我国房地产上市公司债务融资对公司绩效的影响研究

发布时间：2018-07-27 16:28

【摘要】：债务融资对公司绩效的影响研究已经经历了很多个阶段,虽然各个学派的观点并不一致,但各学派都认为合理安排债务融资规模和结构,对公司绩效的提高有很大帮助。近些年,我国房地产业得到突飞猛进的发展,房地产业是资金高度密集的行业,也是风险积聚的行业。我国学者从资本结构的角度对房地产公司的绩效进行过研究,并形成完备的研究体系,但从债务融资角度对房地产公司绩效的研究还处在初级阶段。目前,我国房地产业资产负债率较高,债务融资对房地产公司绩效的正效应将会对房地产业的发展起到重大贡献。本文以相关资本结构理论为支撑,综合学者研究的基础上,从四个方面分析债务融资对公司绩效产生的影响,即,财务杠杆作用、激励约束作用、债权人介入治理作用和破产威胁作用。本文采用理论与实证结合的方法,提出研究设计方案,选取53个我国房地产上市公司为样本,2009-2011年三年的数据,以净资产收益率为被解释变量,资产负债率、短期债务融资率、长期债务融资率、商业信用融资率、可支配自由现金流比率为解释变量,资产规模和销售收入增长率为控制变量,在对各项指标进行描述性统计分析的基础上,利用多元统计回归和检验分析各解释变量与被解释变量之间的关系。本文的结论有：第一,资产负债率与房地产上市公司绩效负相关,即负债率越高,财务杠杆负效应显著,公司绩效降低。第二,短期债务融资率与房地产上市公司绩效负相关,即短期债务融资率过高,房地产上市公司面临还款压力过大,对公司绩效负面影响显著。第三,长期债务融资率对房地产上市公司绩效影响不显著,我国房地产上市公司应该充分利用长期负债,去除过度利用短期负债的短视行为,发挥长期负债对公司绩效的正效应。第四,商业信用融资率与房地产上市公司绩效正相关,即高商业信用融资率不仅可以降低资本成本,还有助于提高公司信用,对公司绩效提升有显著帮助。第五,可支配自由现金流比率与房地产上市公司绩效负相关,可见我国房地产上市公司应该加大对可支配自由现金流的控制,提高资金使用效率以提高公司业绩。
[Abstract]:The research on the impact of debt financing on corporate performance has gone through many stages. Although the views of different schools are not consistent, they all think that reasonable arrangement of debt financing scale and structure is of great help to the improvement of corporate performance. In recent years, the real estate industry of our country has been developed by leaps and bounds. The real estate industry is a highly capital-intensive industry and also an industry with accumulated risks. Chinese scholars have studied the performance of real estate companies from the perspective of capital structure, and formed a complete research system, but the research on the performance of real estate companies from the perspective of debt financing is still in the primary stage. At present, China's real estate industry has a high ratio of assets and liabilities, and the positive effect of debt financing on the performance of real estate companies will make a great contribution to the development of the real estate industry. Based on the theory of relevant capital structure and the comprehensive research of scholars, this paper analyzes the impact of debt financing on corporate performance from four aspects, namely, financial leverage, incentive and restraint. Creditor intervention governance and bankruptcy threat. In this paper, a research and design scheme is proposed by combining theoretical and empirical methods. 53 listed real estate companies in China are selected as sample data for the three years from 2009 to 2011. The rate of return on net assets is taken as the explanatory variable, the asset-liability ratio, and the short-term debt financing ratio. The long-term debt financing ratio, the commercial credit financing rate, the disposable free cash flow ratio are the explanatory variables, the assets size and the sales income growth rate are the controlling variables, on the basis of the descriptive statistical analysis of each index, Multivariate statistical regression and test are used to analyze the relationship between each explanatory variable and the explained variable. The conclusions of this paper are as follows: first, the asset-liability ratio is negatively correlated with the performance of listed real estate companies, that is, the higher the debt ratio, the more negative the financial leverage is, and the lower the corporate performance. Second, the short-term debt financing rate is negatively correlated with the performance of the listed real estate companies, that is, the short-term debt financing rate is too high, and the real estate listed companies are facing excessive repayment pressure, which has a significant negative impact on corporate performance. Third, the long-term debt financing rate has no significant impact on the performance of listed real estate companies. The listed real estate companies in China should make full use of long-term liabilities and eliminate short-sighted behavior of over-utilizing short-term liabilities. Give full play to the positive effect of long-term liabilities on corporate performance. Fourth, the commercial credit financing rate is positively correlated with the performance of listed real estate companies, that is, high commercial credit financing rate can not only reduce the cost of capital, but also help to improve the corporate credit, which has a significant help to the improvement of corporate performance. Fifth, the ratio of disposable free cash flow is negatively related to the performance of listed real estate companies, which shows that the listed real estate companies in China should strengthen the control of disposable free cash flow and improve the efficiency of capital use in order to improve their performance.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

【共引文献】