我国房地产上市公司资本结构与经营绩效的关系研究

发布时间：2018-04-04 21:15

本文选题：房地产企业　切入点：资本结构　出处：《华东师范大学》2017年硕士论文

【摘要】：回顾刚刚过去的2016年,"房地产"可以算是一个年度热词。针对本轮的房价飞涨,社会各界人士评论不一,但有目共睹的是,自2013年来,地产行业景气度不断下滑,在行业高库存的压力下,2014年930新政出台,标志着行业政策宽松期的伊始,各城市(除北上广深和三亚)限购陆续放开。随后,2015年的330政策以及2015年的930政策接连出台,加速行业去库存。在政策助推,改善性需求及投资性需求激增的背景下,全国房价呈现不同程度的上涨,2016年全年商品房销售面积达到了 15.73亿平米。随着全国房价的快速上涨,房企也顺势加快了拿地速度,紧接着各地地王频频出现。而房地产企业有着资金需求量大,自有资金少的显著特点,这一特点也决定了房地产行业是金融体系之外最具杠杆属性的行业。回顾行业的发展历程,房企的融资渠道从最初单一的"房企、银行、地方政府"的铁三角结构,发展到目前的银行、资本市场、公司债、企业债、非标债权、信托、资管等更为多元化的融资结构。随着新型的融资工具不断出现,房企对银行的过度依赖有所缓解,近年来银行借款占比呈现下降趋势,债权融资比重上升,但纵观整个行业,房企的整体资产负债率仍处于高位,且有息负债总额仍呈现出上升态势。在房企融资渠道进一步升级换代的行业背景下,众多企业纷纷提出"轻资产化"的转型模式,负债出表,小股操盘等概念应声而出,而这些概念的背后实质,是房企对于融资方式的深入思考以及谨慎选择。融资方式的选择直接决定了企业的资本结构,而随着学界对公司制度的研究深入,人们也渐渐认识到企业的资本结构不单单表现了债务、资本与资产的比例关系,更是直接影响到企业的资金成本,治理结构以及运营方式,进而对企业的经营绩效及发展前景产生深远的影响。本文围绕文献研究,现状分析,理论实证研究以及总结建议的研究思路,尝试对我国房地产上市企业资本结构与经营绩效的关系进行比较深入的研究。首先,本文对国内外的相关文献进行了梳理,分为资本结构及影响因素和资本结构与经营绩效关系两个角度,对前人的研究结果做了简要阐述;接着对我国房地产行业现状进行介绍,对企业的内源融资结构、债务结构以及股权结构做了较为全面的描述及比较。在理论模型及实证研究部分,本文以筛选的72家沪深两市的房地产企业为样本,首先构建了评价企业经营绩效的4个维度15个指标组成的指标体系,采用了因子分析的研究方法,对企业的总体经营绩效进行了打分以及排名,并将企业经营绩效的综合指标作为回归方程的被解释变量,研究其与长期资本负债率、资产负债率、内源融资率、股权融资率以及流动负债权益比率的关系。最后对全文进行总结,并提出相关建议以及意见。
[Abstract]:Looking back on 2016, real estate is a hot word of the year.In view of this round of soaring house prices, people from all walks of life have different comments, but what is obvious to all is that since 2013, the real estate industry has seen a steady decline in the strength of the real estate industry. Under the pressure of the industry's high inventory, the New deal of 930 in 2014 was introduced.Marked the beginning of industry policy easing period, cities (in addition to the north of Guangshen and Sanya) restrictions have been liberalized.Subsequently, the 2015 330 policy and the 2015 930 policy have been introduced, accelerating industry destocking.Against the backdrop of a policy boost, improved demand and a surge in investment demand, housing prices across the country have risen to varying degrees, with sales of commercial housing reaching 1.573 billion square meters in 2016.With the rapid rise in housing prices, housing enterprises also hastened the pace of land, followed by the frequent emergence of land kings.But the real estate enterprise has the remarkable characteristic that the capital demand is big, the own capital is small, this characteristic also decided that the real estate industry is the industry with the most leverage attribute outside the financial system.Looking back on the development of the industry, the financing channels for housing enterprises have developed from a single iron triangle structure of "housing enterprises, banks, local governments" to the present banks, capital markets, corporate bonds, corporate bonds, non-standard claims, trusts,More diversified financing structure such as capital management.With the emergence of new financing tools, the over-dependence of housing enterprises on banks has been eased. In recent years, the proportion of bank loans has declined, the proportion of debt financing has increased, but throughout the industry,Housing companies overall asset-liability ratio is still high, and the total amount of interest-bearing debt is still showing an upward trend.Under the background of further upgrading and upgrading of financing channels for housing enterprises, many enterprises have put forward the transformation mode of "light capitalization", the concepts of debt out of the table, small stock trading and so on. But the essence of these concepts is behind them.Housing enterprises for the financing of the in-depth thinking and careful choice.The choice of financing mode directly determines the capital structure of an enterprise. With the in-depth study of corporate system in academic circles, people have come to realize that the capital structure of an enterprise does not merely represent the relationship between debt, capital and assets.It also directly affects the capital cost, governance structure and operation mode of the enterprise, and then has a profound impact on the business performance and development prospects of the enterprise.This paper focuses on the literature research, current situation analysis, theoretical and empirical research, as well as the research ideas of summing up the suggestions, trying to conduct a more in-depth study on the relationship between the capital structure and operating performance of listed real estate enterprises in China.First of all, this paper combed the relevant literature at home and abroad, divided into capital structure and influencing factors and the relationship between capital structure and operating performance, and briefly elaborated the previous research results;Then the present situation of real estate industry in China is introduced, and the internal financing structure, debt structure and equity structure of enterprises are described and compared comprehensively.In the part of theoretical model and empirical research, this paper takes 72 real estate enterprises selected from Shanghai and Shenzhen stock markets as samples, and constructs an index system of 15 indexes of four dimensions to evaluate the performance of enterprises.By using factor analysis method, the overall operating performance of enterprises is rated and ranked, and the comprehensive index of business performance is taken as the explanatory variable of the regression equation, and the long-term capital debt ratio, asset-liability ratio, and the relationship between the index and the long-term capital debt ratio, the asset-liability ratio, are studied.The relationship among endogenous financing ratio, equity financing rate and current debt equity ratio.Finally, the full text of the summary, and put forward relevant suggestions and opinions.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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