房地产上市公司资本结构评价研究

发布时间：2018-02-01 02:09

本文关键词： 房地产资本结构投影寻踪　出处：《黑龙江八一农垦大学》2013年硕士论文　论文类型：学位论文

【摘要】：良好的资本结构是公司生存与发展的基石，也是公司能适应激烈的竞争环境，，并实现最大价值的关键所在。房地产行业进入崭新的发展阶段，同时房地产市场也进入调控的关键时期，对于资金密集型的房地产行业，资本结构的优化程度直接影响着房地产业的生命力。故此研究房地产行业的资本结构具有重要的意义。以研究房地产上市公司资本结构为切入点，引用资本结构理论的研究成果，并以沪市房地产上市公司为研究对象，对房地产上市公司资本结构的现状做出了具体的分析和研究，研究发现资产负债率偏高及资金来源单一等普遍现象，进一步分析影响资本结构的因素，选取指标时遵循继承性、创新性、成本效益性等原则，一级指标分别是规模、盈利能力、偿债能力、经营能力、发展能力、股权结构、资产担保价值、税率效应和产品专用性，共计28个二级指标，构建房地产上市公司资本结构评价指标体系，采用基于遗传算法的投影寻踪模型对样本进行评价，计算得出最佳投影方向，以此来判断评价指标对资本结构的影响程度和方向，得出最佳投影指标值，最终计算指标的影响权重，并提出优化房地产上市公司资本结构的建议和对策，对我国房地产行业的平稳发展具有积极作用。
[Abstract]:The capital structure is the cornerstone of the survival and development of the company, but also can adapt to the fierce competition environment, and the key to realize the maximum value of the real estate industry entered a new stage of development, the key period at the same time the real estate market has entered the regulation, for the capital intensive real estate industry, optimization of capital structure directly affects the vitality of the real estate industry has important significance. Therefore the capital structure of the real estate industry.
In order to study the real estate listed companies capital structure as the starting point, citing research of capital structure theory, and based on the Shanghai real estate listed companies as the research object, the capital structure of the listed real estate company's current situation and make specific analysis and research, the study found that the high rate of assets and liabilities and the single source of funds phenomenon, further analysis the factors that influence the capital structure, while choosing the index follow the inheritance, innovation, the principle of cost effectiveness, are an indicator of the scale, profitability, solvency, operation ability, development ability, ownership structure, asset collateral value, the effect of the tax rate and the specificity of the product, a total of 28 level two indexes, evaluation index the system of capital structure of Listed Companies in the construction of real estate, by using projection pursuit model genetic algorithm to evaluate the sample based on the calculation of the optimum projection direction, in order to determine the evaluation index The influence degree and direction of capital to capital structure are obtained, and the best projection index value is obtained. Finally, the weight of the index is calculated, and suggestions and Countermeasures for optimizing capital structure of real estate listed companies are put forward, which play a positive role in the steady development of China's real estate industry.

【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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