负债水平对房地产企业可持续增长的影响研究

发布时间：2018-01-08 19:26

本文关键词：负债水平对房地产企业可持续增长的影响研究　出处：《重庆大学》2014年硕士论文　论文类型：学位论文

【摘要】：近几年由于受到国家调控和市场冲击的影响，房地产企业的资金链变得非常脆弱，资金问题已经成为房地产企业发展的桎梏，，如何解决资金问题已经成为房地产企业能否长远发展的关键所在。而合理负债经营可以为企业带来更多的资金，激活企业现金流，并能发挥财务杠杆效应，使企业获得更多的收益。本文主要是针对目前房地产企业的高负债水平、负债结构不合理、可持续增长缓慢的现象进行分析，并进一步探讨企业负债水平对企业可持续增长的影响。关于企业的负债经营，在资本结构理论中已经有了比较完善的阐述，但是国外的研究不能完全适用于我国企业，所以本文以沪深房地产上市企业为研究对象，系统分析负债水平对房地产企业可持续增长的影响。本文紧紧围绕企业负债水平和负债结构进行分析，主要从以下四个方面展开：（1）本文通过引入负债结构理论和可持续增长理论，为后文分析负债水平影响企业的可持续增长做好铺垫；（2）分析近年来企业的负债水平现状和净利润率增长状况，从不同视角分析负债水平对企业可持续增长的影响。另外，本文引入负债期限结构理论，以长、短期负债水平对可持续增长的影响深化本文的研究；（3）本文以2012年上市房地产企业财务数据为研究对象，通过相关性分析、回归分析论证企业负债水平对企业可持续增长率的影响；（4）根据回归分析的结果，指出企业负债水平居高不下的原因及保证合理负债的必要性，并对此提出建议。
[Abstract]:In recent years, due to the impact of state regulation and market impact, the capital chain of real estate enterprises has become very fragile, capital problems have become the shackles of the development of real estate enterprises. How to solve the problem of capital has become the key to the long-term development of real estate enterprises, and reasonable debt management can bring more funds to enterprises, activate the cash flow of enterprises, and can play a financial leverage effect. Make the enterprise gain more profit. This paper mainly analyzes the phenomenon of high debt level, unreasonable debt structure and slow sustainable growth of real estate enterprises. And further discusses the enterprise debt level to the enterprise sustainable growth influence. Regarding the enterprise debt management, has already had the quite perfect elaboration in the capital structure theory. But the foreign research can not be fully applicable to our enterprises, so this paper takes the listed real estate enterprises in Shanghai and Shenzhen as the research object, and systematically analyzes the impact of debt level on the sustainable growth of real estate enterprises. This paper focuses on enterprise debt level and debt structure, mainly from the following four aspects: 1) this paper introduces debt structure theory and sustainable growth theory. For the following analysis of debt levels affect the sustainable growth of enterprises to do a good job; 2) analyzing the current situation of debt level and net profit growth of enterprises in recent years, and analyzing the influence of debt level on the sustainable growth of enterprises from different angles. In addition, this paper introduces the theory of debt term structure to long term. The influence of short-term debt level on sustainable growth deepens the research of this paper; This paper takes the financial data of listed real estate enterprises in 2012 as the research object, through the correlation analysis, the regression analysis proves the influence of the enterprise debt level on the enterprise sustainable growth rate; 4) according to the result of regression analysis, this paper points out the reasons for the high debt level of enterprises and the necessity of ensuring reasonable liabilities, and puts forward some suggestions.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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