上市房地产企业零杠杆现象及影响因素研究

发布时间：2018-01-19 20:00

本文关键词： 资本结构零杠杆有息负债率长期有息负债率长期负债率　出处：《山西大学》2013年硕士论文　论文类型：学位论文

【摘要】：资本结构是研究企业资金来源中负债与权益的比例关系,作为公司理财活动的重要组成部分,不同的融资方式产生的资本成本不同,不仅影响融资、经营、分配决策等方面,反映企业的资金实力,还通过企业治理和经理人的行为,影响着企业价值的形成,且间接影响国家的经济状况。作为我国支柱产业的房地产行业,对我国经济发展和社会进步具有重要影响作用,而近年来我国房地产市场飞速发展,房地产企业数目不断增加,资金使用周期长、资金需求量大、风险高、对外部融资高度依赖是房地产行业的主要特点。因此,长期负债作为能够提供稳定的资金来源应该是企业重要的外部融资方式。然而,长期以来,作为我国房地产行业领头羊的上市房地产企业却表现出普遍的低杠杆、甚至零杠杆现象,这与资本市场和房地产市场的普遍规律不符,房地产上市企业的这种零杠杆现象是本文的主要研究对象。因此,本文选择剔除了应付账款、应付票据、应付职工薪酬、应交税金等与企业日常生产经营活动相联系的自然融资后的长期负债率、有息负债率和长期有息负债率三个指标来刻画企业的资本结构,描述本文所称的零杠杆、低杠杆现象,以真正捕捉上市房地产企业的资金来源和资本构成情况。选择上市房地产企业1992至2010年的报表数据,运用Logistic回归方法,探究与企业融资策略有关的资金来源、企业特征变量、宏观经济环境和宏观政策四个方面的影响因素与企业是否选择零杠杆融资之间的相关性。实证结果表明,当货币资金、短期借款、商业信用融资充足,股票上市融资充分时,上市房地产企业更倾向于零杠杆融资决策。与非零杠杆企业相比,这样的企业通常企业规模较小、拥有较少的有形资产、且成长性高,宏观经济环境对其影响更为显著。因此,本文建议在适时、适度的选择零杠杆融资策略的同时,考虑我国资本市场发展程度,完善市场融资方式,加快融资多元化步伐,建立合理有效的房地产企业融资渠道。
[Abstract]:Capital structure is a study of the relationship between debt and equity in the capital source of enterprises. As an important part of corporate financial activities, different financing methods produce different capital costs, which not only affect financing, but also affect management. Distribution decision-making reflects the capital strength of enterprises, but also affects the formation of enterprise value through corporate governance and managers' behavior. As the pillar industry of our country, the real estate industry plays an important role in the economic development and social progress of our country, but in recent years, the real estate market of our country develops rapidly. The number of real estate enterprises is increasing, the use of funds is long, the demand for funds is large, the risk is high, and the dependence on external financing is the main characteristics of the real estate industry. Long-term debt as a stable source of funds should be an important external financing method. However, for a long time. As the leader of China's real estate industry, listed real estate enterprises show a common low leverage, even zero leverage phenomenon, which is not consistent with the general law of capital market and real estate market. The zero-lever phenomenon of real estate listed enterprises is the main research object of this paper. Therefore, this paper chooses to eliminate the accounts payable, notes payable, wages payable, tax payable and other natural financing related to the daily production and management activities of the enterprise after long-term debt ratio. Interest bearing debt ratio and long-term interest-bearing debt ratio to describe the capital structure of the enterprise, described in this paper, zero leverage, low leverage phenomenon. In order to really capture the capital sources and capital composition of listed real estate enterprises, select the listed real estate enterprises from 1992 to 2010 report data, and use Logistic regression method. This paper explores the correlation between the four factors related to the financing strategy, such as the source of capital, the characteristic variables of the enterprise, the macroeconomic environment and the macroeconomic policy, and whether the firm chooses zero leverage financing. The empirical results show that. When the monetary funds, short-term loans, commercial credit financing is sufficient, the listed real estate companies are more inclined to zero leverage financing decisions. Compared with non-zero leverage enterprises. Such enterprises are usually smaller, have less tangible assets, and have high growth, and the macroeconomic environment has a more significant impact on them. Therefore, this paper suggests in due course. At the same time, we should consider the development of China's capital market, perfect the way of market financing, quicken the pace of financing diversification, and establish reasonable and effective financing channels for real estate enterprises.
【学位授予单位】：山西大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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