房地产债务融资与公司价值关系的探讨

发布时间：2018-03-31 10:02

本文选题：公司价值　切入点：债务融资　出处：《浙江大学》2017年硕士论文

【摘要】：房地产业是我国国民经济的重要支柱产业,带动了很多上下游产业,对于就业也有着重要的作用。我国正稳步推进城镇化,城镇化离不开房地产业,房地产业产品是国民日常居住的必需品,同时也承担了投资的属性。从国家统计局2012年到2016年公布的数据来看,“房地产业全社会固定资产投资”占当年GDP的比重始终高于18%,房地产业对中国经济的影响日益明显。另外根据央行和银监会对全国除西藏以外的30个省(市)的调查数据来看,来自银行系统的资金占到房地产开发资金的55%,若房地产市场暴跌或者大幅调整,房地产信贷就有可能变成坏账,存在爆发金融系统性风险,严重的话引发金融危机。由此可见,从债务融资的角度研究公司价值对于促进房地产业健康发展、提高房地产上市公司的融资决策能力有较好的指导作用。本文在国内外理论基础上,将我国66家房地产上市公司做为样本,通过实证分析的方法深入研究债务融资对公司价值的影响。研究如何更好利用债务融资提高公司价值并提出有效的对策措施。通过梳理资本结构和公司价值的发展演变,对相关的理论进行了分析,并以理论为依据,结合我国实际的房地产上市公司融资情况。先进行描述性统计分析,建立模型进行多元回归分析,采用spss22软件对2008-2015年66家A股房地产上市公司数据(来自wind数据库)进行实证分析,实证结果为:(1)模型1显示总体资产负债率跟公司价值(ROE)存在显著正相关关系;总体资产负债率与公司价值(托宾Q值)存在负相关关系。(2)模型2显示长期负债率、短期负债率与公司价值(托宾Q值)存在负相关关系。(3)模型3显示商业信用融资率与公司价值(托宾Q值)存在负相关关系,银行借款融资率与公司价值(托宾Q值)存在负相关关系;企业债券融资率与公司价值(ROE)负相关关系,其他类型融资率与公司价值(托宾Q值)呈正相关关系。最后,本文依据上述实证结果和分析结论,结合我国房地产业实际情况,提出降低房地产上市公司的总体债务融资水平,建立完善的商业信用体系和偿债保障机制,降低政府对银行贷款的干预等对策建议。
[Abstract]:The real estate industry is an important pillar industry of our national economy, which drives many upstream and downstream industries and plays an important role in employment. China is steadily promoting urbanization, which cannot be separated from the real estate industry. Real estate products are the daily necessities of the people. According to the data released by the National Bureau of Statistics from 2012 to 2016, the proportion of "real estate investment in fixed assets of the whole society" in the year of GDP is always higher than 18%, and the impact of the real estate industry on the Chinese economy. In addition, according to the survey data of the Central Bank and the Banking Regulatory Commission on 30 provinces (municipalities) other than Tibet, The funds from the banking system account for 55% of the real estate development funds. If the real estate market collapses or adjusts substantially, real estate credit may become bad loans, and there is a systemic risk of financial outbreak. This shows that if the financial crisis is serious, it can be seen. The study of corporate value from the perspective of debt financing has a good guiding effect on promoting the healthy development of the real estate industry and improving the financing decision-making ability of the listed real estate companies. Taking 66 listed real estate companies in China as a sample, Through the method of empirical analysis, this paper deeply studies the influence of debt financing on corporate value, studies how to make better use of debt financing to improve corporate value and puts forward effective countermeasures. Through combing the development and evolution of capital structure and corporate value, The related theories are analyzed, and based on the theory, combined with the actual financing situation of listed real estate companies in China, the descriptive statistical analysis is carried out, and the model is established to carry out multivariate regression analysis. The data of 66 A-share real estate listed companies from 2008 to 2015 (from wind database) were analyzed by spss22 software. The empirical results are as follows: 1) Model 1 shows that there is a significant positive correlation between total asset-liability ratio and corporate value. There is a negative correlation between total asset-liability ratio and company value (Tobin Q value). Model 2 shows long-term debt ratio. There is a negative correlation between short-term debt ratio and company value (Tobin Q value). Model 3 shows that commercial credit financing ratio has negative correlation with company value (Tobin Q value). There is a negative correlation between bank loan financing rate and company value (Tobin Q value), corporate bond financing rate and company value ROEs, other types of financing rate and company value (Tobin Q value). Finally, Based on the above empirical results and analysis conclusions, this paper puts forward to reduce the overall debt financing level of listed real estate companies, establish a perfect commercial credit system and debt repayment guarantee mechanism, combined with the actual situation of the real estate industry in China. Reduce the government's intervention in bank loans and other countermeasures.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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