本文選題：房地產(chǎn)上市公司　切入點(diǎn)：融資結(jié)構(gòu)　出處：《山東大學(xué)》2014年碩士論文

【摘要】：融資結(jié)構(gòu)是公司發(fā)展的基礎(chǔ),影響著公司的融資能力、方式和資本運(yùn)作效果,從而影響公司治理和經(jīng)營業(yè)績,因此融資結(jié)構(gòu)與公司績效之間的關(guān)系研究具有重要的理論意義與實(shí)踐意義。房地產(chǎn)上市公司作為房地產(chǎn)行業(yè)中優(yōu)秀的企業(yè)代表,對他們的融資結(jié)構(gòu)進(jìn)行研究將對所有房地產(chǎn)公司的融資決策具有非常重要的參考價(jià)值,對公司實(shí)現(xiàn)其營運(yùn)目標(biāo)也具有十分巨大的意義。此外,通過研究房地產(chǎn)上市公司的融資結(jié)構(gòu),將有助于房地產(chǎn)上市公司的利益相關(guān)者,如投資者、銀行、政府等進(jìn)行投資決策,審時(shí)度勢的調(diào)整自己的行為。 全文結(jié)構(gòu)安排為：首先,提出本文的選題背景與意義、研究構(gòu)架與本文創(chuàng)新點(diǎn)。然后,簡述了資本結(jié)構(gòu)理論的三個(gè)發(fā)展階段,包括傳統(tǒng)資本結(jié)構(gòu)理論、經(jīng)典資本結(jié)構(gòu)理論和新資本結(jié)構(gòu)理論。在此基礎(chǔ)上,梳理國內(nèi)外學(xué)者對融資結(jié)構(gòu)與公司績效的關(guān)系研究發(fā)展。接下來,本文從我國國情出發(fā),以2008年-2012年房地產(chǎn)上市公司為研究樣本,對我國房地產(chǎn)行業(yè)上市公司融資結(jié)構(gòu)和公司績效的關(guān)系進(jìn)行了理論闡述和實(shí)證分析。其中,在理論闡述部分,總結(jié)了房地產(chǎn)行業(yè)的特征、包括資金密集型、地域性和受宏觀調(diào)控政策影響；并提出房地產(chǎn)融資結(jié)構(gòu)的三個(gè)特點(diǎn)和融資結(jié)構(gòu)對公司績效的影響機(jī)制。在實(shí)證分析部分,選用常見的公司績效衡量指標(biāo),通過因子分析方法降低指標(biāo)維度,以綜合因子得分作為公司績效的衡量指標(biāo)。與此同時(shí),本文突破了單純研究公司融資結(jié)構(gòu)對公司績效的影響,引入宏觀調(diào)控這一調(diào)節(jié)變量,將宏觀調(diào)控與融資結(jié)構(gòu)、公司績效相結(jié)合。實(shí)證模型以國有股比例、第一大股東持股比例、資產(chǎn)負(fù)債率和長期負(fù)債比率為解釋變量,總資產(chǎn)增長率為控制變量,宏觀調(diào)控為調(diào)節(jié)變量,采用多元線性回歸方法,分析公司融資結(jié)構(gòu)和公司績效之間的關(guān)系。 本文實(shí)證研究表明,房地產(chǎn)上市公司國有股比例、資產(chǎn)負(fù)債率與公司績效呈顯著負(fù)相關(guān)關(guān)系,總資產(chǎn)增長率、第一大股東持股比例與公司績效呈顯著正相關(guān)關(guān)系。在未加入宏觀調(diào)控對長期負(fù)債比率的影響時(shí),長期負(fù)債比率與公司績效呈顯著的負(fù)相關(guān)關(guān)系,加入宏觀調(diào)控這一調(diào)節(jié)變量的影響時(shí),長期負(fù)債比率與公司績效的關(guān)系不顯著。 通過理論和實(shí)證研究,本文最后對改善我國房地產(chǎn)上市公司自身內(nèi)部和經(jīng)營環(huán)境方面,提出了一系列的措施和建議,包括：優(yōu)化股權(quán)結(jié)構(gòu)與負(fù)債結(jié)構(gòu)、調(diào)整公司資產(chǎn)負(fù)債率；加快公司的成長性發(fā)展；實(shí)現(xiàn)房地產(chǎn)公司融資渠道的多元化；關(guān)注國家宏觀調(diào)控政策的實(shí)施方向,努力完善金融市場的全面建設(shè)等。最后,指出本文的研究局限與展望。
[Abstract]:The financing structure is the foundation of the development of the company, which affects the financing ability, the way and the effect of the capital operation of the company, thus affecting the corporate governance and the operating performance. Therefore, the research on the relationship between financing structure and corporate performance has important theoretical and practical significance. The study of their financing structure will have very important reference value for all the real estate companies' financing decision, and it will also be of great significance for the companies to achieve their operating objectives. By studying the financing structure of listed real estate companies, it will be helpful for the stakeholders of listed real estate companies, such as investors, banks, governments and so on, to make investment decisions and adjust their behavior according to the situation. The structure of the paper is arranged as follows: firstly, the background and significance of this paper, the research framework and the innovation of this paper are put forward. Then, the three stages of the development of capital structure theory, including the traditional capital structure theory, are briefly described. The classical capital structure theory and the new capital structure theory. On this basis, this paper reviews the research and development of the relationship between financing structure and corporate performance by domestic and foreign scholars. Taking the real estate listed companies from 2008 to 2012 as the research sample, this paper makes a theoretical and empirical analysis on the relationship between the financing structure and corporate performance of listed companies in China's real estate industry. This paper summarizes the characteristics of the real estate industry, including capital-intensive, regional and subject to macro-control policies, and proposes three characteristics of the real estate financing structure and the impact mechanism of the financing structure on corporate performance. Select common corporate performance measurement indicators, reduce the index dimension through factor analysis method, take the comprehensive factor score as the measurement index of corporate performance. At the same time, this paper breaks through the pure research on the impact of corporate financing structure on corporate performance. This paper introduces macro-control as a regulating variable, combines macro-control with financing structure and corporate performance. The empirical model takes the proportion of state-owned shares, the proportion of the largest shareholders, the ratio of assets to liabilities and the ratio of long-term liabilities as the explanatory variables. The total asset growth rate is the control variable and the macro-control is the adjusting variable. The multivariate linear regression method is used to analyze the relationship between corporate financing structure and corporate performance. The empirical study shows that the proportion of state-owned shares, asset-liability ratio and corporate performance in real estate listed companies are significantly negative correlation, total asset growth rate, There is a significant positive correlation between the shareholding ratio of the first largest shareholder and corporate performance, and there is a significant negative correlation between the long-term debt ratio and corporate performance when the impact of macro-control on the long-term debt ratio is not included. The relationship between long-term debt ratio and corporate performance is not significant when macro-regulation is added. Through theoretical and empirical research, this paper finally puts forward a series of measures and suggestions to improve the internal and operating environment of listed real estate companies in China, including: optimizing the equity structure and debt structure, adjusting the asset-liability ratio of the company; Accelerate the growth of the company, realize the diversification of the financing channels of the real estate company, pay attention to the implementation direction of the national macro-control policy, strive to improve the overall construction of the financial market, etc. Finally, point out the limitations and prospects of this paper.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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本文編號：1664633