發(fā)布時(shí)間：2018-05-26 08:22

  本文選題：資本結(jié)構(gòu) + 股權(quán)結(jié)構(gòu)��； 參考：《河北大學(xué)》2013年碩士論文

【摘要】：資本結(jié)構(gòu)理論在MM理論建立后受到越來越多的關(guān)注。在放寬MM理論假設(shè)條件的前提下資本結(jié)構(gòu)理論逐步發(fā)展成比較完善的理論體系。合理的資本結(jié)構(gòu)可以規(guī)范公司治理，降低資本成本，，從而提高公司價(jià)值。資本結(jié)構(gòu)的影響因素研究在國外已經(jīng)有相當(dāng)長的時(shí)間了，并且取得了一系列的研究成果。但是由于在不同行業(yè),不同國家和不同地區(qū)之間，公司資本結(jié)構(gòu)存在明顯的差別，資本結(jié)構(gòu)的影響因素也會有所不同。因此需要對具體行業(yè)內(nèi)公司的資本結(jié)構(gòu)進(jìn)行具體分析才能夠得出比較有價(jià)值的結(jié)論。 公司所處的行業(yè)不同，生產(chǎn)和銷售等經(jīng)營環(huán)節(jié)就會有所不同，經(jīng)營環(huán)節(jié)的不同資金來源會有差別，并最終導(dǎo)致不同行業(yè)間公司的資本結(jié)構(gòu)的不同。因此需要對具體行業(yè)內(nèi)公司的資本結(jié)構(gòu)進(jìn)行具體研究。房地產(chǎn)對國民經(jīng)濟(jì)具有重要影響。房地產(chǎn)的發(fā)展能帶動其上下游多個行業(yè)的發(fā)展，對國民經(jīng)濟(jì)的發(fā)展具有促進(jìn)作用。房地產(chǎn)能夠吸收大量勞動力，擴(kuò)大就業(yè)，對社會穩(wěn)定做出貢獻(xiàn)。因此研究房地產(chǎn)行業(yè)具有重要意義。房地產(chǎn)公司的資本結(jié)構(gòu)會受到公司內(nèi)部和外部多種因素的影響，每一種因素對房地產(chǎn)公司資本結(jié)構(gòu)的影響是各不相同的，這就需要對影響資本結(jié)構(gòu)的因素進(jìn)行具體分析。研究房地產(chǎn)公司資本結(jié)構(gòu)的影響因素有助于房地產(chǎn)公司合理利用資金，降低籌資成本，并實(shí)現(xiàn)房地產(chǎn)公司的價(jià)值最大化。 本文第一章回顧國內(nèi)外的理論成果。第二章按照資本結(jié)構(gòu)理論發(fā)展的順序進(jìn)行介紹，并作為理論基礎(chǔ)。第三章分析我國上市房地產(chǎn)公司所處的環(huán)境現(xiàn)狀以及對資本結(jié)構(gòu)各個部分進(jìn)行分析。第四章進(jìn)行實(shí)證分析。本文選取我國A股上市房地產(chǎn)公司作為研究對象，利用這些公司的財(cái)務(wù)數(shù)據(jù)進(jìn)行分析。由于這些財(cái)務(wù)數(shù)據(jù)具有相關(guān)關(guān)系，為了減少相關(guān)關(guān)系的影響,本文運(yùn)用因子分析來降維,并利用公因子做自變量，資產(chǎn)負(fù)債率做因變量進(jìn)行回歸分析從而減少多重共線性的影響以確保結(jié)果的準(zhǔn)確性。最后得出我國上市房地產(chǎn)公司資本結(jié)構(gòu)的主要影響因素。第五章針對主要影響因素，提出優(yōu)化我國上市房地產(chǎn)公司資本結(jié)構(gòu)的主要措施。
[Abstract]:Capital structure theory has been paid more and more attention after MM theory was established. On the premise of relaxing the assumptions of MM theory, the capital structure theory has gradually developed into a relatively perfect theoretical system. Reasonable capital structure can standardize corporate governance, reduce capital cost and improve company value. The influence factors of capital structure have been studied for a long time abroad, and a series of research results have been obtained. However, in different industries, different countries and different regions, there are obvious differences in corporate capital structure, and the influencing factors of capital structure will be different. Therefore, it is necessary to make a concrete analysis of the capital structure of companies in specific industries in order to reach a more valuable conclusion. Companies in different industries, production and sales and other business links will be different, management links will have different sources of funds, and ultimately lead to different industries of the capital structure of different companies. Therefore, it is necessary to study the capital structure of companies in specific industries. Real estate has an important impact on the national economy. The development of real estate can promote the development of many industries, and promote the development of national economy. Real estate can absorb a large number of labor force, expand employment, and contribute to social stability. Therefore, the study of the real estate industry is of great significance. The capital structure of real estate company will be influenced by many factors inside and outside the company. Each factor has different influence on the capital structure of real estate company. The study of the influencing factors of the capital structure of the real estate company is helpful for the real estate company to make rational use of the capital, reduce the cost of raising funds, and realize the value maximization of the real estate company. The first chapter reviews the theoretical achievements at home and abroad. The second chapter introduces the theory of capital structure in the order of its development. The third chapter analyzes the environment of listed real estate companies in China and the capital structure of the various parts of the analysis. The fourth chapter carries on the empirical analysis. In this paper, A-share listed real estate companies in China are selected as the research object, using the financial data of these companies to analyze. Because these financial data have the correlation relation, in order to reduce the influence of the correlation relation, this paper uses the factor analysis to reduce the dimension, and uses the common factor as the independent variable. In order to reduce the influence of multiple collinearity, asset-liability ratio makes regression analysis to ensure the accuracy of the results. Finally, the main influencing factors of capital structure of listed real estate companies in China are obtained. The fifth chapter puts forward the main measures to optimize the capital structure of listed real estate companies.
【學(xué)位授予單位】：河北大學(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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