房地产上市公司资本结构及其优化研究

发布时间：2018-01-08 10:29

本文关键词：房地产上市公司资本结构及其优化研究　出处：《黑龙江大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国市场经济的不断发展，安全、合理的资本结构已成为企业发展、壮大的关键。国内外学者对资本结构理论进行了不断深入的研究，同时也根据各行业的实际情况进行了相关的实证研究。房地产业是我国国民经济的支柱产业之一，它有效地带动了相关产业的发展，充分扩大了就业机会。目前我国房地产开发企业的现状是数量多、规模小、资质有限，而房地产行业又属于资金密集型行业，资金需求量大。由于现状和行业特点就造成了目前房地产业高资产负债率这个行业通病。更重要的是负债结构不合理，企业大部分负债都属于中短期负债，，而且主要来源于银行贷款。不够合理的资本结构使企业缺乏抵御风险的能力，而且严重受限于国家对银行政策的调控。企业资金链条脆弱，极容易断裂，不利于企业长远发展。因此，分析我国房地产上市公司资本结构现状及其存在问题，找出影响资本结构的关键因素，确定最优资本结构，这有利于房地产行业健康、有序地发展。本文以房地产上市公司作为研究对象，以资本结构相关理论和实证研究结果为依据，分析了我国房地产上市公司资本结构现状及阐述其中存在的问题，然后根据相关影响因素建立实证分析模型，得出研究结论。本文认为盈利能力、流动性、企业规模是影响资本结构的关键因素。最后在实证分析的基础上提出了优化我国房地产上市公司资本结构的相关建议。通过本文的研究旨在对我国房地产上市公司合理资本结构的建立，对我国房地产行业的健康长足发展起到一定的借鉴。
[Abstract]:With the continuous development of market economy in our country, security and reasonable capital structure have become the key to the development and growth of enterprises. Scholars at home and abroad have carried out in-depth research on the theory of capital structure. The real estate industry is one of the pillar industries of our national economy, which effectively drives the development of related industries. The current situation of our real estate development enterprises is a large number, small scale, limited qualifications, and the real estate industry is a capital-intensive industry. Because of the current situation and the characteristics of the industry, the current high asset-liability ratio of the real estate industry common problem. More importantly, the debt structure is unreasonable, most of the liabilities of enterprises are short and medium term liabilities. And mainly comes from bank loans. Unreasonable capital structure makes enterprises lack the ability to resist risks, and is seriously limited by the regulation and control of banking policies. The capital chain of enterprises is fragile and easy to break. Therefore, this paper analyzes the present situation and existing problems of the capital structure of the listed real estate companies in China, finds out the key factors that affect the capital structure, and determines the optimal capital structure. This is conducive to healthy and orderly development of the real estate industry. Based on the theory of capital structure and the results of empirical research, this paper analyzes the current situation of capital structure of listed real estate companies in China and expounds the existing problems. Then the empirical analysis model is established according to the related factors, and the conclusion is drawn. This paper believes that profitability, liquidity. Enterprise size is the key factor affecting capital structure. Finally, the paper puts forward some suggestions on optimizing the capital structure of listed real estate companies on the basis of empirical analysis. Through the research of this paper, the purpose of this paper is to study the listed companies of real estate in China. The establishment of a reasonable capital structure. For the healthy and rapid development of the real estate industry in China to play a certain reference.
【学位授予单位】：黑龙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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