我国房地产上市企业债务融资结构对公司绩效影响的实证分析
发布时间：2018-07-27 14:27
【摘要】：债务融资是企业重要的资金来源，对于房地产这种资金密集型产业来说尤为如此。如何科学地做出债务融资结构决策，促进企业绩效的提升，是很多学者和管理者都关注的问题，，对国家经济的稳定持续发展也有着重要意义。 本文首先对国内外学者有关债务融资结构对公司绩效影响的研究现状进行了回顾和归纳，在借鉴前人的研究经验和不足的基础上提出本文研究的方向和方法。然后对相关理论进行整理，从债务融资的财务杠杆效应、税盾效应、激励效应和信号传递效应四个方面分析了其对公司绩效的影响。接着选取了2004-2013年间在我国上海证券交易所和深圳证券交易所上市交易的房地产上市公司共132家，对它们的债务融资现状和公司绩效现状进行了描述性统计，并采用面板回归分析方法，从债务融资整体、期限结构和类型结构三个角度对我国房地产上市公司债务融资结构对公司绩效影响进行了分析，结果显示，资产负债率与公司绩效之间的关系是负相关的，它们之间的“倒U型”的关系并不显著；短期债务比率和长期债务比率都与公司绩效之间存在显著的负相关关系；银行贷款融资率、企业债券融资率均与公司绩效之间存在显著的负相关关系；商业信用融资率与公司绩效存在显著的正相关关系。最后，本文分别对房地产企业和政府两个主体提出了相关政策建议。
[Abstract]:Debt financing is an important source of capital for companies, especially for capital-intensive industries such as real estate. How to make the decision of debt financing structure scientifically and promote the improvement of enterprise performance is a problem that many scholars and managers pay attention to, and it is also of great significance to the stable and sustainable development of national economy. This paper first reviews and summarizes the current situation of the research on the influence of debt financing structure on corporate performance at home and abroad, and puts forward the research direction and method of this paper on the basis of the previous research experience and deficiency. Then the paper analyzes the influence of debt financing on corporate performance from four aspects: financial leverage effect, tax shield effect, incentive effect and signal transmission effect. Then, 132 listed real estate companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange from 2004 to 2013 are selected, and their debt financing and corporate performance are analyzed. Using panel regression analysis, the paper analyzes the effect of debt financing structure on corporate performance from three angles of debt financing, maturity structure and type structure. The relationship between asset-liability ratio and corporate performance is negative, the "inverted U-type" relationship between them is not significant, there is a significant negative correlation between short-term debt ratio and long-term debt ratio and corporate performance. Bank loan financing rate, corporate bond financing rate and corporate performance have significant negative correlation, commercial credit financing rate and corporate performance have a significant positive correlation. Finally, this paper puts forward the relevant policy recommendations to the real estate enterprises and the government respectively.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42
本文编号：2148118
[Abstract]:Debt financing is an important source of capital for companies, especially for capital-intensive industries such as real estate. How to make the decision of debt financing structure scientifically and promote the improvement of enterprise performance is a problem that many scholars and managers pay attention to, and it is also of great significance to the stable and sustainable development of national economy. This paper first reviews and summarizes the current situation of the research on the influence of debt financing structure on corporate performance at home and abroad, and puts forward the research direction and method of this paper on the basis of the previous research experience and deficiency. Then the paper analyzes the influence of debt financing on corporate performance from four aspects: financial leverage effect, tax shield effect, incentive effect and signal transmission effect. Then, 132 listed real estate companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange from 2004 to 2013 are selected, and their debt financing and corporate performance are analyzed. Using panel regression analysis, the paper analyzes the effect of debt financing structure on corporate performance from three angles of debt financing, maturity structure and type structure. The relationship between asset-liability ratio and corporate performance is negative, the "inverted U-type" relationship between them is not significant, there is a significant negative correlation between short-term debt ratio and long-term debt ratio and corporate performance. Bank loan financing rate, corporate bond financing rate and corporate performance have significant negative correlation, commercial credit financing rate and corporate performance have a significant positive correlation. Finally, this paper puts forward the relevant policy recommendations to the real estate enterprises and the government respectively.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42
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