本文關(guān)鍵詞： 房地產(chǎn)行業(yè)上市公司 資本結(jié)構(gòu) 公司財(cái)務(wù)績(jī)效　出處：《山東財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：伴隨著我國社會(huì)主義市場(chǎng)經(jīng)濟(jì)的發(fā)展，房地產(chǎn)行業(yè)已經(jīng)發(fā)展成為我國市場(chǎng)經(jīng)濟(jì)的重要組成部分或者說是不可或缺的一部分。其在國民經(jīng)濟(jì)中的重要地位也得到了國家的高度重視。由于房地產(chǎn)行業(yè)有房地產(chǎn)項(xiàng)目投資金額比較大，項(xiàng)目資金回收期比較長(zhǎng)的特點(diǎn)，屬于資金密集型企業(yè)，金融機(jī)構(gòu)的信貸資金支持是我國房地產(chǎn)行業(yè)賴以生存和發(fā)展的重要支撐。金融機(jī)構(gòu)要降低自己的不良貸款率提高自己的金融安全水平和資本營運(yùn)能力需要深入分析公司的具體財(cái)務(wù)狀況和財(cái)務(wù)指標(biāo)；公司為了達(dá)到自己的戰(zhàn)略目標(biāo)也需要對(duì)資本的營運(yùn)效率進(jìn)行改善來合理安排投融資，因此，房地產(chǎn)行業(yè)的資本結(jié)構(gòu)與公司績(jī)效的財(cái)務(wù)信息的作用也越來越突出。 現(xiàn)代資本結(jié)構(gòu)的理論始于MillerModigliani（1958）共同構(gòu)建的MM理論，經(jīng)過眾多科學(xué)家的努力，研究發(fā)現(xiàn)MM定理在現(xiàn)實(shí)世界中不具備成立完美假設(shè)條件。20世紀(jì)70年代后期以來，信息不對(duì)稱理論為資本結(jié)構(gòu)理論的發(fā)展完善注入了新鮮血液，隨之而來的誕生了新資本結(jié)構(gòu)理論，，并開始取代舊資本結(jié)構(gòu)理論登上學(xué)術(shù)的舞臺(tái)。 近十年來，房地產(chǎn)行業(yè)在我國的發(fā)展?fàn)顩r有目共睹，如何讓其健康發(fā)展成為人們關(guān)注的焦點(diǎn)。因此，一些國內(nèi)的專家學(xué)者也熱心的投入到對(duì)我國房地產(chǎn)行業(yè)相關(guān)的資本結(jié)構(gòu)的研究中來。我們國家包括金融部門近年來為了規(guī)范房地產(chǎn)行業(yè)出臺(tái)了一系列的方針政策措施，這些政策措施在很大程度上能夠影響到我國房地產(chǎn)行業(yè)的融資以及公司經(jīng)營。眾所周知，公司采取不同融資方式就會(huì)使得公司的資本結(jié)構(gòu)變得多樣化，進(jìn)而企業(yè)資本成本的大小也會(huì)更進(jìn)一步地影響到公司的績(jī)效水平。雖然我國許多的學(xué)者都針對(duì)這個(gè)熱點(diǎn)問題做了廣泛的多樣化的研究，但是尚未對(duì)資本結(jié)構(gòu)如何影響財(cái)務(wù)績(jī)效形成一致的結(jié)論。 因此，本文的寫作目的在于，首先在分析與公司的資本結(jié)構(gòu)和公司財(cái)務(wù)績(jī)效相關(guān)的著作理論的基礎(chǔ)上，通過實(shí)證研究對(duì)二者的相關(guān)關(guān)系進(jìn)行探討研究，并嘗試確定企業(yè)資本結(jié)構(gòu)的優(yōu)化方向。
[Abstract]:Along with the development of our socialist market economy, the real estate industry has become an important part of China's market economy and is an integral part. Its important position in the national economy is highly valued by the state. As the real estate industry real estate project investment amount is relatively large, the characteristics of project funds the payback period is relatively long, which belongs to capital intensive enterprise, financial institutions, credit funds support is an important support of China's real estate industry survival and development. Financial institutions to reduce their non-performing loan rate to improve their financial security level and capital operation ability to in-depth analysis of the company's specific financial situation and financial indicators; the company also needs to improve the operating efficiency of capital to arrange financing, in order to achieve their strategic goals so that the real estate industry The role of capital structure and the financial information of company performance is becoming more and more prominent.
The modern capital structure theory in MillerModigliani (1958) to build the MM theory, through the efforts of many scientists, the study found that the MM theorem does not have established perfect assumptions.20 century in late 70s in the real world, the theory of asymmetric information theory development has injected fresh blood for the capital, followed by the birth of a new capital the structure of the theory, and began to replace the old capital structure theory on the academic stage.
In the past ten years, the real estate industry is obvious to people in China's development, how to make its healthy development has become the focus of attention. Therefore, some domestic experts and scholars have devoted into the research on China's real estate industry related capital structure in our country. The financial sector in recent years, in order to standardize the real estate industry has introduced a series of policy measures, these measures can affect China's real estate industry and financing business to a great extent. As everyone knows, companies take different financing methods will make the capital structure of companies and enterprises to diversify, the costs of capital will further affect the company the level of performance. Many scholars in our country on this hot spot studied diversified widely, but not yet on how capital structure affects the financial A consistent conclusion of performance.
Therefore, the purpose of this paper is to analyze and discuss the relationship between the two based on the analysis of the book theory related to the company's capital structure and corporate financial performance, and try to identify the optimization direction of the capital structure.

【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F299.233.4

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