我国房地产业上市公司融资结构与EVA的关系研究

发布时间：2018-03-22 11:39

本文选题：房地产业上市公司　切入点：融资结构　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：融资结构问题是一个具有重大理论意义和实践价值的研究课题。它与公司的治理结构、公司EVA之间存在着深刻的联系。作为我国国民经济的支柱产业，房地产业是典型的资金密集型行业，房地产开发具有资金投入规模大、资金占用周期长、开发产品价值昂贵且易受宏观经济变化和政策调控影响等特点，目前我国房地产业上市公司大多自有资金不足，主要依靠银行贷款这一单一的融资模式，良好的融资结构相当关键。在当前房地产市场的整合和转型升级的关键时期，分析研究房地产业的融资结构、融资结构与EVA之间的关系具有重要的理论意义和实际意义。本文主要研究我国房地产业上市公司2009-2012年融资结构与EVA之间的关系，笔者综合了文献和理论分析，在对两者作实证分析时提出四个假设。假设一：负债与EVA存在二次曲线关系，存在一个理论临界点，达到这个均衡点之前负债与EVA正相关，超过这个临界点后，，负债与EVA负相关；假设二：短期有息负债率与EVA正相关，长期有息负债率与EVA负相关；假设三：股权集中度与EVA正相关；假设四：国有股比例与EVA负相关，流通股比例与EVA不相关。在建立计量模型后，采用描述性统计和面板数据分析法从财务杠杆、债权结构和股权结构三方面研究融资结构与EVA的关系。实证研究表明：我国房地产业上市公司资产负债率与EVA呈倒U型二次曲线关系，资产负债率的临界值大约在60%附近；短期有息负债率与EVA显著负相关，长期有息负债率与EVA无显著相关关系；适度集中的股权结构有利于公司EVA的提高；国有股比例与EVA不相关，流通A股比例与EVA呈显著的负相关关系。
[Abstract]:Financing structure is a research subject of great theoretical significance and practical value. It has a deep relationship with corporate governance structure and company EVA. It is a pillar industry of our national economy. Real estate industry is a typical capital-intensive industry. Real estate development has the characteristics of large scale of capital investment, long period of capital occupation, high value of development products and easy to be influenced by macroeconomic changes and policy regulation and control. At present, most of the listed companies of real estate industry in our country are short of their own funds, mainly rely on bank loans as a single financing mode. A good financing structure is very crucial. In the critical period of the integration and transformation of the real estate market, It is of great theoretical and practical significance to analyze and study the financing structure of real estate industry and the relationship between financing structure and EVA. This paper mainly studies the relationship between the financing structure and EVA of Chinese real estate listed companies in 2009-2012. The author synthesizes the literature and theoretical analysis. In the empirical analysis of the two, four hypotheses are put forward. First, the relationship between debt and EVA is conic, and there is a theoretical critical point. Before reaching this equilibrium point, the debt is positively correlated with EVA, and beyond this critical point, Negative correlation between debt and EVA; hypothesis two: short-term interest-bearing debt ratio is positively correlated with EVA, long-term interest-bearing debt ratio is negatively correlated with EVA; hypothesis three: equity concentration is positively correlated with EVA; hypothesis four: proportion of state-owned shares is negatively correlated with EVA, The proportion of tradable shares is not related to EVA. After the establishment of the measurement model, descriptive statistics and panel data analysis are used to analyze the financial leverage. This paper studies the relationship between financing structure and EVA from the three aspects of creditor's right structure and equity structure. The empirical research shows that the relationship between asset-liability ratio and EVA of listed companies in real estate industry is inversely U-shaped conic, and the critical value of asset-liability ratio is about 60%. Short-term interest-bearing debt ratio is negatively correlated with EVA, long-term interest-bearing debt ratio has no significant correlation with EVA, moderate concentration of equity structure is conducive to the improvement of EVA, and the proportion of state-owned shares is not related to EVA. The ratio of A shares in circulation is negatively correlated with EVA.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F275

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