results of the comprehensive influence, and the financial index data of the listed companies of the Shanghai and Shenzhen A shares which belong to the construction industry from 2011 to 2015, demonstrate how the macro and micro factors affect the capital structure of the listed companies in China's construction industry; the model shows that the impact of macro economic factors is not significant; the micro cause of the enterprise is the micro cause. There is a significant correlation between the capital structure and the capital structure. The significant correlation between the three variables, such as growth ability, debt paying ability and the proportion of management shares, is very high, indicating that they are the main factors affecting the capital structure of the listed companies in China's construction industry. Finally, the conclusions are in turn according to the empirical analysis. Several optimization suggestions are put forward from the macro level and the micro level of the enterprise. At the same time, some prospects are put forward for the follow-up research in this area. The innovation of this paper is mainly through the integration of 2011-2015 years' data of the listed companies in the construction industry, using factor analysis and multiple regression methods, from the macro and micro two. At the same time, we can analyze various possible elements to make the research angle more comprehensive and more truthfully reflect the facts. At the same time, this paper may also have some deficiencies in the theory of the factors affecting the capital structure, the selection of variables and the imperfect design. Sound factors.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F406.7;F426.92

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