宏观政策下上市房地产企业资本结构与经营绩效实证研究

发布时间：2018-06-22 16:47

本文选题：房地产企业 + 资本结构　；参考：《西南财经大学》2013年硕士论文

【摘要】：资本结构理论一直以来都是学术界不断探讨研究的课题,从最初的MM理论一直到现在的新资本结构理论,几十年来国内国外的学者们根据不同的行业都进行了深入研究。通过研究发现,资本结构始终是处于一个动态的变化过程,没有哪一种资本结构是绝对的最优资本结构,企业只有根据不同的经济环境,不同的宏观政策和企业自身的整体情况来不断的调整自己的资本结构,才能使企业有一个更好的经营业绩。我国的房地产行业经历了起起伏伏的几十年,在期间经历过低谷也经历过高潮。总的来说我国的房地产行业是一个高投资高风险高回报的行业。这几年来,随着国家宏观调控政策的不断深入,以往高负债高杠杆经营模式对房地产企业来说,已经不再是创造利润的万能钥匙了。为了应对政府的宏观调控,保障房地产行业健康可持续的发展,对房地产行业资本结构对企业经营绩效影响的研究是十分必要的。本文在借鉴前人研究的基础上,以上市房地产企业作为研究对象,采用因子分析法,对资本结构对企业经营绩效的影响方面进行实证研究,希望最终得出的结果能够对房地产企业的资本结构优化有一定的贡献意义。本文主要分为六个章节。第一章节主要介绍研究背景、意义、研究的内容与方法和本文的预期贡献；第二章节为文献综述部分,将笔者整理的国内外对于资本结构、经营绩效、资本结构对经营绩效影响的一些研究成果做出介绍。第三章节为理论介绍部分,通过分别对资本结构理论和绩效理论的梳理,为本文奠定理论基础：第四章节主要介绍房地产及其行业的概念,房地产行业的发展历程以及房地产行业资本结构的一些特点,描述性统计了2009年一2011年近三年来房地产上市企业的资本结构和经营绩效的数据。第五章节为本文的实证研究,通过因子分析法对样本企业资本结构对经营绩效的影响进行实证分析。第六部分为文章的结论与建议,对实证分析的结果进行分析,并且提出建议。本文的贡献点主要在于以下两点：第一,以往对于房地产行业的一些实证研究,通常是选择一些大型房地产上市企业作为研究对象,这些大型上市房地产企业往往企业规模、公司治理、经营绩效上都是较好的,对于整个行业没有很好的指导意义。而本文是在目前国家宏观政策调控的背景下,选取整个上市房地产企业作为研究对象,研究的结果对整个行业有一定的借鉴意义。第二,本文通过因子分析法对房地产上市企业资本结构对经营绩效的影响进行了实证研究,得出了资产负债率与经营绩效呈负相关关系,短期负债率和长期负债率与企业经营绩效的关系只有在显著性水平为15%左右的情况下显著。针对研究结果,从企业层面和国家层面提出了一些建议。这些建议为房地产企业优化资本结构提供了一些新的措施和途径。
[Abstract]:The theory of capital structure has always been the subject of academic research, from the initial MM theory to the new capital structure theory, domestic and foreign scholars have carried out in-depth research according to different industries in recent decades. Through the research, it is found that the capital structure is always in a dynamic process of change, no capital structure is the absolute optimal capital structure, enterprises only according to different economic environment, Different macro policies and the overall situation of the enterprise itself to constantly adjust their capital structure, in order to enable the enterprise to have a better business performance. China's real estate industry has experienced ups and downs for decades, during which time experienced a trough and experienced a climax. In general, the real estate industry in China is a high investment, high risk and high return industry. In recent years, with the deepening of the national macro-control policy, the former high-debt high-leverage business model for real estate enterprises, is no longer the master key to create profits. In order to deal with the macro-control of the government and ensure the healthy and sustainable development of the real estate industry, it is necessary to study the impact of the capital structure of the real estate industry on the business performance. On the basis of previous studies, this paper makes an empirical study on the effect of capital structure on enterprise performance by factor analysis. It is hoped that the final results will contribute to the optimization of capital structure of real estate enterprises. This paper is divided into six chapters. The first chapter mainly introduces the research background, significance, content and method of the study and the expected contribution of this paper. The second chapter is the literature review part, the author collates the domestic and foreign capital structure, management performance, Some research results on the impact of capital structure on business performance are introduced. The third chapter is the theory introduction part, through combing the capital structure theory and the performance theory respectively, establishes the theoretical foundation for this article: the fourth chapter mainly introduces the real estate and its profession concept, The development course of real estate industry and some characteristics of capital structure of real estate industry are described. The data of capital structure and management performance of real estate listed enterprises in the past three years from 2009 to 2011 are described. The fifth chapter is the empirical study of this paper, through factor analysis of the sample enterprise capital structure on the impact of business performance empirical analysis. The sixth part is the conclusions and recommendations of the article, the empirical analysis of the results of the analysis, and put forward recommendations. The contribution of this paper mainly lies in the following two points: first, some empirical research on the real estate industry in the past, usually select some large real estate listed enterprises as the research object. These large listed real estate enterprises are often good in scale, corporate governance, management performance, and have no good guiding significance for the whole industry. Under the background of the current national macro-policy regulation, this paper selects the whole listed real estate enterprises as the research object, the results of the study have certain reference significance to the whole industry. Secondly, this paper makes an empirical study on the impact of capital structure on operating performance of listed real estate enterprises by factor analysis, and draws a negative correlation between asset-liability ratio and operating performance. The relationship between short-term debt ratio and long-term debt ratio is significant only when the significant level is about 15%. In view of the research results, some suggestions are put forward from the enterprise level and the national level. These suggestions provide some new measures and ways for real estate enterprises to optimize capital structure.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

【参考文献】