基于宏观调控背景下的我国房地产上市公司成长性内部影响因素实证研究

发布时间：2018-07-09 18:50

本文选题：房地产上市公司 + 成长性　；参考：《东北财经大学》2012年硕士论文

【摘要】：改革开放三十多年来,我国房地产行业迅速成长,其已经成为我国国民经济中重要的产业之一。可以说,房地产行业的兴衰时刻关系着我国实体经济和金融体系的安危,因此房地产行业的健康发展也就成为了如今研究的焦点。最近几年,国际金融环境和国内积极的调控政策在一定程度上影响着我国房地产公司的生存和发展,尤其在全球金融危机之后,我国政府先后出台了一系列严厉的调控政策,时而促进、时而抑制着房地产市场的发展,面对当前国家政策对房地产行业的严格调控,正确识别影响我国房地产公司成长性的内部因素,将有利于我国房地产公司在动态的竞争中对自身资源进行有效的管理,有利于提升公司的竞争力和抵抗风险的能力,以便在激烈的市场竞争中抓住机会、抵御威胁。房地产上市公司作为我国房地产行业的领头羊,它们规模大、各方面能力都较为出色,在整个行业中具有很强的代表性。本文在公司成长理论的基础上,结合我国房地产行业的特点,对房地产上市公司成长性的内部影响因素进行分析研究,在一定程度上折射出宏观调控下的我国房地产行业的成长状况和存在的问题,为房地产公司进行有效管理,提高并保持公司的成长性提供了依据,并且为政府制定相关政策、投资者做出正确决策提供了参考,因此,具有重大的理论意义与现实意义。本文主要采用实证研究的方法,定性和定量结合,在理论分析的基础上,选取了2008年～2011年沪深两市A股市场房地产业上市公司作为研究样本,借助SPASS19.0和Microsoft Excel2007软件,选取适当的财务指标,利用因子分析法和多元回归分析法从公司规模、资本结构以及公司内部管理能力三个方面实证研究了各个主要内部因素对我国房地产上市公司成长性的影响。本文共分六个部分,其内容如下：第一部分是绪论,这部分介绍了本文研究的一些基本问题,包括选题动机与研究背景,研究目的及意义,研究内容与研究方法,以及本文的创新之处。第二部分是文献回顾,主要从影响公司成长性的微观层面(内部)因素及公司成长性的判定两个方面对国内外关于公司成长性的研究文献进行了梳理,在此基础上对文献进行了适当的评述,并且得到了一些启示。第三部分理论分析,首先概述了关于公司成长性内部影响因素的成长理论,包括公司成长性的定义和度量、影响公司成长的内部因素理论；然后介绍了我国房地产行业的特点及其发展现状；最后分析了影响我国房地产上市公司成长性的主要内部因素。第四部分为研究设计,包括研究的样本选择及数据来源、研究变量及指标的选取、研究假设、计算模型的确定等,为实证部分做准备。第五部分是实证研究部分,在本部分中对所有变量先后进行了因子分析和回归分析,并对实证结果进行输出与说明。第六部分为研究结论和本文给出的相关建议,主要是根据研究结果对现阶段我国房地产上市公司维持和提高其成长性提出一些相关建议,最后指出本文的不足之处。本文的创新主要体现在：(1)研究对象的创新。以往研究上市公司成长性及其影响因素的文献多是不区分行业的总体分析或就某一因素的影响对上市公司整体进行分析,研究中忽略了行业特征和公司特征给研究结果带来的偏差；房地产公司的成长性对于公司自身管理、投资者决策以及政府制定相关政策而言具有重要的意义,而以往我国文献中涉及我国房地产公司成长性的研究很少。因此对该问题进行研究,在选题上比较新颖。 (2)研究视角的创新。房地产行业作为经济支柱之一,一直受到国家的关注,金融危机后为了避免房地产市场巨大变化给经济带来的风险,我国政府加强了对房地产行业的调控,并且这种宏观调控将在未来继续存在。由于宏观调控因素是房地产公司所不能控制的系统因素,所以本文基于我国宏观调控的背景下,考虑我国房地产行业的特点和发展状况,从公司内部出发,研究影响房地产公司成长性的主要内部因素(内部因素是公司可以控制的),增强了研究的实践意义。因此,本文在研究视角方面有所创新。
[Abstract]:Since the reform and opening up for more than thirty years, China's real estate industry has grown rapidly and has become one of the most important industries in our national economy. It can be said that the rise and fall of the real estate industry is related to the security of the real economy and the financial system in our country. Therefore, the healthy development of the real estate industry has become the focus of the present study. The international financial environment and the domestic active regulatory policy affect the survival and development of China's Real Estate Company to a certain extent. Especially after the global financial crisis, our government has issued a series of severe regulatory policies, which have promoted the development of the real estate market, and face the current national policy to the real estate industry. The strict control of the industry and the correct identification of the internal factors that affect the growth of China's Real Estate Company will help our Real Estate Company to manage its own resources effectively in the dynamic competition, improve the competitiveness of the company and the ability to resist the risk, so as to seize the opportunity and resist the threat in the fierce market competition. As the leader of the real estate industry of our country, the listed companies are large in scale and have excellent ability in all aspects. They are very representative in the whole industry. On the basis of the theory of company growth and the characteristics of the real estate industry of our country, the internal factors of the growth of the real estate listed companies are analyzed and studied. To a certain extent, it reflects the growth and existing problems of China's real estate industry under macro regulation and control. It provides the basis for the effective management of the Real Estate Company and the growth and maintenance of the company, and provides a reference for the government to make relevant policies and make the correct decision for the investors. Therefore, it has great theoretical significance and is of great significance. Practical significance.
This paper mainly adopts the method of empirical research, combining qualitative and quantitative, and on the basis of theoretical analysis, selected the listed companies of the A stock market of the two cities of Shanghai and Shenzhen from 2008 to 2011 as research samples, with the help of SPASS19.0 and Microsoft Excel2007 software, selecting appropriate financial indicators, using factor analysis method and multiple regression analysis method. The impact of the main internal factors on the growth of Chinese real estate listed companies is empirically studied from three aspects: the size of the company, the capital structure and the internal management ability of the company.
This article is divided into six parts, and the contents are as follows:
The first part is the introduction, which introduces some of the basic problems in this paper, including the motivation and background of the topic, the purpose and significance of the study, the content and methods of the research, and the innovation of this article.
The second part is the literature review, mainly from the micro level (internal) factors affecting the growth of the company and the determination of the growth of the company in two aspects of the domestic and foreign research literature on the growth of the company, on this basis, the literature has been properly reviewed, and some enlightenment.
The third part of the theoretical analysis, first outlines the growth theory of the growth of the company, including the definition and measurement of the growth of the company, the theory of the internal factors that affect the growth of the company, and then introduces the characteristics of the real estate industry in China and its development status, and finally analyzes the growth of the real estate listed companies in China. The main internal factors of sex.
The fourth part is the research design, including the selection of samples and data sources, the selection of variables and indexes, the hypothesis of research, the determination of the calculation model and so on, which are prepared for the empirical part.
The fifth part is the empirical research part. In this part, all variables are analyzed by factor analysis and regression analysis, and the output and illustration of the empirical results are given.
The sixth part is the conclusion of the study and the relevant suggestions given in this paper, which is mainly based on the results of the study to put forward some relevant suggestions for the current stage of our real estate listed companies to maintain and improve their growth, and finally points out the shortcomings of this article.
The innovation of this article is mainly embodied in: (1) the innovation of the research object. The previous literature on the growth and the influencing factors of the listed companies is not to distinguish the overall analysis of the industry or to analyze the whole of the listed companies on the influence of a certain factor, and the deviation from the characteristics of the industry and the characteristics of the company to the results of the research is neglected; The growth of a company is of great significance to the management of the company, the decision of the investor and the policy of the government to formulate relevant policies. However, in the past, there are few studies on the growth of the Real Estate Company in our country.
(2) innovation of the research perspective. As one of the economic pillars of the real estate industry, the real estate industry has been concerned by the state. After the financial crisis, in order to avoid the huge changes in the real estate market to the economy, our government has strengthened the regulation of the real estate industry, and this macro regulation and control will continue to exist in the future. The system factors that the Real Estate Company can not control, so this paper, based on the background of China's macro regulation and control, considers the characteristics and development of the real estate industry in our country, and studies the main internal factors that affect the growth of the Real Estate Company from the interior of the company (internal factors can be controlled by the public company), which has enhanced the practical significance of the research. This article is innovative in the perspective of research.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F293.3;F832.51;F224

【相似文献】