房地产公司资本结构影响因素的研究

发布时间：2018-03-22 02:00

本文选题：资本结构　切入点：房地产公司　出处：《青岛大学》2017年硕士论文　论文类型：学位论文

【摘要】：房地产行业在我国经济发展中占据着举足轻重的地位,它的持续健康发展直接影响着我国经济的健康发展。房地产企业的资本结构是房地产企业管理的重要一环,资本结构是关于企业股权和债务的分配比例问题,合理的资本结构能够降低企业的加权平均资本成本,使企业的价值实现最大化。要想实现对企业有效的管理,就需要弄清影响企业资本结构的因素。本文先写了国内外研究现状和理论基础。其次写房地产行业的概况和该行业资本结构现状,了解到我国房地产行业的资产负债率在非金融类的行业中是最大的,资金构成中主要是国内贷款,受国家大环境的影响比较大。再次是研究模型的建立,一方面是关于公司特征因素的模型,用财务效益水平、公司规模、发展能力和增长情况、资产营运状况、偿债能力、股权结构和资产担保能力这七个公司特征因素与资产负债率表示的资本结构建立回归方程,得出这些因素与资本结构的关系;另一方面是关于宏观因素模型的建立,用通货膨胀率、全国公共财政支出增长率、国内生产总值增长率、贷款利率这四个因素与资本结构建立回归方程,得出这些因素与资本结构的关系。最后提出优化我国房地产公司资本结构的建议。
[Abstract]:The real estate industry plays an important role in the economic development of our country, and its sustained and healthy development directly affects the healthy development of our economy. The capital structure of the real estate enterprise is an important part of the management of the real estate enterprise. Capital structure is about the distribution ratio of stock right and debt of enterprise. Reasonable capital structure can reduce the weighted average capital cost and maximize the value of enterprise. In order to realize the effective management of the enterprise, a reasonable capital structure can reduce the weighted average capital cost of the enterprise and maximize the value of the enterprise. It is necessary to find out the factors that affect the capital structure of the enterprise. This paper first writes about the current research situation and theoretical basis at home and abroad. Secondly, it describes the general situation of the real estate industry and the present situation of the capital structure of the real estate industry. We understand that the asset-liability ratio of the real estate industry in our country is the largest in the non-financial industry, and the capital composition is mainly domestic loans, which is greatly influenced by the national environment. Thirdly, the establishment of the research model. On the one hand, it is about the model of the characteristic factors of the company, using the level of financial benefit, the size of the company, the ability of development and growth, the condition of asset operation, the ability to repay debt, The relationship between the capital structure and the equity structure and the asset-guarantee ability, which are the seven characteristic factors of the company and the capital structure expressed by the asset-liability ratio, is established, on the other hand, the establishment of the macro-factor model, the relationship between these factors and the capital structure is obtained. The regression equation between inflation rate, national public expenditure growth rate, GDP growth rate, loan interest rate and capital structure is established. Finally, some suggestions on optimizing the capital structure of real estate companies in China are put forward.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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