房地产业上市实体市净率的影响因素实证研究

发布时间：2018-06-29 02:39

本文选题：房地产 + 上市实体　；参考：《上海交通大学》2013年硕士论文

【摘要】：本文对旨在房地产上市实体的市净率的影响因素进行研究。首先，从企业估值原理出发，得出房地产业的市净率应该接近于1，但从实证角度观测得出房地产上市实体的市净率均值显著小于1。而后，从委托-代理成本、信号传递理论、权衡理论等经典理论出发，探求可能的影响因素，回顾了前人关于董事持股金额、股利政策、资产负债率、带息负债率等与市净率或Tobin’s Q的相关性研究，选定了“内部持有比率”、“派息率”、“带息负债率”、“以公允价值计量的物业占净资产的比率”这4个指标作为研究变量，研究其与市净率之间的相关性。最后，以新加坡上市实体为对象来实证检验这些可能的影响因素，得出以下结论：派息率与市净率呈显著的正相关；带息负债率与市净率呈显著的正相关。根据这些结论，，本文对房地产行业你上市实体的发行股数、融资方式、资产运营和市场价值等方面提出了建议。
[Abstract]:This paper studies the factors affecting the price-to-book ratio of real estate listed entities. Firstly, based on the theory of enterprise valuation, it is concluded that the price-to-book ratio of real estate industry should be close to 1, but from the perspective of empirical observation, the average price-to-book ratio of real estate listed entities is significantly less than 1. Then, based on the classical theories such as principal-agent cost, signaling theory and tradeoff theory, this paper explores the possible influencing factors, and reviews the previous studies on directors' shareholding amount, dividend policy, asset-liability ratio, etc. The study on the correlation between interest-bearing debt ratio and price-to-book ratio or TobinsQ, selected "internal holding ratio", "dividend rate", "interest-bearing debt ratio", "interest-bearing debt ratio", "the ratio of property to net assets measured by fair value" is taken as the research variable to study the correlation between property and price-to-book ratio. Finally, taking Singapore listed entity as an example to test these possible influencing factors, we draw the following conclusions: the dividend ratio is significantly positive correlation with the price-to-book ratio, and the interest-bearing debt ratio has a significant positive correlation with the price-to-book ratio. According to these conclusions, this paper puts forward some suggestions on the number of shares issued by your listed entity, the way of financing, the operation of assets and the market value of your listed entity in the real estate industry.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.23;F832.51

【共引文献】