本文選題：房地產(chǎn)開(kāi)發(fā)企業(yè)　切入點(diǎn)：資本結(jié)構(gòu)　出處：《浙江大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：房地產(chǎn)業(yè)屬于資金密集、業(yè)務(wù)周期長(zhǎng),受宏觀經(jīng)濟(jì)和政策調(diào)控影響較大的行業(yè),良好的資本結(jié)構(gòu)非常關(guān)鍵。當(dāng)前,我國(guó)房地產(chǎn)市場(chǎng)處于行業(yè)整合和轉(zhuǎn)型升級(jí)的關(guān)鍵時(shí)期,房地產(chǎn)開(kāi)發(fā)企業(yè)必須不斷的提升管理水平,提高公司績(jī)效才能取得長(zhǎng)遠(yuǎn)發(fā)展。因此,研究我國(guó)房地產(chǎn)開(kāi)發(fā)企業(yè)資本結(jié)構(gòu)對(duì)公司績(jī)效的影響,并基于公司績(jī)效對(duì)資本結(jié)構(gòu)進(jìn)行優(yōu)化非常有必要。 本研究即圍繞如何對(duì)房地產(chǎn)開(kāi)發(fā)企業(yè)進(jìn)行資本結(jié)構(gòu)優(yōu)化的中心,首先對(duì)已有研究進(jìn)行了理論分析,并研究了我國(guó)房地產(chǎn)開(kāi)發(fā)企業(yè)資本結(jié)構(gòu)和公司績(jī)效的現(xiàn)狀,然后建立了資本結(jié)構(gòu)對(duì)公司績(jī)效的影響模型,還進(jìn)行了實(shí)證檢驗(yàn),以驗(yàn)證資本結(jié)構(gòu)是否能通過(guò)影響房地產(chǎn)企業(yè)的盈利能力、償債能力、發(fā)展能力、營(yíng)運(yùn)能力、現(xiàn)金能力影響公司績(jī)效；其次,構(gòu)建公司績(jī)效的量化模型,用因子分析法求得綜合因子得分值作為公司績(jī)效的量化值；再次,分別構(gòu)建資本結(jié)構(gòu)的三個(gè)方面即融資結(jié)構(gòu)、債務(wù)結(jié)構(gòu)、股權(quán)結(jié)構(gòu)和公司績(jī)效量化值之間的回歸模型,并進(jìn)行檢驗(yàn),以求得其函數(shù)關(guān)系；最后,根據(jù)通過(guò)驗(yàn)證的函數(shù)關(guān)系,測(cè)算資本結(jié)構(gòu)的優(yōu)化目標(biāo),并據(jù)此提出我國(guó)房地產(chǎn)開(kāi)發(fā)企業(yè)資本結(jié)構(gòu)的優(yōu)化建議。 本研究表明我國(guó)房地產(chǎn)開(kāi)發(fā)企業(yè)的資本結(jié)構(gòu)可以通過(guò)對(duì)盈利能力、償債能力的負(fù)向效用,對(duì)發(fā)展能力的正向效應(yīng)影響公司績(jī)效；不能通過(guò)影響營(yíng)運(yùn)能力和現(xiàn)金能力影響公司績(jī)效。 本研究還表明融資結(jié)構(gòu)中負(fù)債融資可以提高公司績(jī)效,公司績(jī)效隨負(fù)債融資比例的增加先升高后降低,最優(yōu)負(fù)債融資比例范圍為[52.72%,61.93%]；債務(wù)結(jié)構(gòu)中短期負(fù)債融資會(huì)降低公司績(jī)效,公司績(jī)效隨短期負(fù)債增加先降低后提高,短期負(fù)債占比應(yīng)控制在15.18%以內(nèi)；股權(quán)結(jié)構(gòu)中,股權(quán)集中度和公司績(jī)效并無(wú)顯著的線性、二次、三次關(guān)系；國(guó)有控制會(huì)提升公司績(jī)效,公司績(jī)效會(huì)隨著國(guó)有控股比例的增加而先提升后降低,最佳國(guó)有控股比例范圍為[34.87%,39.22%]。其它控制時(shí)股權(quán)集中度與公司績(jī)效并無(wú)顯著的關(guān)系。
[Abstract]:The real estate industry is a capital-intensive industry with a long business cycle, which is greatly influenced by macroeconomic and policy control. A good capital structure is very critical. At present, the real estate market in our country is in a critical period of industry integration and transformation and upgrading. In order to achieve long-term development, real estate development enterprises must constantly improve their management level and corporate performance. Therefore, this paper studies the impact of capital structure of real estate development enterprises on corporate performance. It is necessary to optimize the capital structure based on corporate performance. This study focuses on how to optimize the capital structure of real estate development enterprises. Firstly, it makes a theoretical analysis of the existing research, and studies the current situation of capital structure and corporate performance of real estate development enterprises in China. Then the paper establishes the model of the influence of capital structure on corporate performance, and makes an empirical test to verify whether the capital structure can affect the profitability, solvency, development ability and operation ability of real estate enterprises. Secondly, we construct a quantitative model of corporate performance, and use factor analysis to obtain the score of comprehensive factors as the quantitative value of corporate performance. Thirdly, three aspects of capital structure, namely, financing structure, are constructed separately. The regression model of debt structure, equity structure and quantitative value of corporate performance is tested to obtain its functional relationship. Finally, according to the verified functional relationship, the optimization objectives of capital structure are calculated. According to this, the paper puts forward the suggestions of optimizing the capital structure of real estate development enterprises in our country. This study shows that the capital structure of the real estate development enterprises in China can affect the performance of the company through the negative utility of profitability and solvency, and the positive effect on the development ability. The company's performance cannot be affected by affecting its operating capacity and cash capacity. The study also shows that debt financing in financing structure can improve corporate performance, corporate performance increases first and then decreases with the increase of debt financing ratio, the optimal debt financing ratio ranges from [52.72% to 61.93%], and short-term debt financing in debt structure will reduce corporate performance. Corporate performance decreases first and then increases with the increase of short-term liabilities, and the proportion of short-term liabilities should be controlled within 15.18%. In the equity structure, there is no significant linear relationship between ownership concentration and corporate performance. With the increase of the proportion of state-owned holding, the corporate performance will first increase and then decrease, and the optimal ratio of state-owned holding is [34.87%]. There is no significant relationship between ownership concentration and corporate performance in other control situations.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F224;F293.33;F832.4

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本文編號(hào)：1621510