房地产开发企业资本结构对企业绩效的影响及其优化研究

发布时间：2018-04-08 11:32

本文选题：房地产开发企业　切入点：资本结构　出处：《山东建筑大学》2017年硕士论文

【摘要】：当前我国经济处于转型的关键期,市场选择和优胜劣汰势必会成为未来趋势。房地产开发企业作为第三产业,具有资金密集、资产负债率高、风险性大、政策导向性强的特点,良好的资本结构显得尤为重要。合理的资本结构有利于企业的运营和发展,进而提高企业绩效。因此,选取房地产开发企业为研究对象,探析资本结构与企业绩效的关系,并基于企业绩效最大化,来研究如何优化房地产开发企业的资本结构是非常有必要的。本研究结合以往研究成果和相关理论,以探寻当前房地产开发企业资本结构与企业绩效关系,及基于企业绩效来优化房地产开发企业资本结构为主线。首先,对资本结构与企业绩效关系、房地产企业资本结构对企业绩效的影响、及优化资本结构的国内外相关文献进行了综述,并梳理了资本结构的优化理论,分析总结了房地产开发企业资本结构对企业绩效的影响机制;其次,基于理论初步分析了我国房地产开发企业、企业资本结构及企业绩效的现状;然后,实证分析了资本结构对企业绩效的影响,以找出债务结构、股权集中度、股权性质对企业绩效的主要影响因素,而且从不同企业规模和不同区域两个方面分别对资本结构与企业绩效的关系做了详细对比研究;再次,利用曲线参数估计法,确定出资本结构与企业绩效关系的拟合函数,探寻到最优资本结构区间;最后,结合理论与实证部分的研究,针对我国房地产开发企业资本结构的优化提出合理建议。本研究结果表明我国房地产开发企业资产负债率过高,与企业绩效负相关;长期负债率偏低,与企业绩效正相关;第一大股东持股比例及管理者持股比例均与企业绩效正相关。研究结果还表明不同企业规模下的资本结构对企业绩效的影响不同,由于规模效应的存在,规模越大的企业自我调节和管理的能力较强;且国家为促进就业和保持经济增长,会对规模大的企业实施优惠政策,从而有利于企业绩效的提高。东、中、西部的房地产开发企业由于外部的融资环境的不同,与东、中部相比,西部的资产负债率没有达到很高的值,对企业绩效的副作用较小;另外,不同地区的公司治理结构和管理水平存在差异,东部的房地产开发企业利用股权激励和监督效应,降低代理成本给企业带来更多的盈利。优化资本结构的研究中得出房地产开发企业资产负债率的最优区间为[56.77%,60.82%]。当资产负债率低于此区间时,提高负债率可以提高企业绩效;高于此区间时,负债率的增加会降低企业绩效。第一大股东持股比例、高管持股比例与企业绩效间不存在显著的一次、二次、三次函数关系。
[Abstract]:At present, our country's economy is in the key period of transformation, the market choice and the survival of the fittest are bound to become the future trend.As a tertiary industry, real estate development enterprises have the characteristics of intensive capital, high ratio of assets and liabilities, high risk, strong policy direction, and good capital structure is particularly important.Reasonable capital structure is conducive to the operation and development of enterprises, and then improve the performance of enterprises.Therefore, it is necessary to study how to optimize the capital structure of real estate development enterprises by selecting real estate development enterprises as the research object, analyzing the relationship between capital structure and enterprise performance, and based on the maximization of enterprise performance.Based on the previous research results and related theories, this study explores the relationship between capital structure and performance of real estate development enterprises, and optimizes the capital structure of real estate development enterprises based on enterprise performance.First of all, the relationship between capital structure and enterprise performance, the influence of real estate capital structure on enterprise performance, and the domestic and foreign literature on the optimization of capital structure are summarized, and the optimization theory of capital structure is summarized.The paper analyzes and summarizes the influence mechanism of the capital structure of the real estate development enterprise on the enterprise performance. Secondly, it analyzes the present situation of the real estate development enterprise, the enterprise capital structure and the enterprise performance based on the theory.The paper empirically analyzes the influence of capital structure on enterprise performance in order to find out the main influencing factors of debt structure, ownership concentration and equity nature on enterprise performance.Moreover, the relationship between capital structure and enterprise performance is compared and studied in detail from two aspects of different enterprise scale and different regions. Thirdly, the fitting function of the relationship between capital structure and enterprise performance is determined by using curve parameter estimation method.Finally, combining the theoretical and empirical research, the author puts forward some reasonable suggestions for the optimization of the capital structure of the real estate development enterprises in China.The results show that the property debt ratio of real estate development enterprises in China is too high and negatively correlated with corporate performance; the long-term debt ratio is low and positively related to corporate performance; the first largest shareholder's shareholding ratio and manager's shareholding ratio are both positively related to corporate performance.The results also show that the capital structure of different enterprises has different influence on the performance of enterprises. Because of the existence of scale effect, the enterprises with larger size have stronger ability of self-regulation and management, and in order to promote employment and maintain economic growth,Will implement preferential policies to large enterprises, which is conducive to the improvement of corporate performance.Due to the difference of external financing environment, the asset-liability ratio of the western real estate development enterprises in the east, middle and west regions has not reached a very high value, which has less side effect on the enterprise performance; in addition,There are differences in corporate governance structure and management level in different regions. Real estate development enterprises in the east of China make use of equity incentive and supervision effects to reduce agency costs and bring more profits to enterprises.In the study of optimizing capital structure, the optimal range of asset-liability ratio of real estate development enterprises is [56.77 / 60.82%].When the asset-liability ratio is lower than this interval, the increase of the debt ratio can improve the performance of the firm, and the increase of the debt ratio will reduce the performance of the enterprise.There is no significant relationship between the proportion of ownership of the first largest shareholder, the proportion of senior managers and the performance of the firm in the first, second, and third order.
【学位授予单位】：山东建筑大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

【相似文献】