房地产行业上市公司融资结构与经营绩效相关性的研究

发布时间：2018-07-01 13:05

本文选题：房地产行业 + 融资结构　；参考：《西南交通大学》2017年硕士论文

【摘要】：在国内外的财务理论研究中,融资结构问题一直占据着重要的位置。在融资方式上有不同的选择,将会形成不一致的融资结构,进而导致不同的融资成本,最后直接影响公司的经营绩效。同时,融资结构通过影响公司的治理结构和经济行为间接影响公司的经营绩效。以往的研究表明,不同的国家、不同的行业,由于环境等各方面因素的不同,融资结构同经营绩效会表现出的不同的相关性。基于上述讨论,针对指定行业的深入研究是很有必要的。近些年来,房地产行业得到了迅速发展,逐渐成为我国国民经济的核心产业。房地产行业具有资金密集的显著特点,在其整个项目过程中对资金的需求量很大。目前,房地产企业的大部分资本都来自于银行的贷款,这种情况导致了融资渠道的狭窄单一,融资结构的不合理。因此,对房地产行业融资结构与经营绩效的相关性研究具有重要的现实意义。本文选取我国房地产行业作为研究对象,首先回顾国内外学者对融资结构与公司经营绩效相关性的研究,并对房地产行业融资结构进行理论上的分析。再将其与我国房地产行业的行业特征、政策环境等外部因素加以联系,探讨房地产行业上市公司的融资结构目前呈现的状态,找到当中的问题。然后,通过实证分析研究房地产上市公司融资结构与经营绩效的相关性。本文以管理用财务报表理论为基础,将经营绩效进行新的定义,从内源融资、股权融资和债务融资这三个维度出发研究融资结构同经营绩效的相关性。在文章的最后依据研究的结果对目前的情况提出自己的建议,希望能为改进我国房地产企业的融资结构提供自己的力量。本文研究的成果指出:我国房地产行业上市公司的内源融资与公司经营绩效表现出正相关关系;债务融资与经营绩效表现出负相关关系;股权融资与经营绩效无明显相关关系;针对以上结果,本文提出以下改进措施:扩大公司内源融资比例;降低债务比例,促进企业债券市场的发展,强化债权的监督约束权力;合理采用股权融资。
[Abstract]:In the study of financial theory at home and abroad, financing structure has always occupied an important position. Different ways of financing will form inconsistent financing structure, and then lead to different financing costs, and finally directly affect the performance of the company. At the same time, the financing structure affects the performance of the company indirectly through influencing the corporate governance structure and economic behavior. Previous studies have shown that different countries, different industries, due to different factors such as the environment, financing structure and business performance will show a different correlation. Based on the above discussion, it is necessary to study the specific industry in depth. In recent years, the real estate industry has developed rapidly and gradually become the core industry of our national economy. The real estate industry has the characteristic of capital-intensive, and the demand for capital is great in the whole project process. At present, most of the capital of real estate enterprises comes from bank loans, which leads to narrow financing channels and unreasonable financing structure. Therefore, it is of great practical significance to study the correlation between financing structure and operating performance of real estate industry. This paper selects the real estate industry of our country as the research object, first reviews the domestic and foreign scholars' research on the correlation between the financing structure and the operating performance of the company, and makes a theoretical analysis on the financing structure of the real estate industry. Then it is connected with external factors such as industry characteristics and policy environment of China's real estate industry to discuss the current state of financing structure of listed companies in real estate industry and find out the problems in it. Then, the correlation between financing structure and operating performance of listed real estate companies is studied by empirical analysis. Based on the financial statement theory of management, this paper defines the operating performance and studies the correlation between the financing structure and the operating performance from the three dimensions of endogenous financing, equity financing and debt financing. At the end of the paper, according to the results of the research, the author puts forward his own suggestions on the current situation, hoping to provide his own strength for improving the financing structure of the real estate enterprises in China. The results of this study indicate that: there is a positive correlation between endogenous financing and operating performance of listed companies in China's real estate industry, a negative correlation between debt financing and operating performance, no obvious correlation between equity financing and operating performance, and a negative correlation between debt financing and business performance. In view of the above results, this paper puts forward the following improvement measures: to expand the proportion of internal financing of the company, to reduce the debt ratio, to promote the development of the corporate bond market, to strengthen the supervision and binding power of the creditor's rights, and to use equity financing reasonably.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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