房地产上市公司资本结构与公司绩效关系研究

发布时间：2018-03-24 03:26

本文选题：房地产上市公司　切入点：资本结构　出处：《云南财经大学》2013年硕士论文

【摘要】：1998年的住房体制改革促使房地产行业更快进入市场化，经过30多年的高速发展，房地产行业逐渐成为国民经济的支柱性行业，加之，房地产行业促进40多个行业的发展，为国民经济的发展制造了更多增长点，国家对房地产行业的发展尤为重视。房地产行业属于资金密集型行业，科学合理的资金筹集安排有助于房地产公司构建合理的资本结构。1998年以来，房地产行业经历了不同的发展阶段，，国家出台一系列政策引导它的规范发展，影响房地产融资渠道，公司绩效受到影响。在变化的市场环境下，对房地产行业资本结构和公司绩效进行关系研究，为资本结构的优化方向提供有效依据，有利于公司绩效的提高，长远来看更有利于房地产行业乃至国民经济有序健康的发展。本文首先介绍了资本结构理论、公司价值理论，分别梳理了国内外学者对资本结构与公司绩效相关性研究的丰硕成果，对文献进行评述；其次分析我国房地产行业资本结构特征和融资方式；最后结合房地产行业特征，选取恰当的股权结构与债务结构指标，综合财务收益、市场收益、经济收益选取权益利润率（ROE）、资产利润率（ROA）、托宾Q和经济增加值（EVA）作为绩效评价指标，以49家完成股权分置改革的房地产上市公司2001—2011年面板数据为样本，采用多元线性回归方法，先从总体分析房地产上市公司资本结构与公司绩效关系，再对比分析股权分置改革前后资本结构与公司绩效关系。实证结果表明：资产负债率与公司绩效（EVA、ROE、ROA、TBQ）正相关，流动负债率、长期资本负债率、带息负债率与公司绩效负相关，机构持股比例、股权集中度与公司绩效正相关。股权分置改革改变了股权结构，对公司绩效产生了一定影响。股改后，资本结构影响公司绩效的程度及方向有所变化，流通股比率对公司绩效影响更为显著。最后，本文根据实证结果，结合实际情况，找出关键因素，为促进房地产行业资本结构优化提出有效意见，提高公司绩效，促进社会资源合理配置。
[Abstract]:The housing system reform in 1998 prompted the real estate industry to enter the market more quickly. After more than 30 years of rapid development, the real estate industry gradually became the pillar industry of the national economy. In addition, the real estate industry promoted the development of more than 40 industries. For the development of the national economy to create more growth points, the development of the real estate industry is particularly important. The real estate industry is a capital-intensive industry. A scientific and reasonable arrangement for raising funds helps real estate companies to build a reasonable capital structure. Since 1998, the real estate industry has experienced different stages of development. The state has issued a series of policies to guide its normative development, affecting real estate financing channels and corporate performance. In the changing market environment, the relationship between capital structure and corporate performance of the real estate industry is studied. It provides an effective basis for the direction of capital structure optimization, is conducive to the improvement of corporate performance, and is more conducive to the orderly and healthy development of the real estate industry and even the national economy in the long run. Firstly, this paper introduces the theory of capital structure and the theory of corporate value, combs the fruitful achievements of scholars at home and abroad on the correlation between capital structure and corporate performance, and reviews the literature. Secondly, it analyzes the capital structure characteristics and financing methods of the real estate industry in China. Finally, combining the characteristics of the real estate industry, the author selects the appropriate equity structure and debt structure index, synthesizes the financial returns and market returns. Economic returns select equity profit margin, asset profit margin, Tobin Q and EVA as performance evaluation indicators. The panel data of 49 listed real estate companies that have completed the split share structure reform from 2001 to 2011 are taken as samples, and multivariate linear regression method is used. First, the relationship between capital structure and corporate performance of listed real estate companies is analyzed, and then the relationship between capital structure and corporate performance before and after the split share structure reform is compared. The empirical results show that the ratio of assets and liabilities is positively correlated with corporate performance. Current debt ratio, long-term capital debt ratio, interest-bearing debt ratio are negatively correlated with corporate performance, institutional shareholding ratio, ownership concentration ratio and corporate performance are positively correlated. After the stock reform, the degree and direction of the capital structure influencing the performance of the company has changed, and the ratio of circulating shares has a more significant impact on the performance of the company. Finally, according to the empirical results, combined with the actual situation, find out the key factors, in order to promote the optimization of the capital structure of the real estate industry put forward effective advice, improve corporate performance, promote the rational allocation of social resources.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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