本文關(guān)鍵詞： 多元化經(jīng)營 房地產(chǎn)上市公司 資本結(jié)構(gòu) 動態(tài)調(diào)整 最優(yōu)資本結(jié)構(gòu)　出處：《南京航空航天大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：多元化經(jīng)營作為一種戰(zhàn)略選擇，一直是企業(yè)擴大生產(chǎn)規(guī)模、分散經(jīng)營風(fēng)險、避免過度競爭的有效途徑。由于現(xiàn)階段我國對房地產(chǎn)行業(yè)實施了嚴(yán)格的調(diào)控政策，導(dǎo)致房地產(chǎn)市場的競爭日趨激烈。一些房地產(chǎn)企業(yè)面對產(chǎn)業(yè)環(huán)境的變化，開始了多元化經(jīng)營的嘗試。事實上，當(dāng)企業(yè)進入一個全新的行業(yè)時，必然需要進行相應(yīng)的資產(chǎn)投資，這就需要進行相關(guān)的融資決策，而融資方式的變化必然又會影響到企業(yè)資本結(jié)構(gòu)的調(diào)整。伴隨著目前房地產(chǎn)行業(yè)深度調(diào)整的態(tài)勢，我國房地產(chǎn)上市公司多元化經(jīng)營的現(xiàn)象將越來越普遍，那么我國房地產(chǎn)上市公司多元化經(jīng)營的整體狀況如何，其對房地產(chǎn)上市公司資本結(jié)構(gòu)的調(diào)整又有何具體影響？國內(nèi)學(xué)者在此方面的實證分析還較少。如何把抽象的多元化經(jīng)營和資本結(jié)構(gòu)調(diào)整用定量的方法描述出來，從經(jīng)營戰(zhàn)略的視角來詮釋企業(yè)資本結(jié)構(gòu)是本文研究的初衷。 本文首先介紹了多元化經(jīng)營和資本結(jié)構(gòu)的基本理論，以及房地產(chǎn)企業(yè)進行多元化經(jīng)營的動機；然后，建立了考慮多元化經(jīng)營程度的資本結(jié)構(gòu)動態(tài)調(diào)整模型，并對模型中變量進行了定義；隨后以滬、深兩市房地產(chǎn)上市公司為研究樣本，以2006~2011年數(shù)據(jù)為窗口，，考察房地產(chǎn)上市公司多元化經(jīng)營戰(zhàn)略對資本結(jié)構(gòu)動態(tài)調(diào)整的影響；最后，找出優(yōu)化房地產(chǎn)上市公司資本結(jié)構(gòu)的方式方法，為上市公司管理層提供建議。
[Abstract]:Diversification, as a strategic choice, has always been an effective way for enterprises to expand production scale, disperse management risks and avoid excessive competition. At present, China has implemented strict regulation and control policies to the real estate industry. As a result of the increasingly fierce competition in the real estate market, some real estate enterprises, facing the changes of the industrial environment, began to try to diversify. In fact, when the enterprises entered a new industry. It is necessary to carry on the corresponding asset investment, which needs to carry on the related financing decision. The change of financing mode will inevitably affect the adjustment of enterprise capital structure. With the trend of deep adjustment of real estate industry, the phenomenon of diversified management of listed real estate companies in China will become more and more common. What is the overall situation of the diversified management of listed real estate companies in China, and what specific impact does it have on the adjustment of the capital structure of listed real estate companies? Domestic scholars in this area of empirical analysis is less. How to abstract diversification and capital structure adjustment using quantitative methods to describe. It is the original intention of this paper to interpret the capital structure of enterprises from the perspective of management strategy. This paper first introduces the basic theory of diversification and capital structure, as well as the motivation of diversification of real estate enterprises. Then, the dynamic adjustment model of capital structure considering the degree of diversification is established, and the variables in the model are defined. Then taking the real estate listed companies of Shanghai and Shenzhen stock markets as the research samples and taking the data from 2006 to 2011 as the window, this paper investigates the influence of the diversification strategy of the real estate listed companies on the dynamic adjustment of the capital structure. Finally, find out the ways and means to optimize the capital structure of listed real estate companies, and provide suggestions for the management of listed companies.
【學(xué)位授予單位】：南京航空航天大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F299.233.4

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