房地产上市公司债务融资与公司治理效率关系的实证研究

发布时间：2018-01-07 22:01

本文关键词：房地产上市公司债务融资与公司治理效率关系的实证研究　出处：《哈尔滨工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：近些年来，房地产行业与经济一同发展，已经是我国各界重点关注的对象。随着房地产市场的迅速发展，已经发展为全民谈房的时代。众所周知，房地产行业是资金密集型行业，整个开发过程都伴随着大量的现金流的投入，所以其融资结构对其尤为重要。而在高度资金密集型的房地产行业内部，70%到80%的资金都来自银行。随着房地产市场越炒越热，国家出台了一系列宏观调控政策，意图控制不断飙升的房价。面临如此严苛的宏观环境，我国房地产企业应该采取怎样的措施，应该怎样改变融资结构，以应对日益严峻的局面。本文以此为出发点，对我国房地产上市公司债务融资与公司治理效率的关系进行了研究。本文在国内外学者对债务融资与公司治理效率关系的研究成果的基础上，并从债务融资与代理成本、自由现金流效应与税盾效应三个方面对债务融资与公司治理效率关系进行了理论分析。本文选取了2007年—2011年我国A股主板上市的房地产上市公司为研究对象，，首先描述了我国房地产上市公司债务融资现状，并按照债务融资现状的特征进行统计，并对结果进行分析，发现我国房地产上市公司的负债水平明显高于其他行业。其中，流动负债融资比例较高，长期负债率比较低。且负债融资方式主要是银行贷款、应付账款和预收账款。随后运用多元回归模型，分别从负债水平与公司治理效率之间的关系、债务的期限结构与公司治理效率之间的关系和债务的来源结构与公司治理效率之间的关系三个方面进行了分析。实证结果表明，房地产上市公司的公司治理效率随着资产负债率的提高而降低；再进一步按债务期限结构进行细分的话，短期负债率越高，公司的治理效率越低；而长期负债率与房地产企业治理效率呈正相关关系；在债务的来源结构上，银行贷款和施工企业垫款与房地产公司治理效率呈正相关关系，而房屋预售款与公司治理效率呈负相关关系。由以上结论，得出适合房地产上市公司发展并提升公司治理效率的负债融资结构，并在负债期限结构和负债来源结构上提出相应的政策性建议。
[Abstract]:In recent years, the development of the real estate industry and the economy has been the focus of attention. With the rapid development of the real estate market, it has developed into the era of people talking about housing. Real estate industry is a capital-intensive industry, the whole development process is accompanied by a large amount of cash flow input, so its financing structure is particularly important to it. Between 70% and 80% of that money came from banks. As the property market grew hotter and hotter, the country introduced a series of macroeconomic policies aimed at controlling soaring house prices. It faced such a harsh macro environment. What measures should Chinese real estate enterprises take and how to change the financing structure in order to deal with the increasingly serious situation. This article takes this as the starting point. This paper studies the relationship between debt financing and corporate governance efficiency of listed real estate companies in China. This paper is based on the research results of domestic and foreign scholars on the relationship between debt financing and corporate governance efficiency. And from debt financing and agency costs. The relationship between debt financing and corporate governance efficiency is theoretically analyzed from three aspects: free cash flow effect and tax shield effect. This paper selects the real estate listed companies listed on the main board of A shares from 2007 to 2011 in China. For the study. Firstly, it describes the current situation of debt financing of listed real estate companies in China, and according to the characteristics of debt financing status, and analyzes the results. It is found that the debt level of listed real estate companies in China is obviously higher than that of other industries. Among them, the current debt financing ratio is high, the long-term debt ratio is relatively low, and the debt financing mode is mainly bank loans. The relationship between debt level and corporate governance efficiency is analyzed by using multivariate regression model. The relationship between debt maturity structure and corporate governance efficiency and the relationship between debt source structure and corporate governance efficiency are analyzed. The empirical results show that the corporate governance efficiency of real estate listed companies decreases with the increase of asset-liability ratio. The higher the short-term debt ratio, the lower the corporate governance efficiency. There is a positive correlation between the long-term debt ratio and the efficiency of real estate enterprise governance. In the source structure of debt, bank loans and construction enterprise advances and real estate corporate governance efficiency is positively correlated, while housing pre-sale and corporate governance efficiency is negatively correlated. The debt financing structure suitable for the real estate listed companies to develop and improve the corporate governance efficiency is obtained, and the corresponding policy suggestions on the debt term structure and debt source structure are put forward.
【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】：2013
【分类号】：F275;F299.233.4

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