我国房地产上市公司融资结构与公司绩效关系的实证研究

发布时间：2018-01-03 01:11

本文关键词：我国房地产上市公司融资结构与公司绩效关系的实证研究　出处：《云南师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：房地产上市公司已经成为我国中央和地方政府财政收入的重要来源，俨然成为推动我国经济增长不可或缺的因素。房地产上市公司状况成果的好坏，直接影响市场经济的稳定和繁荣。而房地产市场由于其行业的特殊性，需要大量资金的支持，因此，能否以合理的方式融资成为影响其发展的关键，也就是说，房地产上市公司应当如何合理安排其融资结构是一大难题。融资结构的不同会影响其融资资本成本、公司财务风险的大小和债务利息抵税等，从而影响公司的绩效。特别在金融危机过后，市场经济并不景气，研究我国房地产上市公司的融资结构与其绩效之间的关系就更加有必要。 MM理论以来，国内外学者都开始从不同的视角研究公司的不同融资结构对其公司价值的影响。本文从这些理论出发，结合我国目前的经济环境，通过收集我国房地产上市公司的最新财务数据，利用因子分析和多元线性回归相结合的实证方法，试图找到我国房地产上市公司的融资结构存在的缺陷和不足，并根据实证结果提出相关的建议。本文具体框架结构如下：第一章，介绍选题背景和目的、本文的研究方法和大体框架，并着重介绍国内外学者对房地产上市公司融资结构的研究。第二章，主要介绍融资结构和绩效的相关概念，并具体分析现阶段关于融资结构与公司价值关系的相关理论。主要包括MM理论、权衡理论、代理理论和委托代理理论。第三章，主要结合我国房地产市场的实际情况，介绍我国房地产行业的特点、融资渠道的来源和融资结构的现状。并通过实际数据加以辅助说明，从中发现我国房地产上市公司存在以下融资问题：我国融资渠道单一、盈利能力高，同时资产负债率和流动资产负债率也偏高、股权结构有一定改善等等。第四章，这章是本文重点章节，通过对49家房地产上市公司2009-2011年三年数据进行分析。由于采用单一指标法衡量公司绩效存在一定的局限，因此本文通过多个指标法进行综合绩效（利用因子分析法），得到一个综合绩效值，，利用该综合绩效值反映房地产上市公司的绩效。之后通过实证深入研究和分析该综合绩效值与上市公司的负债结构和股权结构（采用多元线性回归和逐步多元线性回归）之间的关系。第五章，通过上一章的实证分析，得出资产负债率、流动资产负债率与其公司绩效负相关，这主要是由于我国房地产上市公司的融资结构单一、短期债务过多无法分散公司财务风险；第一大股东持股比例、公司规模大小和公司成长性与其公司绩效正相关，这是因为我国房地产市场并不发达，股东集中能够减少代理成本，有利于对企业的监督管理，而公司规模越大和成长性越强，会增加投资者信心，减少企业的融资成本和融资风险；国有股比例、流通股比例和法人股比例与其公司绩效相关性不显著，这主要是在股权分置改革后，效果比较明显，国有股比例慢慢减少，并且维持在一个比较低的水平，对房地产上市公司的绩效的影响并不大。面对实证结果阐述的问题，本文提出改进我国房地产上市公司目前窘境的建议，分别从公司负债融资结构、股权结构和其他方面三个方面进行阐述。第六章，主要介绍本文在研究过程中的局限性和不足，并提出新的展望。
[Abstract]:The real estate listed companies has become an important source of central and local government revenue in China, has become the driving factor of China's economic growth is indispensable. The listed real estate companies in performance, directly affects the stability and prosperity of market economy and the real estate market. Because of its particularity, need the support of a lot of money. Therefore, whether in a reasonable way to become the key factor that influences the development of financing, that is to say, the real estate listed companies should be how to arrange the financing structure is a big problem. Different financing structure will influence the financing cost of capital, corporate finance risk size and debt interest tax, thus affecting the performance of the company. Especially after the financial crisis, the market economy is stagnant, the relationship between the financing structure of the listed real estate companies in China and its performance is even more necessary.
Since the MM theory, domestic and foreign scholars have started from the effect of different financing structure research, different perspectives on the value of the company. This paper from the theory, combined with China's current economic environment, through the collection of real estate listed companies in China the latest financial data, the empirical method by using factor analysis and multiple linear regression the defects of the existing financing structure to find the real estate listed companies in China and the insufficiency, and puts forward related suggestions according to the empirical results of this paper are as follows. The concrete frame structure:
The first chapter introduces the background and purpose, the research methods and framework, and focuses on the research on the financing structure of listed real estate companies at home and abroad. The second chapter mainly introduces the related concepts of financing structure and performance, and analyzes the related theories about the relationship between financing structure and corporate value at this stage. Including the MM theory, trade-off theory, agency theory and principal-agent theory. The third chapter mainly according to the actual situation of China's real estate market, introducing the characteristics of China's real estate industry, the status quo of financing channels and sources of financing structure. And through the actual data to illustrate, from found the following financing problems China's real estate listed companies in China: the financing channels for a single, high profitability, and asset liability ratio and the asset liability ratio is high, the ownership structure has certain improvement and so on. In the fourth chapter, this The chapter is the key chapter of this article, based on the 49 listed real estate company 2009-2011 three years data analysis. By adopting the single index method to measure corporate performance has certain limitations, so this paper through a number of indicators of the comprehensive performance (using factor analysis), get a comprehensive performance value, the value of comprehensive performance reflect the performance of the listed real estate companies. Through empirical research and analysis of the debt structure and ownership structure of the listed company and the comprehensive performance values (multivariate linear regression and stepwise multiple linear regression). The relationship between the fifth chapter, through the empirical analysis in the previous chapter, the asset liability ratio, asset liability ratio and flow company's performance is negative correlation, this is mainly due to the financing structure of Listed Companies in China's real estate single, short-term debt cannot be too much financial risk; the largest shareholder The proportion of shares, company size and growth of the company and the company performance is positively related, this is because China's real estate market is not developed, shareholder concentration can reduce the agency cost, is conducive to the supervision and management of the enterprise, and the company bigger and stronger growth, will increase investor confidence, reduce corporate financing the cost and risk of financing; the proportion of state-owned shares, the proportion of tradable shares and the proportion of corporate shares and corporate performance relationship is not significant, which is mainly in the equity division reform, the effect is obvious, the proportion of state-owned shares is gradually reduced, and maintained at a relatively low level, influence on the performance of the listed real estate companies are not in the face of problems. The empirical results, this paper puts forward the real estate listed companies in China at present dilemma suggestions respectively from the structure of corporate debt financing, the three aspects of ownership structure and other aspects The sixth chapter mainly introduces the limitations and shortcomings of this paper, and puts forward a new prospect.

【学位授予单位】：云南师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.42

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