基于宏观视角的中国房地产企业资本结构研究

发布时间：2018-03-30 23:29

本文选题：资本结构　切入点：宏观经济　出处：《南京大学》2013年硕士论文

【摘要】：资本结构问题一直是公司金融领域和企业理论的主要研究方向之一。自二十世纪五十年代以来,对于企业资本结构的研究便方兴未艾。刚开始学者多是从企业层面出发以微观视角来判断企业资本结构与公司特征因素或是公司治理因素的相关关系,随着理论研究的纵深,时下也有学者开始探讨宏观经济对于企业资本结构的影响。房地产业已成我国的支柱产业,随着房地产业的发展,房企与银行等金融系统的联系也是日趋紧密,房地产信贷引发的美国次贷危机依旧发人深省,在此时研究我国房地产企业的资本结构问题无疑具有很强的现实意义,但是目前在国内,当前现有的关于房地产行业资本结构研究的文献也多是从公司特征层面和公司治理角度所做出的研究,基于宏观视角下对房地产行业资本结构研究的文献还不多。本文选择房地产业作为研究对象,在研究了我国房地产公司的融资方式和资本结构之后,通过归纳得出我国房地产企业融资渠道单一、资产负债率总体偏高、资本结构总体不太合理的特点。在这个基础上,本文通过选取在沪深两地A股上市的109家房地产企业及内地赴港上市的44家房企,共计153家企业作为研究样本,通过控制变量限制住房地产上市企业的资产规模与盈利能力,探讨了宏观经济周期、信贷市场、股票市场以及融资政策对我国房地产上市企业资本结构的影响,结果发现：我国房地产上市企业的资本结构具有逆周期的特性,利率与信贷违约风险均对我国房地产上市企业的财务杠杆有一个负向的作用,股票市场与房地产企业的资本结构显著正相关。最后,结合整个房地产行业的特征,在政府层面和企业自身分别提出了相应的政策建议,具体有：在政府层面要立足于制度建设、规范引导,取代当前的打压调控,要完善资本市场,支持房地产企业多元化融资创新和加强对房地产信贷的监管；在企业层面,房地产企业要充分考虑到自身特点,合理安排自己的资本结构。
[Abstract]:The problem of capital structure has been one of the main research directions in the field of corporate finance and enterprise theory. The research on the capital structure of enterprises is in the ascendant. At the beginning, most scholars judge the relationship between the capital structure of enterprises and the factors of corporate characteristics or corporate governance from the microcosmic angle of view, along with the depth of theoretical research. At present, some scholars have begun to explore the impact of macroeconomic on the capital structure of enterprises. The real estate industry has become a pillar industry in China. With the development of the real estate industry, the relationship between housing enterprises and banking and other financial systems is becoming increasingly close. The American subprime mortgage crisis caused by real estate credit is still thought-provoking. At this time, it is undoubtedly of great practical significance to study the capital structure of real estate enterprises in our country, but at present, The current literature on capital structure of real estate industry is also mostly from the perspective of corporate characteristics and corporate governance, based on the macro perspective of the capital structure of the real estate industry is not much literature. This paper chooses the real estate industry as the research object, after studying the financing mode and capital structure of the real estate companies in our country, it concludes that the financing channel of the real estate enterprises in our country is single and the ratio of assets to liabilities is on the high side. On the basis of this, this paper selects 109 real estate enterprises listed in Shanghai and Shenzhen A shares and 44 housing enterprises listed in Hong Kong in the mainland, a total of 153 enterprises as the research sample. By controlling variables to limit the size and profitability of real estate listed enterprises, this paper discusses the impact of macroeconomic cycle, credit market, stock market and financing policies on the capital structure of listed real estate enterprises in China. The results show that the capital structure of the listed real estate enterprises in China has the characteristics of inverse cycle, the interest rate and the credit default risk have a negative effect on the financial leverage of the listed real estate enterprises in our country. Stock market and the capital structure of real estate enterprises are significantly positive correlation. Finally, combining the characteristics of the whole real estate industry, put forward the corresponding policy recommendations at the government level and the enterprises themselves, specifically: at the government level should be based on the system construction, normative guidance, instead of the current repression and control, It is necessary to perfect the capital market, support the diversified financing innovation of the real estate enterprises and strengthen the supervision of the real estate credit. At the enterprise level, the real estate enterprises should fully consider their own characteristics and arrange their own capital structure rationally.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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