中国房地产上市公司资本结构微观影响因素的实证研究

发布时间：2018-03-09 13:48

本文选题：房地产上市公司　切入点：资本结构　出处：《山西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：房地产业是一个资金密集型行业，资金需求量大，开发周期长，，受宏观政策影响较大。在中国，房地产业是国民经济重要的支柱产业。但由于中国房地产业发展时间短，投融资体系尚未健全，且近年来中国又陆续出台了许多遏制房地产过热的宏观政策，这些都使得中国房地产业融资受阻，资金链日趋紧张。一旦房地产业的资金链断裂，银行及房地产相关产业都将受到严重影响，进而影响国民经济健康稳定的发展。如何在动态情况下根据宏观政策及投资需求的变化来调整房地产公司的融资行为，保证房地产公司资金流循环顺畅和健康发展，便成为一个非常重要的课题。本文以房地产上市公司资本结构的微观影响因素为研究对象，在对房地产上市公司的融资渠道、融资结构特征及资本结构现状进行分析后，以40家房地产上市公司2002年—2011年半年度20期的财务数据为基础，采用Panel Data模型对中国房地产业上市公司资本结构的微观影响因素进行实证研究，并通过结果分析给出相关建议。本文主要工作如下： 1.在资本结构及相关理论回顾的基础上，结合中国房地产业上市公司的发展情况和所处的制度环境，对其产业特性、融资途径、融资结构特征和资本结构现状进行分析。研究发现中国房地产业上市公司融资渠道单一，过度依赖银行贷款。 2.首先对影响中国房地产业上市公司资本结构选择的微观因素进行理论分析，在此基础上，从7个维度选取了23个时变解释变量，采用动态面板模型筛选出其中对中国房地产上市公司资本结构有显著影响的指标，结合现有学者的相关研究引入非时变解释变量初始资本结构，分别从长期和短期的角度分析其对中国房地产上市公司资本结构的影响。研究发现中国房地产上市公司资本结构从长期来看是稳定的。
[Abstract]:The real estate industry is a capital-intensive industry, with a large demand for funds, a long development period, and is greatly influenced by macro policies. In China, the real estate industry is an important pillar industry of the national economy. However, due to the short period of development of the real estate industry in China, The investment and financing system is not yet sound, and in recent years, China has introduced many macro policies to curb the overheating of real estate. All of these have hindered the financing of China's real estate industry, and the capital chain has become increasingly tight. Once the real estate industry's capital chain breaks, Banks and real estate related industries will be seriously affected, thus affecting the healthy and stable development of the national economy. How to adjust the financing behavior of real estate companies according to the changes of macro policies and investment demand in the dynamic situation, To ensure the smooth circulation and healthy development of capital flow of real estate companies, it has become a very important issue. This paper takes the micro factors of capital structure of listed real estate companies as the research object, and analyzes the financing channels of listed real estate companies. Based on the analysis of the characteristics of financing structure and the present situation of capital structure, based on the financial data of 40 listed real estate companies from 2002 to 2011, This paper makes an empirical study on the microcosmic influencing factors of the capital structure of the listed companies in China's real estate industry by using the Panel Data model, and puts forward the relevant suggestions through the analysis of the results. The main work of this paper is as follows:. 1. On the basis of the review of capital structure and related theories, combined with the development situation and institutional environment of listed companies in China's real estate industry, the industrial characteristics and financing channels of the listed companies are analyzed. By analyzing the characteristics of financing structure and the present situation of capital structure, it is found that the financing channel of listed companies in China's real estate industry is single, and they are over-dependent on bank loans. 2. Firstly, the microcosmic factors influencing the capital structure selection of listed companies in real estate industry in China are theoretically analyzed. On this basis, 23 time-varying explanatory variables are selected from 7 dimensions. The dynamic panel model is used to screen out the indexes which have significant influence on the capital structure of Chinese real estate listed companies, and the initial capital structure of the time-invariant explanatory variable is introduced in combination with the existing scholars' research. The paper analyzes its influence on the capital structure of Chinese real estate listed companies in the long and short term, and finds that the capital structure of Chinese real estate listed companies is stable in the long run.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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