房地产上市公司债务融资与企业绩效关系研究

发布时间：2018-05-22 19:22

本文选题：债务融资 + 企业绩效　；参考：《吉林财经大学》2017年硕士论文

【摘要】：房地产行业是国民经济发展的“晴雨表”,它既是国民经济的基础性和先导性产业,又是支柱性产业,控制着国家的经济命脉和财政收入,尤其对于我国国民而言,房地产业关乎着每个人的切身利益。债务融资是企业主要的资金来源,又是资本结构的一个重要构成部分,而资本结构又是公司治理的重要方面,房地产业又是资金密集型产业,所以如何科学地做出债务融资结构决策来完善房地产上市公司的公司治理,将房地产上市公司的企业绩效提升上去特别重要。所以,为了替房地产上市公司找出一些比较合理的有利于公司进行债务融资的方式,研究房地产上市公司的债务融资对企业绩效的影响是有必要的,该项研究不仅具有理论意义,更具有现实意义。本文选取了2011—2015年在深沪交易所上市的A股房地产上市公司为研究样本,从国泰安数据库下载原始数据,运用SPSS19.0、EXCEL软件对数据进行处理,突破了传统的其他学者的单一变量对企业绩效的影响的研究,本文分别从债务融资整体水平、债务期限结构和债务来源三个方面来研究它们对企业绩效的影响,根据这三个方面提出了五个假设,构建了三个模型,然后根据模型来进行实证研究,目的就是希望通过根据此项研究的研究结果来找到提高房地产上市公司的企业绩效的方法。最后通过本文的论证分析,结果表明:房地产上市公司的债务整体水平与企业绩效是有关系的,他们之间是负向关系,即企业的债务水平越高,房地产上市公司的绩效就越低;短期债务和长期债务对企业绩效均有负向影响,说明无论是短期债务还是长期债务,对企业的绩效影响都是不利的;银行借款与公司绩效呈负的相关关系,银行借款越多,企业绩效越低,商业信用与公司绩效呈正的相关关系,说明如果一个公司的商业信用良好,那么它的绩效水平越高。
[Abstract]:The real estate industry is a "barometer" for the development of the national economy. It is not only the basic and leading industry of the national economy, but also a pillar industry, which controls the national economic lifeline and financial revenue, especially for the people of our country. Real estate concerns everyone's vital interests. Debt financing is the main source of capital and an important component of the capital structure, and the capital structure is an important aspect of corporate governance, and the real estate industry is a capital-intensive industry. Therefore, how to make the decision of debt financing structure scientifically to perfect the corporate governance of listed real estate companies and improve the corporate performance of listed real estate companies is particularly important. Therefore, in order to find some reasonable ways for the listed real estate companies to make debt financing, it is necessary to study the impact of debt financing on the performance of the real estate listed companies. This research has not only theoretical significance, but also practical significance. In this paper, the A share real estate listed companies listed in Shenzhen and Shanghai Stock Exchange from 2011 to 2015 are selected as the research samples, the original data are downloaded from Cathay's database, and the data are processed by SPSS 19.0 excel software. This paper studies the influence of debt financing, debt maturity structure and debt source on corporate performance from three aspects: the overall level of debt financing, debt maturity structure and debt source. According to these three aspects, this paper puts forward five hypotheses, constructs three models, and then carries on the empirical research according to the model. The purpose is to find the method to improve the enterprise performance of the real estate listed company through the research result of this research. Finally, through the argumentation and analysis of this paper, the result shows that: the overall debt level of the real estate listed company is related to the enterprise performance, and the relationship between them is negative, that is, the higher the debt level of the enterprise, the lower the performance of the real estate listed company; Both short-term debt and long-term debt have a negative impact on corporate performance, indicating that both short-term debt and long-term debt have negative effects on corporate performance, and bank borrowing has a negative correlation with corporate performance. The lower the firm performance, the positive correlation between the business credit and the company performance, indicating that if a company's commercial credit is good, then its performance level is higher.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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