上市房地产公司债务融资对公司绩效的影响研究
发布时间：2018-07-31 07:21
【摘要】：房地产行业在我国作为国家经济体系的支柱产业,行业的可持续健康发展尤为必要。在我国的房地产企业中存在着较高的资产负债率,这说明公司都比较偏好运用债务融资的方式,过多的债务融资会给公司带来一定经营风险和财务风险,从而影响公司的绩效。让公司债务融资和股权融资控制在一个合理的范围内来优化公司的融资结构,以使公司绩效可以得到提高显得尤为必要。本文就从上市房地产企业入手,深入全面的分析债务融资与公司绩效之间的关系。本文以沪深A股上市的100家中国房地产公司2012-2015年四年年报及相关财务指标为研究样本,从债务融资的三个方面来分析上市房地产公司债务融资对公司绩效影响和可能的经济后果。本文第一章介绍选题背景和研究意义,给出文章的研究方法及研究内容,并对国内外相关文献综述进行梳理分析。第二章对债务融资与公司绩效相关理论进行概述及分析。明确债务融资概念并对债务融资理论的发展进行介绍;明确公司绩效的概念,并阐述债务融资对公司绩效的影响。第三章对上市房地产公司债务融资情况进行分析。包括我国上市房地产公司现状及特点和债务融资现状以及产生这种现状的原因。第四章进行实证分析,通过实证研究结果说明上市房地产公司债务融资结构与公司绩效的相关性,由此得出结论。第五章是本文的结论和建议,根据研究结果的分析提出相关的、合理化的政策建议。通过研究分析得到以下的结论:(1)从债务整体水平上来说,上市房地产公司债务融资和公司绩效之间是负相关关系。(2)从债务期限水平上来说,上市房地产公司债务融资和公司绩效之间是负相关关系。(3)从债务来源结构上来说,不同的债务融资来源对公司绩效的影响不同。商业信用贷款和公司绩效之间是正相关关系,而银行借款和公司绩效之间是负相关关系。
[Abstract]:As the pillar industry of national economic system, the sustainable and healthy development of real estate industry is particularly necessary. There is a high ratio of assets and liabilities in real estate enterprises in our country, which shows that companies prefer to use debt financing, too much debt financing will bring a certain business risk and financial risk to the company, thus affecting the performance of the company. It is necessary to optimize the financing structure of the company by controlling the debt financing and equity financing within a reasonable range so that the corporate performance can be improved. This paper analyzes the relationship between debt financing and corporate performance from listed real estate enterprises. In this paper, 100 Chinese real estate companies listed in Shanghai and Shenzhen A shares listed in the 2012-2015 quadrennial annual report and related financial indicators as the research sample, This paper analyzes the impact of debt financing on corporate performance and its possible economic consequences from three aspects of debt financing. The first chapter introduces the background and significance of the research, gives the research methods and research content, and analyzes the literature review at home and abroad. The second chapter summarizes and analyzes the theory of debt financing and corporate performance. This paper clarifies the concept of debt financing and introduces the development of debt financing theory, clarifies the concept of corporate performance, and expounds the impact of debt financing on corporate performance. The third chapter analyzes the debt financing of listed real estate companies. Including the status quo and characteristics of listed real estate companies in China, debt financing status and the reasons for this situation. Chapter four analyzes the relationship between debt financing structure and corporate performance of listed real estate companies. The fifth chapter is the conclusions and suggestions of this paper, according to the analysis of the results of the research, put forward the relevant, rational policy recommendations. The conclusions are as follows: (1) there is a negative correlation between debt financing and corporate performance of listed real estate companies from the overall debt level. (2) from the debt maturity level, the relationship between debt financing and corporate performance is negative. There is a negative correlation between debt financing and corporate performance of listed real estate companies. (3) in terms of debt source structure, different sources of debt financing have different effects on corporate performance. There is a positive correlation between commercial credit loan and corporate performance, but a negative correlation between bank loan and corporate performance.
【学位授予单位】：天津工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42
本文编号：2154848
[Abstract]:As the pillar industry of national economic system, the sustainable and healthy development of real estate industry is particularly necessary. There is a high ratio of assets and liabilities in real estate enterprises in our country, which shows that companies prefer to use debt financing, too much debt financing will bring a certain business risk and financial risk to the company, thus affecting the performance of the company. It is necessary to optimize the financing structure of the company by controlling the debt financing and equity financing within a reasonable range so that the corporate performance can be improved. This paper analyzes the relationship between debt financing and corporate performance from listed real estate enterprises. In this paper, 100 Chinese real estate companies listed in Shanghai and Shenzhen A shares listed in the 2012-2015 quadrennial annual report and related financial indicators as the research sample, This paper analyzes the impact of debt financing on corporate performance and its possible economic consequences from three aspects of debt financing. The first chapter introduces the background and significance of the research, gives the research methods and research content, and analyzes the literature review at home and abroad. The second chapter summarizes and analyzes the theory of debt financing and corporate performance. This paper clarifies the concept of debt financing and introduces the development of debt financing theory, clarifies the concept of corporate performance, and expounds the impact of debt financing on corporate performance. The third chapter analyzes the debt financing of listed real estate companies. Including the status quo and characteristics of listed real estate companies in China, debt financing status and the reasons for this situation. Chapter four analyzes the relationship between debt financing structure and corporate performance of listed real estate companies. The fifth chapter is the conclusions and suggestions of this paper, according to the analysis of the results of the research, put forward the relevant, rational policy recommendations. The conclusions are as follows: (1) there is a negative correlation between debt financing and corporate performance of listed real estate companies from the overall debt level. (2) from the debt maturity level, the relationship between debt financing and corporate performance is negative. There is a negative correlation between debt financing and corporate performance of listed real estate companies. (3) in terms of debt source structure, different sources of debt financing have different effects on corporate performance. There is a positive correlation between commercial credit loan and corporate performance, but a negative correlation between bank loan and corporate performance.
【学位授予单位】：天津工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42
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