我国房地产上市公司资本结构实证研究

发布时间：2018-07-06 08:42

本文选题：房地产上市公司 + 资本结构　；参考：《中南林业科技大学》2013年硕士论文

【摘要】：自1958年Modigliani和Miller提出MM定理以来,便掀起了对资本结构理论研究的热潮,对资本结构的研究具有重大的理论价值和现实意义。资本结构对企业的资本成本、投融资决策等都有影响,如果能够明确影响企业资本结构的因素,就可以针对这些影响因素,提出优化企业资本结构的可行性措施,企业实现价值最大化。房地产行业对国民经济的发展起着举足轻重的作用,由于房地产业属于资金密集型产业,所以公司自身情况、国家宏观经济政策、资本市场环境都会影响其资本结构,因此对我国房地产上市公司的资本结构影响因素进行研究有重大的意义,并为我国房地产上市公司优化其资本结构提供参考。文章首先介绍了资本结构的基础理论,为后面的特点、现状和实证分析提供了理论基础。然后介绍了房地产上市公司的行业特征、经营现状和资本结构现状,总体上看,我国房地产上市公司的负债融资较高,是所有行业中最高的;资金来源以银行贷款为主,融资渠道和方式比较单一；受宏观政策影响大。其次,对房地产上市公司影响因素进行实证分析并建立模型。用资产负债率衡量其资本结构,选取7个微观因素(包括盈利能力、企业规模、成长性、营运能力、偿债能力、股权结构和抵押价值)和4个宏观因素(包括通货膨胀率、财政支出增长率、实际贷款利率和GDP增长率)为自变量。选用上海、深圳交易所2009-2011年137家房地产上市公司的财务数据和2002-2011年10年的宏观数据。分别对7个微观因素、4个宏观因素指标进行多元线性回归分析。实证结果表明：微观方而：盈利能力、公司规模、成长性、抵押价值与资本结构正相关；营运能力和偿债能力与资本结构负相关;股权结构与我国房地产上市公司资本结构不存在显著的相关关系。宏观方面分析结果：通货膨胀率与资本结构呈负相关关系；GDP增长率、财政支出增长率和实际贷款利率与资本结构呈显著正相关。采用最新数据分别对所建立的模型进行验证,验证结果表明所建立模型合理、有实际意义。最后,通过分析得出当我国房地产上市公司的资产负债率在0.60-0.65之间时,为企业的最优资本结构。根据对房地产上市公司资本结构的现状分析和影响因素的实证分析,从以下几个方面提出优化资本结构的建议：实现融资渠道多元化、提高企业偿债能力、营运能力、完善公司治理结构；建立健全资本市场机制、完善金融市场等建议。
[Abstract]:Since Modigliani and Miller put forward MM theorem in 1958, there has been an upsurge in the study of capital structure theory, which has great theoretical value and practical significance. The capital structure has influence on the capital cost, investment and financing decision of the enterprise. If the factors influencing the capital structure of the enterprise can be clearly defined, the feasible measures to optimize the capital structure of the enterprise can be put forward. The enterprise realizes the value maximization. The real estate industry plays an important role in the development of the national economy. Because the real estate industry is a capital-intensive industry, the company's own situation, the state macroeconomic policy, and the capital market environment will all affect its capital structure. Therefore, it is of great significance to study the factors affecting the capital structure of the listed real estate companies in China, and to provide a reference for the listed real estate companies to optimize their capital structure. The paper first introduces the basic theory of capital structure, which provides the theoretical basis for the later characteristics, current situation and empirical analysis. Then introduced the real estate listed company's industry characteristic, the management present situation and the capital structure present situation, in general, our country real estate listed company's debt financing is high, is the highest of all industries, the capital source is mainly the bank loan. Financing channels and methods are relatively single; affected by macro-policy. Secondly, empirical analysis on the factors affecting real estate listed companies and the establishment of a model. To measure its capital structure by asset-liability ratio, seven micro factors (including profitability, enterprise size, growth, operating capacity, solvency, equity structure and mortgage value) and four macro factors (including inflation rate) are selected. Fiscal expenditure growth rate, real loan interest rate and GDP growth rate) are independent variables. The financial data of 137 listed real estate companies in Shanghai and Shenzhen from 2009 to 2011 and macro data from 2002 to 2011 were selected. Multivariate linear regression analysis was carried out on 7 micro factors and 4 macro factors. The empirical results show that: the micro side: profitability, company size, growth, mortgage value and capital structure are positively correlated, operating capacity and solvency are negatively correlated with capital structure; There is no significant correlation between equity structure and capital structure of listed real estate companies in China. The results of macro analysis show that there is a negative correlation between inflation rate and capital structure and a significant positive correlation between the growth rate of fiscal expenditure and real loan interest rate and capital structure. The model is verified by the latest data, and the results show that the model is reasonable and has practical significance. Finally, it is concluded that when the asset-liability ratio of the listed real estate companies is between 0.60-0.65, it is the optimal capital structure of the enterprises. Based on the analysis of the present situation of the capital structure of the listed real estate companies and the empirical analysis of the influencing factors, this paper puts forward some suggestions for optimizing the capital structure from the following aspects: to realize the diversification of the financing channels, to improve the ability of the enterprise to repay debt, and to improve the operating ability. Perfect corporate governance structure; establish and perfect capital market mechanism, perfect financial market and other suggestions.
【学位授予单位】：中南林业科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

【引证文献】