基于融资效率评价的房地产企业债务融资结构优化研究

发布时间：2018-04-29 21:43

本文选题：房地产企业 + 债务融资效率　；参考：《湖南大学》2016年博士论文

【摘要】：近年来,房地产行业得到了突飞猛进的发展,逐渐成为国民经济中的先导及支柱产业,对国内生产总值的增长做出了很大的贡献。但房地产市场存在着诸多不完善之处,增长速度过激、房价上涨过快、资金来源过于单一、债务融资结构不尽合理等问题也开始凸显。因此,房地产行业正在积极谋求转型及整合,作为其中关键因素的房地产企业的发展因而遇到了前所未有的阻力。房地产是一个资金密集程度较高的行业,房地产企业融资效率的高低直接影响着相关企业乃至整个行业的发展。债务融资作为房地产企业的一种重要融资工具,无疑会对融资效率乃至经营绩效产生显著影响。就不同的债务融资结构而言,其融资成本和融资风险不尽相同,对企业价值的影响也有所不同,进而影响房地产企业的融资效率。过高的债务融资水平将使得企业的偿债压力也非常大,但是债务融资水平过低又会提高企业的资本成本,降低财务杠杆作用。因此,科学地安排债务融资结构,降低资本成本和风险,增加企业价值,从而有效促进房地产行业的稳定发展变得相当迫切。在此背景下,本文基于债务融资效率的视角,以沪深证券市场房地产上市公司为对象,就其债务融资规模结构、期限结构和来源结构进行优化分析,并提出相应的对策建议。在理论分析部分,本文从债务融资的相关研究基础、债务融资效率及其评价方法以及房地产债务融资的相关概念等三个方面展开阐述。首先对债务融资的内涵进行讨论,分析并比较债务融资的相关理论。进而分析债务融资效率的界定,并考察债务融资效率的影响因素。最后结合房地产行业的实际探讨房地产债务融资的特点及影响因素,为后文研究房地产债务融资结构的优化问题奠定理论基础。在实证研究部分,本文以房地产企业债务融资效率评价为基础,分别从债务融资规模结构的优化、债务融资期限结构的分析、债务融资来源结构的改进等三个方面出发,系统探讨房地产企业债务融资结构的优化问题。首先,构建房地产企业债务融资效率评价模型,确定房地产企业债务融资效率评价的指标体系,并利用熵值法计算每家公司的效率水平得分对房地产行业的债务融资效率进行评价和量化分析。然后,选取相关模型探讨房地产企业债务融资最优规模结构,在验证企业价值与融资规模结构之间存在互动关系的基础上,从企业价值实现最大的视角来考察债务融资规模结构的优化。接着,在考虑降低融资成本、提高融资效率的前提下,结合多元回归模型,构建房地产企业债务融资期限结构优化模型,考察房地产企业债务融资债务期限结构的具体优化方向和最优期限结构。最后,从房地产企业不同债务融资来源风险的角度,采用模糊层次分析法对房地产企业不同债务融资来源的相对重要性开展评分,辨别债务融资来源的重要程度,进而利用目标规划模型对债务融资来源结构进行优化。在应用研究方面,本文参考欧美发达国家房地产企业债务融资的经验,基于沪深证券市场房地产上市公司债务融资结构现状,对房地产企业在债务融资的规模结构、期限结构和来源结构三个方面存在的问题进行剖析,进而在考虑债务融资效率评价的基础上,分别结合前文对这三个方面的实证研究的结论,提出房地产企业债务融资结构优化的具体策略。
[Abstract]:In recent years, the real estate industry has been developing by leaps and bounds, gradually becoming the leading and pillar industry in the national economy, making great contributions to the growth of GDP. However, there are many imperfections in the real estate market. The real estate market has a lot of imperfections, the growth rate is too fast, the price of house prices is too fast, the source of capital is too single, and the debt financing structure is not exhausted. The real estate industry is actively seeking transformation and integration. As a key factor, real estate enterprises have encountered unprecedented resistance. Real estate is a high capital intensive industry, and the financing efficiency of real estate enterprises directly affects the related enterprises and even the whole. As an important financing tool for real estate enterprises, debt financing will undoubtedly have a significant impact on the efficiency of financing and business performance. As far as different debt financing structures are concerned, the financing cost and financing risk are different, and the impact on the enterprise value is different, thus affecting the financing of real estate enterprises. The high level of debt financing will make the enterprise's debt paying pressure very large, but the low level of debt financing will improve the capital cost and the financial leverage. Therefore, it will scientifically arrange the debt financing structure, reduce the capital cost and risk, increase the value of the enterprise, and thus effectively promote the stable development of the real estate industry. In this context, based on the perspective of debt financing efficiency, this paper makes an optimization analysis on the scale structure, term structure and source structure of the debt financing in Shanghai and Shenzhen stock market, and puts forward the corresponding countermeasures and suggestions. In the theory and analysis part, this paper is based on the related research base of debt financing. Foundation, debt financing efficiency and evaluation method and the related concept of real estate debt financing in three aspects. First, discuss the connotation of debt financing, analyze and compare the related theory of debt financing, and then analyze the definition of debt financing efficiency, and examine the factors affecting the efficiency of debt financing. Finally, it combines the real estate. The characteristics and influencing factors of real estate debt financing are discussed in the actual production industry, which lays a theoretical foundation for the optimization of the debt financing structure of the real estate. In the empirical part, this paper is based on the evaluation of the debt financing efficiency of the real estate enterprises, and from the optimization of the scale structure of debt financing, the term structure of debt financing is divided into two parts. In the three aspects of the improvement of the source structure of debt financing, this paper systematically discusses the optimization of the debt financing structure of the real estate enterprises. Firstly, the evaluation model of the debt financing efficiency of the real estate enterprises is constructed, the index system of the evaluation of the debt financing efficiency of the real estate enterprises is determined, and the efficiency level score of each company is calculated by the entropy method. This paper evaluates and quantifies the debt financing efficiency of the real estate industry. Then, it selects the relevant model to explore the optimal scale structure of the debt financing of the real estate enterprises. On the basis of the verification of the interaction between the enterprise value and the financing scale structure, the optimization of the debt financing scale structure is investigated from the greatest perspective of the enterprise value. Then, on the premise of reducing the cost of financing and raising the efficiency of financing, combining multiple regression model, the paper constructs the optimization model of the term structure of the debt financing of real estate enterprises, and investigates the specific optimization direction and the optimal term structure of the debt maturity structure of the real estate enterprises. Finally, the different sources of debt financing from the real estate enterprises are in the wind. In the perspective of risk, fuzzy analytic hierarchy process is used to evaluate the relative importance of different debt financing sources of real estate enterprises, to identify the importance of debt financing sources, and then to optimize the structure of debt financing by using the target planning model. In the field of applied research, this paper refers to the debt financing of real estate enterprises in developed countries in Europe and America. Based on the current situation of the debt financing structure of real estate listed companies in Shanghai and Shenzhen stock market, this paper analyzes the problems in the three aspects of the scale structure, term structure and source structure of the real estate enterprises, and then on the basis of considering the evaluation of debt financing efficiency, the empirical research on these three aspects is combined with the previous article. The conclusion is that specific strategies for optimizing the debt financing structure of real estate enterprises are put forward.

【学位授予单位】：湖南大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F299.233.42

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