本文關(guān)鍵詞： 房地產(chǎn)上市公司 資本結(jié)構(gòu) 企業(yè)價(jià)值　出處：《黑龍江大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：在財(cái)務(wù)研究領(lǐng)域，對(duì)資本結(jié)構(gòu)的研究一直是熱點(diǎn)問(wèn)題。但目前大多集中于研究企業(yè)資本結(jié)構(gòu)的影響因素，就資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值影響的研究相對(duì)較少。房地產(chǎn)業(yè)作為國(guó)民經(jīng)濟(jì)發(fā)展的重要產(chǎn)業(yè)，屬于典型的資金密集型行業(yè)。因此，對(duì)我國(guó)房地產(chǎn)上市公司資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值影響的研究具有重要的現(xiàn)實(shí)意義。 本文首先對(duì)國(guó)內(nèi)外研究現(xiàn)狀、資本結(jié)構(gòu)理論及企業(yè)價(jià)值理論進(jìn)行了回顧，從理論角度分析了資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值的影響機(jī)理；接著對(duì)我國(guó)房地產(chǎn)上市公司融資渠道、資本結(jié)構(gòu)的現(xiàn)狀進(jìn)行了系統(tǒng)的分析。依據(jù)理論并結(jié)合現(xiàn)狀，文章選取了4個(gè)適用于房地產(chǎn)行業(yè)的資本結(jié)構(gòu)指標(biāo)，分別為資產(chǎn)負(fù)債率、帶息負(fù)債/全部投入資本、流動(dòng)負(fù)債率、速動(dòng)比率，，并選取了代表企業(yè)成長(zhǎng)能力、資產(chǎn)規(guī)模、營(yíng)運(yùn)能力、股權(quán)結(jié)構(gòu)的4個(gè)其他指標(biāo)作為控制變量。在選取衡量企業(yè)價(jià)值的指標(biāo)時(shí)，筆者選擇了既能夠包含股價(jià)波動(dòng)影響、又能夠反映企業(yè)市場(chǎng)價(jià)值的托賓Q值。為了檢驗(yàn)結(jié)果的穩(wěn)定性，筆者又選擇了最具綜合性的凈資產(chǎn)收益率進(jìn)行穩(wěn)定性檢驗(yàn)。數(shù)據(jù)樣本則取自國(guó)內(nèi)118家房地產(chǎn)上市公司2010-2012年三年間共354個(gè)樣本的面板數(shù)據(jù)。通過(guò)描述性分析、相關(guān)性分析、簡(jiǎn)單回歸分析、多元回歸分析、穩(wěn)定性檢驗(yàn)等實(shí)證步驟，總結(jié)出房地產(chǎn)上市公司資本結(jié)構(gòu)對(duì)企業(yè)價(jià)值影響的相關(guān)分析結(jié)果，最后對(duì)我國(guó)房地產(chǎn)上市公司合理安排資本結(jié)構(gòu)提出了建議，并指出了本文的不足。
[Abstract]:In the field of financial research, the study of capital structure has always been a hot issue. As an important industry in the development of national economy, real estate industry is a typical capital-intensive industry. It is of great practical significance to study the influence of capital structure on enterprise value of listed real estate companies in China. Firstly, this paper reviews the domestic and foreign research situation, capital structure theory and enterprise value theory, analyzes the influence mechanism of capital structure on enterprise value from the angle of theory, and then analyzes the financing channels of listed real estate companies in our country. The present situation of capital structure is systematically analyzed. According to the theory and combining with the present situation, this paper selects four capital structure indexes suitable for the real estate industry, which are asset-liability ratio, interest-bearing debt / total investment capital ratio, current liability ratio, and so on. Four other indexes, which represent the growth ability, asset size, operation capacity and equity structure of the enterprise, are selected as control variables. In the selection of the index to measure the value of the enterprise, the author has chosen to include the influence of stock price fluctuation. In order to test the stability of the results, the Tobin Q value, which can reflect the market value of the enterprise, The author also chooses the most comprehensive return on net assets to test the stability. The data sample is taken from a total of 354 sample panel data of 118 listed real estate companies in China from 2010 to 2012. Through descriptive analysis, correlation analysis. Simple regression analysis, multiple regression analysis, stability test and other empirical steps, summed up the capital structure of listed real estate companies on the impact of corporate value analysis results. Finally, the author puts forward some suggestions on the rational arrangement of capital structure of listed real estate companies in China, and points out the deficiency of this paper.
【學(xué)位授予單位】：黑龍江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F275;F299.233.41

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