我国A股房地产企业融资结构对绩效的影响

发布时间：2018-05-03 23:25

本文选题：房地产企业 + 融资结构　；参考：《复旦大学》2014年硕士论文

【摘要】：房地产行业是目前我国经济体系中的热门行业,是社会关注度较高的行业,它不仅关系到人民的安居乐业,也关系到上下游产业的发展,是一个具有较长产业链的行业；房地产业属于典型的资金密集型行业,资金投资量巨大,回收期相对较长,企业必须借助信贷和其他融资途径才能保证项目顺利进行,因此决定了该类企业的发展必须依靠金融领域的协助,也决定了房地产企业融资结构的复杂性和多样性。同时我国房地产企业的发展又有其特殊性,20年间中国房地产企业迅速发展壮大,而其发展模式也越显野蛮,融资模式千变万化,尤其是债务融资为代表的间接融资大规模上升,且大多以银行信贷、金融机构贷款为主,而股权融资等直接融资相对较少,社会监督职能严重不足。本文主要采用规范研究与实证研究相结合的方法研究我国A股房地产企业融资结构对绩效的影响,选择沪深两市A股市场的128家上市房地产企业2008至2012年的公开财务数据作为计算各项指标的基础,构建面板指标数据,建立房地产企业融资结构指标和相关绩效评估指标,将公司绩效分为盈利能力、运营能力和发展能力,并采用因子分析法得出各绩效的结果,之后分别建立带有一阶滞后项的回归方程。得出结论认为A股上市的房地产企业中,内源融资对企业的盈利能力、运营能力、发展能力以及综合经营绩效均有正的影响；股权融资对企业运营能力有积极的影响,但是对企业的长期发展能力有负的影响；商业信贷对企业的运营能力的影响为负,对企业的发展能力影响为正；银行信贷对企业的盈利能力为正,但是对企业运营能力的影响为负。
[Abstract]:The real estate industry is the hot industry in the present economic system of our country, is the industry with high social attention, it not only relates to the people's living and working in peace and contentment, but also relates to the development of the upstream and downstream industries, and is an industry with a long industrial chain. The real estate industry is a typical capital-intensive industry, with a huge amount of capital investment and a relatively long payback period. Enterprises must resort to credit and other financing channels to ensure the smooth progress of the project. Therefore, the development of this kind of enterprises must rely on the assistance of the financial field, but also determine the complexity and diversity of the financing structure of real estate enterprises. At the same time, the development of Chinese real estate enterprises has its particularity. During the past 20 years, Chinese real estate enterprises have developed rapidly, and their development mode has become more and more barbaric, and the financing mode has been changing, especially the indirect financing represented by debt financing. And most of the bank credit, financial institutions loans, and equity financing and other direct financing is relatively small, social supervision function is seriously inadequate. This paper mainly adopts the method of combining normative research and empirical research to study the impact of the financing structure of A-share real estate enterprises on the performance of China's A-share real estate enterprises. The open financial data of 128 listed real estate enterprises in Shanghai and Shenzhen A-share market from 2008 to 2012 are selected as the basis of calculating each index, and the panel index data is constructed, and the financing structure index and related performance evaluation index of real estate enterprise are established. The performance of the company is divided into profitability, operational ability and development ability, and the results of each performance are obtained by factor analysis, and then the regression equations with first-order lag term are established respectively. The conclusion is that endogenous financing has a positive effect on the profitability, operation ability, development ability and comprehensive operating performance of the A-share listed real estate enterprises, and equity financing has a positive impact on the operation ability of the enterprises. However, it has a negative impact on the long-term development ability of the enterprise; the impact of commercial credit on the operation ability of the enterprise is negative, and the impact on the development ability of the enterprise is positive; the bank credit has a positive impact on the profitability of the enterprise. But the influence to the enterprise operation ability is negative.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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