基于结构方程模型的J房地产公司资本结构优化研究

发布时间：2018-01-12 17:17

本文关键词：基于结构方程模型的J房地产公司资本结构优化研究　出处：《华南理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：资本结构决定了公司治理结构和融资决策，直接影响着企业的经营绩效，关系到企业能否在激烈的市场竞争中求得生存并取得长远发展。随着经济的发展，资本结构优化战略日益受到重视。企业纷纷通过对资本结构的优化调整，使其资本结构趋于合理化，进而提高企业的经营绩效。房地产行业是关系国计民生的支柱产业，特别是近10年来，，我国房地产业高速发展，在国民经济中发挥着越来越重要的作用。近年来政府一系列的调控措施不仅影响了房地产的供求关系，也对房地产企业的融资结构造成了巨大冲击。在政府调控力度不断加强的背景下，为保证房地产行业的稳定发展，房地产企业的资本结构优化问题应当引起关注。结构方程模型（简称SEM）是社会科学以及经济、市场、管理等领域中的一种科学研究方法。将结构方程模型应用于房地产行业的资本结构优化研究，是一种创新性的尝试。采用科学的系统分析优化方法进行客观的资本结构优化研究，可以避免当前企业实际制定资本结构优化方案时过度的主观盲目性，从而更合理地制定资本结构优化方案。本文对以下方面进行研究：（1）通过结构方程模型，采用房地产上市公司的公开数据，从股权结构、债务结构、融资结构等选取指标代表资本结构，从盈利能力、偿债能力、营运能力、成长能力等多角度选取指标衡量企业经营绩效，综合研究房地产企业资本结构对企业经营绩效的影响及路径，并不断优化模型；（2）根据筛选的房地产上市企业混合截面数据建立多元线性回归方程，理顺我国房地产行业的资本结构对经营绩效的影响，提出房地产企业资本结构优化的具体化建议；（3）在房地产企业资本结构优化模型研究的成果基础上，结合J房地产公司的实际资本结构及经营现状，寓理论于实际，制定J房地产公司的资本优化方案。总之，本文通过结构方程模型，研究房地产上市企业资本结构对经营绩效的影响，在此基础上制定资本结构优化模型，并最终制定J房地产公司的资本结构优化方案。研究的目的主要是为了加强对房地产资本结构优化的认识，并提供可供借鉴的房地产公司资本优化实践方案。
[Abstract]:Capital structure determines the corporate governance structure and financing decisions, directly affects the business performance of enterprises, related to whether enterprises can survive in the fierce market competition and achieve long-term development. With the development of economy. The optimization strategy of capital structure has been paid more and more attention. Through the optimization and adjustment of capital structure, the capital structure of enterprises tends to be rationalized so as to improve the management performance of enterprises. Real estate industry is a pillar industry related to the national economy and people's livelihood, especially in the past 10 years, the real estate industry in China has developed at a high speed. In recent years, a series of government control measures have not only affected the supply and demand of real estate. The financing structure of real estate enterprises has also caused a huge impact. In the context of the continuous strengthening of government regulation and control, in order to ensure the stable development of the real estate industry. The capital structure optimization of real estate enterprises should be concerned. Structural equation model (SEM) is a kind of scientific research method in the fields of social science, economy, market, management and so on. The structural equation model is applied to the capital structure optimization of real estate industry. The objective capital structure optimization research by scientific system analysis and optimization method can avoid the excessive subjective blindness when the enterprise actually formulates the capital structure optimization plan. Thus more reasonable formulation of capital structure optimization program. In this paper, the following aspects of the study: 1) through the structural equation model, using the public data of listed real estate companies, from the equity structure, debt structure, financing structure and other indicators to represent the capital structure. From the profitability, solvency, operating capacity, growth capacity and other aspects of the selection of indicators to measure business performance, a comprehensive study of the real estate enterprise capital structure on the impact of business performance and the path. And continue to optimize the model; Based on the mixed cross section data of the listed real estate enterprises, the multivariate linear regression equation is established to straighten out the influence of the capital structure of the real estate industry on the operating performance of China's real estate industry. Put forward the concrete suggestion of the capital structure optimization of the real estate enterprise; 3) on the basis of the research results of capital structure optimization model of real estate enterprises, combining with the actual capital structure and management status of J real estate company, the theory is put into practice. Formulate the capital optimization plan of J real estate company. In a word, through the structural equation model, this paper studies the capital structure of real estate listed enterprises on the impact of operating performance, on the basis of capital structure optimization model. The purpose of the study is to strengthen the understanding of the capital structure optimization of real estate companies and to provide a practical scheme for the capital optimization of real estate companies.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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