房地产行业财务柔性与企业价值关系的实证研究

发布时间：2018-04-14 23:06

本文选题：房地产 + 融资约束　；参考：《哈尔滨工业大学》2017年硕士论文

【摘要】：当前我国经济发展处于重要的转型时期,不断加速的全球化进程使市场竞争日益激烈,再加上国家日趋严格的管控政策,房地产行业经营环境的不确定程度进一步增加,尤其表现在筹措资金方面,很大一部分企业都面临着严重的融资约束困扰。与此同时,财务柔性作为一个新兴的研究领域,受到实务界和理论界的重视程度与日俱增,因为它能够协调内外部资源,合理安排现金流的分布时间和数量,有效缓解资金短缺压力,实现资源优化配置,提高风险应对能力。基于此,本文以融资约束为切入点,以2011-2015年我国沪深两市房地产行业上市公司为研究样本,借鉴Fama和French提出的经典企业价值回归模型,对房地产公司的财务柔性和企业价值之间的关系进行更加深入的研究。结果显示,我国房地产企业的财务柔性水平普遍偏低,而且企业之间存在显著差异;企业储备财务柔性具有明显的价值效应,即财务柔性能够显著提高公司价值;加入融资约束和财务柔性的交乘项后,财务柔性在提升企业价值方面对高融资约束公司有着更为显著的作用,说明高融资约束公司进行财务柔性管理具有更高的实用价值。针对实证结果,本文对如何实行财务柔性管理突破融资约束提高企业价值提出了几点建议。首先,我国有关部门应该不断加快房地产金融创新的规范进程,完善社会信用体系,为企业营造多元化融资环境,不断开拓财务柔性的获取和应用领域,促进整个行业的可持续发展和企业价值的稳步提升;其次,房地产企业应充分认识到财务柔性的重要性,强化储备意识,拓宽来源渠道,在最大规模利用现有财务柔性资源的基础上,不断创新整合,降低财务柔性的取得成本;最后,房地产企业在不同的生命周期和项目开发阶段有着不同的资金需求,承受着不同程度和类型的融资约束压力,所以依据实际情况合理安排财务柔性策略,提高财务柔性使用效率显得尤为重要。
[Abstract]:At present, the economic development of our country is in an important period of transition. The accelerating process of globalization makes the market competition fiercer and fiercer. In addition, with the country's increasingly strict control and control policies, the degree of uncertainty in the operating environment of the real estate industry has further increased.Especially in raising funds, a large number of enterprises are facing serious financing constraints.At the same time, as a new research field, financial flexibility is paid more and more attention by the practical and theoretical circles, because it can coordinate the internal and external resources, arrange the distribution time and quantity of cash flow reasonably.Effectively alleviate the pressure of capital shortage, achieve optimal allocation of resources, and improve the ability to cope with risks.Based on this, this paper takes financing constraints as the starting point, taking the listed companies of real estate industry in Shanghai and Shenzhen stock markets in China from 2011-2015 as the research samples, and draws lessons from the classic enterprise value regression model proposed by Fama and French.The relationship between financial flexibility and enterprise value of real estate companies is studied more deeply.The results show that the level of financial flexibility of Chinese real estate enterprises is generally low, and there are significant differences among enterprises, the financial flexibility of enterprise reserve has obvious value effect, that is, financial flexibility can significantly improve the value of the company.With the addition of financial constraints and financial flexibility, financial flexibility plays a more significant role in enhancing the value of enterprises, indicating that the financial flexibility management of high financing constraint companies has higher practical value.Based on the empirical results, this paper puts forward some suggestions on how to implement financial flexible management to break through financing constraints to improve enterprise value.First of all, the relevant departments of our country should speed up the standardization process of real estate financial innovation, perfect the social credit system, create a diversified financing environment for enterprises, and continuously open up the fields of obtaining and applying financial flexibility.To promote the sustainable development of the whole industry and the steady improvement of enterprise value; secondly, the real estate enterprises should fully realize the importance of financial flexibility, strengthen the sense of reserve, broaden the source channels,On the basis of utilizing the existing flexible financial resources on a maximum scale, it is constantly innovating and integrating to reduce the cost of obtaining financial flexibility. Finally, real estate enterprises have different capital needs in different life cycles and project development stages.Under the pressure of different degree and type of financing constraints, it is very important to arrange the financial flexibility strategy according to the actual situation and to improve the efficiency of financial flexibility.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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