房地产上市公司债务融资对公司绩效的影响研究

发布时间：2018-03-04 18:37

本文选题：房地产上市公司　切入点：债务融资　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产行业属于受宏观经济和国家政策影响较大的行业，具有资金密集和负债规模偏高的特点，良好的融资结构对其发展起到关键作用。当前，房地产市场正处在转型升级和行业整合的关键时期，房地产上市公司必须不断加强内部治理，提高公司绩效才能有长远的发展。房地产行业存在偏好债务融资的现象，而债务融资是公司融资的重要方式，其直接影响着公司的融资结构对公司绩效产生作用。因此，，针对房地产行业研究债务融资对公司绩效的影响，将有助于优化融资结构，促进房地产上市公司绩效的提升。不同的债务融资选择对公司绩效的影响有所差异，本文首先依据MM理论、权衡理论、激励理论、信号传递理论和优序融资理论，同时结合房地产上市公司的债务融资现状，详细分析不同债务融资方式对公司绩效的影响机理；其次，通过运用因子分析法构造房地产上市公司综合绩效作为被解释变量，分别从债务整体水平、债务期限结构和债务来源结构角度选取资产负债率、短期债务比率、长期债务比率、银行借款比率和商业信用比率作为解释变量构建回归模型；最后，采用我国房地产上市公司2007-2012年的样本数据，进行面板数据回归分析。研究结果表明，房地产上市公司的资产负债率、短期债务比率和商业信用比率与公司绩效显著负相关，长期债务比率与公司绩效显著正相关，银行借款比率与公司绩效正相关，但不显著。鉴此，房地产上市公司应该适度降低负债比例，增强公司内源融资能力和扩大股权融资规模；在债务期限选择上，合理安排长短期债务组合，去除短期负债过度利用导致的短视行为，充分发挥长期负债对公司绩效的正向作用；在债务来源选择上，要拓展多元化融资渠道，积极发展房地产债券市场。通过不同方式的债务选择组合，优化房地产上市公司的债务融资结构，提高资金使用效率，从而提升公司绩效，为房地产行业的发展壮大提供参考借鉴。
[Abstract]:The real estate industry, which is greatly influenced by macroeconomic and national policies, is characterized by intensive capital and high debt scale. A good financing structure plays a key role in its development. The real estate market is in a critical period of transformation, upgrading and industry integration. Real estate listed companies must constantly strengthen their internal governance and improve their corporate performance in order to develop in the long run. The real estate industry has a preference for debt financing. Debt financing is an important way of corporate financing, which has a direct impact on corporate performance. Therefore, to study the impact of debt financing on corporate performance in real estate industry will help to optimize the financing structure. To promote the performance of listed real estate companies. Different debt financing options have different effects on corporate performance. Firstly, according to MM theory, trade-off theory, incentive theory, signaling theory and priority financing theory, this paper combines the debt financing status of listed real estate companies. The influence mechanism of different debt financing methods on corporate performance is analyzed in detail. Secondly, the comprehensive performance of real estate listed companies is constructed by using factor analysis method as the explanatory variable, respectively from the overall debt level, From the perspective of debt maturity structure and debt source structure, asset-liability ratio, short-term debt ratio, long-term debt ratio, bank loan ratio and commercial credit ratio are selected as explanatory variables to construct regression model. Using the sample data of real estate listed companies in China from 2007 to 2012, the panel data regression analysis is carried out. The results show that the asset-liability ratio, short-term debt ratio and commercial credit ratio of real estate listed companies are negatively correlated with corporate performance, while long-term debt ratios are positively correlated with corporate performance. Bank borrowing ratio is positively correlated with corporate performance, but it is not significant. Therefore, listed real estate companies should reduce their debt ratio moderately, enhance their endogenous financing capacity and expand their equity financing scale. Reasonable arrangement of long-term and short-term debt portfolio, remove short-sighted behavior caused by over-utilization of short-term debt, give full play to the positive role of long-term debt on corporate performance; in the choice of debt source, we should expand diversified financing channels. Actively develop the real estate bond market. Through different ways of debt selection combination, optimize the debt financing structure of listed real estate companies, improve the efficiency of the use of funds, thereby improving corporate performance, For the development of the real estate industry to provide reference.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4

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