本文關(guān)鍵詞：我國房地產(chǎn)業(yè)上市公司資本結(jié)構(gòu)與公司績效關(guān)系研究　出處：《華東師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司 資本結(jié)構(gòu) 公司績效 因子分析法 回歸分析

【摘要】：房地產(chǎn)業(yè)的地位和作用在近幾年不斷增強(qiáng)。房地產(chǎn)業(yè)的健康發(fā)展關(guān)系我國國民經(jīng)濟(jì)的發(fā)展,也關(guān)系人民的生活水平。上市房地產(chǎn)公司作為行業(yè)的中堅(jiān)力量,其績效直接關(guān)系整個行業(yè)的發(fā)展。房地產(chǎn)業(yè)需要強(qiáng)大的資金作為后盾,企業(yè)自有資金難以維持企業(yè)的生存和發(fā)展,所以融資能力對房地產(chǎn)企業(yè)來說尤為重要。穩(wěn)定龐大的資金來源能保障房地產(chǎn)整個生命周期的運(yùn)作,但具體選擇怎樣的籌資方式形成何種資本結(jié)構(gòu)還需企業(yè)根據(jù)自身情況權(quán)衡決定。目前關(guān)于資本結(jié)構(gòu)和公司績效的研究很多,但房地產(chǎn)業(yè)的研究相對較少,并且由于樣本數(shù)據(jù)、時間以及變量選擇等各方面的原因使得研究結(jié)論存在較大差別。 本文結(jié)合理論知識以及實(shí)證模型對上市房地產(chǎn)公司資本結(jié)構(gòu)與績效的關(guān)系進(jìn)行研究,以完善現(xiàn)有的理論成果。第一部分緒論對本文的研究意義和方法進(jìn)行了詳細(xì)闡述,第二部分則主要對資本結(jié)構(gòu)和績效進(jìn)行界定以及對相關(guān)理論進(jìn)行分析總結(jié),第三部分是我國房地產(chǎn)業(yè)上市公司的現(xiàn)狀分析,包括總體分析以及現(xiàn)狀描述性統(tǒng)計(jì)分析。最后一部分則是通過構(gòu)建模型對資本結(jié)構(gòu)和公司績效進(jìn)行實(shí)證研究。本文對A股上市的130家房地產(chǎn)上市公司進(jìn)行篩選,將主營業(yè)務(wù)連續(xù)三年為房地產(chǎn)并且主營業(yè)務(wù)收益80%來自房地產(chǎn)的A股上市房地產(chǎn)公司歸入樣本,剔除ST股及數(shù)據(jù)不全的公司,最后選定60家A股上市的房地產(chǎn)企業(yè)2010年至2012年的數(shù)據(jù)作為研究樣本,并進(jìn)一步按公司注冊資本規(guī)模將60家公司分為兩類分別進(jìn)行研究。本文的數(shù)據(jù)具有很強(qiáng)的時效性。 區(qū)別于其他研究,本文不采用單一財(cái)務(wù)指標(biāo)來表示公司績效,而是采用多重指標(biāo)衡量公司績效,計(jì)算出盈利能力、償債能力、營運(yùn)能力及發(fā)展能力四方面九個指標(biāo)進(jìn)行因子分析,量化出一個綜合績效,再將量化的綜合得分與代表資本結(jié)構(gòu)的四個指標(biāo)進(jìn)行回歸分析,最后得出高注冊資本公司和低注冊資本公司兩類公司的資本結(jié)構(gòu)與公司績效關(guān)系的結(jié)論并提出政策建議。兩類公司應(yīng)根據(jù)自身實(shí)際發(fā)展情況保持合適的負(fù)債比例以及股權(quán)集中度,量力而行,不能盲目追求稅盾效應(yīng),努力提高公司的治理水平,以此來提高績效。
[Abstract]:The status and role of the real estate industry has been increasing in recent years. The healthy development of the real estate industry is related to the development of the national economy and the standard of living of the people. Listed real estate companies as the backbone of the industry. Its performance is directly related to the development of the whole industry. The real estate industry needs strong funds as the backing, the enterprise's own capital is difficult to maintain the survival and development of the enterprise. Therefore, financing ability is particularly important for real estate enterprises. Stable and huge sources of funds can ensure the operation of the whole life cycle of real estate. However, the specific choice of how to raise funds to form what kind of capital structure still needs to be determined according to their own circumstances. At present, there are a lot of research on capital structure and corporate performance, but the research of real estate industry is relatively small. And because of the sample data, time and variable selection and other reasons, there are great differences in the conclusions of the study. This paper studies the relationship between capital structure and performance of listed real estate companies based on theoretical knowledge and empirical model. In order to improve the existing theoretical results. The first part of the introduction of the research significance and methods of this paper are described in detail. The second part is mainly to define the capital structure and performance and to analyze and summarize the relevant theories. The third part is the analysis of the current situation of the listed companies in China's real estate industry. The last part is an empirical study of capital structure and corporate performance by constructing a model. This paper sift 130 real estate listed companies listed in A shares. Choose. The A-share listed real estate companies whose main business is real estate for three consecutive years and whose main business income is 80% from real estate are included in the sample, excluding St shares and companies with incomplete data. Finally, the data of 60 A-share listed real estate companies from 2010 to 2012 are selected as the research samples. Furthermore, 60 companies are divided into two categories according to the scale of registered capital. Different from other studies, this paper does not use a single financial index to express corporate performance, but uses multiple indicators to measure corporate performance and calculate profitability and solvency. Nine indicators of operation ability and development ability are analyzed by factor analysis to quantify a comprehensive performance, and then the quantitative comprehensive score and the four indicators representing the capital structure are regressed. Finally, the conclusion is drawn that the relationship between the capital structure and corporate performance of the high registered capital company and the low registered capital company. The two types of companies should keep the appropriate debt ratio according to their actual development. And equity concentration. We should not blindly pursue the tax shield effect and strive to improve the corporate governance level in order to improve performance.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 韋德洪,吳娜;上市公司資本結(jié)構(gòu)與業(yè)績相關(guān)性的實(shí)證研究[J];財(cái)會通訊(學(xué)術(shù)版);2005年08期

2 文忠橋;;上市公司資本結(jié)構(gòu)影響因素研究[J];財(cái)貿(mào)研究;2006年03期

3 楊華,楊瓊;我國房地產(chǎn)上市公司資本結(jié)構(gòu)的實(shí)證研究[J];福建行政學(xué)院福建經(jīng)濟(jì)管理干部學(xué)院學(xué)報;2004年02期

4 吳淑琨;股權(quán)結(jié)構(gòu)與公司績效的U型關(guān)系研究——1997～2000年上市公司的實(shí)證研究[J];中國工業(yè)經(jīng)濟(jì);2002年01期

5 王娟,楊鳳林;中國上市公司資本結(jié)構(gòu)影響因素的最新研究[J];國際金融研究;2002年08期

6 馮根福,吳林江,劉世彥;我國上市公司資本結(jié)構(gòu)形成的影響因素分析[J];經(jīng)濟(jì)學(xué)家;2000年05期

7 黃憲;;公司資本結(jié)構(gòu)與經(jīng)營績效的實(shí)證分析[J];經(jīng)濟(jì)研究導(dǎo)刊;2009年03期

8 孫永祥,黃祖輝;上市公司的股權(quán)結(jié)構(gòu)與績效[J];經(jīng)濟(jì)研究;1999年12期

9 劉志彪,姜付秀,盧二坡;資本結(jié)構(gòu)與產(chǎn)品市場競爭強(qiáng)度[J];經(jīng)濟(jì)研究;2003年07期

10 趙海龍,趙海利;中國房地產(chǎn)行業(yè)上市公司資本結(jié)構(gòu)與盈利的實(shí)證研究[J];上海立信會計(jì)學(xué)院學(xué)報;2005年05期

，

本文編號：1428179