我国房地产上市公司商业信用影响因素实证研究

发布时间：2018-02-20 21:11

本文关键词： 商业信用房地产行业影响因素供给需求　出处：《中国地质大学（北京）》2013年硕士论文　论文类型：学位论文

【摘要】：商业信用是企业最重要的短期外部融资渠道之一，能够有效节约企业的日常营运资金，提升企业的融资绩效及发展能力。随着市场竞争的日益激烈及信用制度的逐步完善，经过多年的发展，商业信用在我国企业发展中发挥着越来越重要的作用，日益成为越来越多的企业进行日常融资所不可或缺的渠道。而有关企业商业信用的研究也逐步成为学术界关注的焦点问题之一。房地产行业一直是我国经济发展的支柱产业之一，其融资渠道多样，商业信用运用情况具备鲜明的行业特色。近年来，随着国家对房地产行业宏观调控的深入，很多房地产企业的资金融通出现问题，商业信用发展状况直接影响着行业的健康运行、国民经济的稳定发展。在这样的大背景下，研究影响房地产行业商业信用的因素是一个非常有意义的课题。本文旨在通过对近4年来房地产行业运用商业信用的数据进行分析，明确上市公司内外部因素影响公司商业信用的运作机制，扩展商业信用在我国特殊转型经济环境下的研究，在一定程度上弥补国内在房地产行业商业信用影响因素研究中存在的不足，为公司合理有效地利用商业信用，，政府合理调控房地产行业提供具有建设性的思路。本文首先对商业信用研究的背景、意义、内容和本文研究框架、技术路线进行了具体阐述，梳理和概况了商业信用的相关理论和中外文献资料，采用理论与实践相结合的研究方法，对我国上市公司商业信用的发展现状进行了总结归纳。在此基础上，本文选取2008年-2011年沪深两市A股房地产业上市公司作为研究样本，从商业信用的供给和需求两个角度出发，采用回归分析的方法对影响商业信用的因素进行了实证检验。实证结果发现，公司规模、资产负债率、短期借款比率、总资产利润率和企业交易规模等因素对房地产业上市公司商业信用的供给情况有显著影响，而国有股比例、机构投资者、资产负债率、流动比率、短期借款比率、总资产利润率、收入利润率和企业存续年限等因素对商业信用的需求情况产生显著影响。通过对实证研究结果的分析，结合我国房地产行业上市公司商业信用的实际情况，本文分别从政府和企业的角度出发，提出了一些鼓励和引导企业合理运用商业信用进行融资的有效措施，希望能够为我国上市公司健康信贷环境的建立、房地产行业持续稳定的发展提供一些切实可行的帮助。
[Abstract]:Commercial credit is one of the most important short-term external financing channels for enterprises, which can effectively save the daily working capital of enterprises, improve the financing performance and development ability of enterprises. After years of development, commercial credit is playing a more and more important role in the development of Chinese enterprises. Increasingly, it is becoming an indispensable channel for more and more enterprises to carry out daily financing, and the research on business credit of enterprises has gradually become one of the focuses of academic attention. The real estate industry has always been one of the pillar industries of our country's economic development, its financing channel is various, the commercial credit utilization situation has the distinct profession characteristic. In recent years, with the deepening of the national macro-control of the real estate industry, Many real estate enterprises have problems in financing, and the development of commercial credit has a direct impact on the healthy operation of the industry and the stable development of the national economy. It is a very meaningful topic to study the factors that affect the commercial credit of the real estate industry. This paper aims to analyze the data of the commercial credit used by the real estate industry in the past four years. It is clear that the internal and external factors of listed companies affect the operational mechanism of corporate commercial credit, and expand the research of commercial credit in the special transition economic environment of our country. To a certain extent, this paper makes up for the deficiency in the research on the influencing factors of the commercial credit in the real estate industry in China, and provides a constructive idea for the company to make use of the commercial credit reasonably and effectively, and for the government to regulate the real estate industry reasonably. In this paper, the background, significance, content, research framework and technical route of the research on commercial credit are expounded in detail, and the relevant theories of commercial credit and Chinese and foreign literature are summarized. By combining theory with practice, this paper summarizes the development of commercial credit of listed companies in China. On this basis, this paper selects the real estate listed companies of Shanghai and Shenzhen A-shares from 2008 to 2011 as the research samples. From the point of view of supply and demand of commercial credit, this paper uses the method of regression analysis to test the influencing factors of commercial credit. The empirical results show that the factors such as company size, asset-liability ratio, short-term borrowing ratio, total asset profit rate and enterprise transaction scale have significant effects on the supply of commercial credit of listed companies in real estate industry, while the proportion of state-owned shares. Factors such as institutional investors, asset-liability ratio, current ratio, short-term borrowing ratio, total asset profit margin, income profit margin and enterprise lifetime have a significant impact on the demand for business credit. Through the analysis of the results of empirical research, combined with the actual situation of commercial credit of listed companies in real estate industry in China, this paper starts from the angle of government and enterprise respectively. This paper puts forward some effective measures to encourage and guide enterprises to make use of commercial credit to finance reasonably, hoping to provide some practical help for the establishment of healthy credit environment of listed companies in our country and the sustainable and stable development of real estate industry.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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