基于融资约束的房地产上市公司现金持有价值研究

发布时间：2018-01-01 11:23

本文关键词：基于融资约束的房地产上市公司现金持有价值研究　出处：《成都理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：经营性的现金流反映的是企业所持有的现金及其现金管理能力，尤其是货币信贷环境趋紧、坚决管控流动性的背景下，现金流已经成为企业关注的焦点。企业现金持有行为不仅反映了企业的经营策略和财务战略，还与公司治理的结构及社会宏观制度环境密切相关。企业的现金持有的行为、方式、决策和效率对企业的可持续经营发展，有着重要的影响。现金持有决策是企业一项重要的财务行为。本文首先在现有文献和实践的基础上，从理论上分析了融资约束与公司价值的关系，为建立实证研究假设奠定了基础。然后从融资约束角度研究了房地产上市公的现金价值问题，通过相关理论和文献的回顾梳理，得出相关融资约束分类标准，通过相关描述性分析和回归模型得出不同分类标准下样本的现金边际价值，并与房地产全样本、上市公司总样本进行比较分析，研究融资约束对企业现金价值的影响，最后提出相关建议。全文遵循理论-现状-设计-建议的逻辑研究框架。主要内容如下：首先，本文在介绍相关研究背景的基础上，引导出房地产企业现金使用效率即现金价值，对相关理论基础和文献进行阐述和梳理，然后根据学者的实证研究犯非法、结果及其描述分析，进而引出本文研究的问题。其次，本文以房地产上市公司为研究样本，，运用统计软件SPSS17.0系统分析了房地产上市公司现金持有的现状，并与全体上市公司样本数据对比分析。发现我国上市公司现金持有水平偏高，房地产上市公司现金持有水平偏低，进而探讨存在差异的原因，为下一步的实证检验奠定基础。在具体的实证研究过程中，通过建立多元回归模型（FW模型），先界定了融资约束的分类标准，在不同融资约束状态下，实证检验房地产企业的现金价值。并对实证结果进行了理论上的解释。最后，通过对房地产现金持有现状和现金价值的分析，提出了促进房地产上市公司现金使用效率的对策建议，提高持有现金的价值。通过对房地产企业的现金价值的研究，本文得出了一些有价值的结论： 1.通过对我国房地产上市公司的现金持有背景统计分析发现，现金持有水平小于行业平均水平。侧面反映了我国房地产上市公司的资金属性，房地产行业属于资本密集型行业，对资本的需求较高。而在资金回流、回收的环节又是较慢的，这些因素造成了房地产行业较低的现金水平。其中，电子通信类企业的现金水平最高，房地产行业在现金水平排序中，在末尾的位置。通过进一步的研究发现，不同规模的房地产企业所对应的现金水平是不同的，资产规模越大，现金水平就越高。其次，规模大的房地产企业的现金水平更稳定，波动性更小。 2.建立多元回归模型，对我国连续6年的511个房地产上市公司样本进行实证分析，本文发现：（1）房地产上市公司的现金价值显著低1元且低于行业平均水平，这说明的我国企业尤其是房地产类企业的现金使用效率不高、公司治理水平较低。国外学者研究发现，欧美发达国家上市公司的现金价值普遍在一元左右，Dittmar和Mahrt-Smith（2007）通过研究发现现金价值低的企业其价值为0.42到0.88美元，而高现金价值的企业持有现金价值是其2倍。（2）高股利支付企业的现金价值高于低股利支付企业；小规模的企业现金价值大于大规模企业现金价值。证明了融资约束下企业持有现金的使用效率更高，从而会创造出更多的价值。其次，对成长机会分组下分析结果表明高成长企业现金价值大于低成长企业现金价值。 3.我国房地产上市公司现金市场价值存在着较大损失，Pinkowitz（2006）研究发现，强投资者保护国家的企业现金价值为0.95元，而弱投资者保护的国家的企业现金价值仅为0.29元。可以发现，我国属于弱投资者保护的国家，这是因为我国资本市场发展不完善、监管部门缺乏有效监督、公司治理水平较低等原因造成的。
[Abstract]:Operating cash flow reflects the cash and cash management ability held by the enterprise , especially the tightening of the monetary credit environment and the firm control of liquidity . Cash flow has become the focus of enterprise concern . The cash holding behavior of the enterprise not only reflects the business strategy and financial strategy of the enterprise , but also closely related to the corporate governance structure and the social macro - institutional environment . The behavior , mode , decision and efficiency of the cash held by the enterprise have important influence on the sustainable development of the enterprise . The cash holding decision is an important financial behavior of the enterprise . Based on the existing literature and practice , this paper theoretically analyzes the relationship between financing restriction and company value , and lays a foundation for the establishment of the empirical research hypothesis . Then , the paper studies the cash value problem of the real estate listing public from the angle of financing constraint . Through the relevant descriptive analysis and regression model , the paper obtains the cash marginal value of the sample under different classification standards , and makes a comparative analysis with the whole sample of the real estate and the total sample of the listed company . The paper also puts forward the relevant suggestions . The whole text follows the theory - current situation - design - proposed logical research framework . The main contents are as follows : First , on the basis of introducing relevant research background , this article guides the cash use efficiency of real estate enterprises , namely , the cash value , explains and combs the relevant theoretical foundation and literature , then makes the analysis of illegal , result and description according to the scholar ' s empirical research , and then draws out the problems in this paper . Secondly , this paper takes real estate listed companies as the research samples , analyzes the present situation of cash holdings in real estate listed companies by using SPSS 17.0 , and compares them with the sample data of all listed companies . Finally , through the analysis of the status quo and the cash value of the real estate cash , this paper puts forward the countermeasures to promote the cash use efficiency of the real estate listed company , and raises the value of holding cash . Through the research on the cash value of real estate enterprises , this paper draws some valuable conclusions : 1 . According to the statistical analysis of the cash holdings of real estate listed companies in our country , the level of cash holdings is less than the average level of the industry . The side reflects the financial attributes of the real estate listed companies in our country . The real estate industry is capital - intensive , and the demand for capital is relatively high . In addition , the cash level of the electronic communication enterprises is the highest , and the higher the cash level , the higher the cash level of the real estate industry . Secondly , the cash level of the large - scale real estate enterprises is more stable and the volatility is less . 2 . A multiple regression model is established to empirically analyze 511 real estate listed companies in China for six consecutive years . In this paper , it is found that : ( 1 ) The cash value of the listed companies in real estate is significantly lower than the industry average . The cash value of the enterprises in China , especially the real estate companies , is not high , and the cash value of the enterprises with high cash value is higher than that of the large - scale enterprises . 3 . The value of cash market of real estate listed companies in our country has a great loss , Pinkowitz ( 2006 ) has found that strong investor protection country has a cash value of 0.95 yuan , while weak investor protection country ' s enterprise cash value is only 0.29 yuan . It can be found that our country belongs to weak investor protection country , because our country ' s capital market is not perfect , the supervision department lacks effective supervision , the corporate governance level is low and so on .

【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.33;F224;F832.51

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