我国房地产上市公司融资结构对其经营绩效影响的研究

发布时间：2018-08-22 21:29

【摘要】：近年来房地产业的持续发展使其成为了国民经济的先导和支柱产业,是对GDP贡献最大的行业,也是与民生息息相关的行业。从资本结构上来讲,我国房地产企业负债融资比例较大,在这其中,来源于银行的资金占了很大一部分,这不仅使房地产公司很被动,而且不利于银行的发展,一旦房地产企业不能归还贷款,将给银行系统带来巨大的风险。因此,为了防范金融风险,有必要优化企业融资结构。另外,国家的宏观调控政策对房地产行业产生了较大的影响。近几年,由于房地产业的高速发展和房价的节节攀升,产生了房地产泡沫,从2003年开始,为了控制房地产行业的发展速度,国家出台了一些严厉的宏观调控政策,尤其是国家对于房地产信贷的控制,使许多公司的资金周转出现了问题,更有甚者已经濒临破产,在2008年金融危机后,先松后紧的宏观调控政策使房地产业的发展经历了“过山车”式的变化。但是宏观政策调控也对房地产企业融资提出了更严格的要求,使其融资更合理,不再单一依靠银行资金来开展其业务。融资结构的优化可以使融资成本降低,并且增加房地产企业抵御风险的能力,提高公司经营绩效。对于房地产上市公司融资结构对经营绩效的影响这一问题,学者们也没有得到统一的结论,因此,有必要进一步开展此方面的研究工作,以期能为房地产上市公司优化融资结构提出一些指导建议。文章首先提出所要研究的问题及研究目的和意义。然后,对融资结构的相关理论进行阐述,并对国内外相关文献进行概要式的回顾和评述。其次,对我国房地产上市公司的融资结构特点和经营绩效状况进行分析。再次,通过实证分析来研究房地产上市公司的融资结构对经营绩效的影响,实证先从整体上研究内源融资、外源融资与经营绩效的关系,再从债务结构和股权结构方面来探讨其对经营绩效的影响。最后,基于实证研究的结果,提出了一些能够优化公司融资结构,进而提高经营绩效的政策建议。文章的创新点在于：(1)对于融资结构影响经营绩效这一问题作了一个相对来讲比较全面的研究,首先从总体上探讨融资结构对经营绩效的影响,然后分别探讨债务结构与股权结构对经营绩效的影响。(2)在研究融资结构对经营绩效的影响时,加入了宏观政策调控这一虚拟变量,由于宏观调控政策对房地产公司影响较大,以往的文献只是从微观方面来探讨融资结构对经营绩效的影响,本文加入宏观调控因素,使其研究更加完善。(3)在分析债务结构对经营绩效的影响时,从债务期限结构和债务布置结构两个方面来进行研究。通过对相关理论和文献的回顾,我们可以看出：(1)从整体融资结构上来说,大部分文献集中于研究债务融资对经营绩效的影响,西方大部分学者认为负债融资可以提高公司绩效,而我国大部分学者认为负债融资与经营绩效负相关,这是由于东西方资本市场发展程度不一样,债务融资所发挥的公司治理效应也不同。本文不仅将负债融资率作为融资结构的一个指标,还加入了内源融资率和股权融资率两个指标(2)从债务结构上来说,许多学者从债务期限结构着手,来研究流动负债、长期负债与经营绩效的关系,流动负债和长期负债对公司绩效的作用机理不同,各有利弊,针对不同的市场不同的样本进行研究得到的结果也会不同,因此对于债务期限结构对经营绩效的影响没有得到一致的结论。我国学者对债务布置结构的研究较少,有些学者认为银行由于受到政府控制,没有发挥其应有的债务治理作用。文章从债务期限结构和债务布置结构两个方面来探讨债务结构对经营绩效的影响。(3)关于股权结构影响经营绩效这一问题,股权集中度和股权性质对经营绩效的影响是学者们研究的焦点。国内外大部分学者认为股权集中可以促进公司绩效；关于股权属性,大部分学者认为国有企业的效率要低于非国有企业。我国存在着流通股与非流通股之分,很多学者研究了国有股、法人股、流通股对经营绩效的影响,认为国有股的存在会使公司治理效率降低,进而降低公司绩效,也有一些学者辩证地看待这一问题,认为国有股对企业绩效有好坏两方面的影响。房地产上市公司有其特殊的融资环境,国有股的存在有利也有弊。文章从股权集中度和股权性质两个方面来讨论股权结构对经营绩效的影响。通过对我国房地产上市公司融资结构和经营绩效的现状分析,我们可以得出以下结论：(1)从房地产业来看,其融资渠道主要有国内贷款、自筹资金、利用外资和其他来源。其他来源占比最高,主要包括预收账款和按揭贷款。在宏观调控趋紧,银行信贷收缩,股票融资要求较严格的情况下,出现了房地产信托这种融资方式,近几年来发展比较迅速。通过比较发现,房地产上市公司资产负债率要明显低于房地产业整体的资产负债率。从我国房地产上市公司的三大融资方式来看,负债融资占比最高,其次是股权融资,最后是内源融资。(2)从债务期限结构来看,我国房地产上市公司流动负债率较高,在70%以上,呈不断下降的趋势:长期负债率虽然呈上升趋势,但是基数较小。从债务布置结构来看,银行借款比率较高,且不断下降,应付债券比率在2008年之前不到1%,在08年之后有所上升。(3)关于股权属性,国有股比例在不断下降,法人股比例在2006年之后开始下降,股权分置改革在一定程度上导致非流通股比例下降：从股权集中度来看,第一大股东持股比例在40%左右。(4)关于房地产上市公司的绩效,资产收益率没有固定的变化趋势,但是从2002年到2011年,房地产上市公司的利润和资产一直在增长,但增长率不稳定。本文选取了2002—2011年A股71家房地产上市公司作为样本,采用多元线性回归方法研究了融资结构与经营绩效的关系。通过实证分析可以得到以下结论：(1)从整体融资结构来看,我国房地产上市公司内源融资较少,但是可以提升公司绩效：外源融资中,债务融资和股权融资都对经营绩效的影响为负,债务融资比重较大,而且大部分依靠银行贷款,因此需要构建多元化的融资结构。(2)从债务结构来看,流动负债对经营绩效的影响不显著,公司应该积极调整债务的期限结构；银行贷款对公司经营绩效影响为负,说明银行没有很好地发挥其监督作用,这需要相关政策的鼓励和支持。(3)从股权结构来看,股权集中和股权制衡对我国房地产上市公司绩效有积极的影响,国有股比例和法人股比例对公司绩效的影响不显著。因此应该重塑股权的投资主体,积极发挥国有股和法人股的治理效应。(4)公司规模与经营绩效正相关,宏观政策调控对经营绩效的影响为负。公司规模扩大可以产生规模经济效应,促进企业的发展。.由于我国房地产上市公司融资大部分是外源融资,无论是债务融资还是股权融资,都比较容易受到政策环境的影响,因此每出台一轮宏观调控政策,都会对企业的经营绩效产生一定的消极影响。实证分析使我们发现了我国房地产上市公司融资结构中不利于公司经营绩效提高的因素,据此提出以下政策建议：(1)房地产上市公司要注重内源融资,这并不是一朝一夕的事情,需要建立一个长效机制；另外需要拓宽房地产业的融资渠道,重视房地产信托的发展。(2)房地产上市公司较高的流动负债对经营绩效没有显著影响,应该选择合理的债务期限结构。从债务布置结构来说,银行借款并没有使公司绩效得到提高,需要银行加强其“债权人治理作用”,在法律方面,要完善《破产法》的相关规定,从长远发展来讲,可以借鉴德国和日本的经验,在商业银行改革完毕后,试着让银行持有公司股份,加强其对房地产上市公司的监督控制；还应该不断完善我国的债券市场,使公司能够通过债券融资的方式来优化债务结构。(3)股权融资对经营绩效有负面影响,因此应该建立严格的股权融资制度；我国房地产上市公司的第一大股东持股比例和股权制衡度可以提高公司绩效,因此保持合理的股权集中度十分必要；国有股比例和法人股比例对公司绩效影响不显著,这其中的原因是多方面的,从政策角度来讲,应该重塑国有股权的投资主体,使国有股权发挥其应有的积极作用。关于房地产上市公司融资结构影响经营绩效这一问题,本文做了一个相对来说比较全面的研究,从总体到局部,层层深入地探讨了融资结构对经营绩效的影响。但是文章还有一些不足之处：首先,对于上市公司绩效评价的指标很多,本文选取的具有代表性的单一指标,并没有采取通过多个指标来得到一个综合得分的方式,可能对绩效的衡量不够全面、客观,造成对论题的论证上不够严密。采用更准确的数学和统计学工具对问题进行更严谨的研究是我未来的努力方向。其次,文章只研究了融资结构指标与经营绩效的线性关系,没有研究它们之间是否存在非线性关系,以前有学者也进行了这方面的研究。本文没有通过定量的方式得到使房地产上市公司经营绩效最大的融资结构,这也是以后继续研究的方向。
[Abstract]:In recent years, the sustainable development of the real estate industry has made it become the leading and pillar industry of the national economy, which contributes the most to GDP and is closely related to people's livelihood. Real estate companies are passive, and it is not conducive to the development of banks, once the real estate enterprises can not repay loans, it will bring huge risks to the banking system. Therefore, in order to prevent financial risks, it is necessary to optimize the financing structure of enterprises. The rapid development of the real estate industry and the rise of housing prices have created a real estate bubble. Since 2003, in order to control the speed of the development of the real estate industry, the state has issued some strict macro-control policies, especially the control of the real estate credit, so that many companies have problems in capital turnover, and even have been on the verge of it. Bankruptcy, after the financial crisis in 2008, the loose and tight macro-control policy made the development of the real estate industry experience a "roller coaster" type of change. But macro-control policy also put forward stricter requirements for the financing of real estate enterprises, making its financing more reasonable, no longer rely solely on bank funds to carry out its business. It can reduce the cost of financing and increase the ability of real estate enterprises to withstand risks and improve the operating performance of companies. Scholars have not reached a unified conclusion on the impact of the financing structure of listed real estate companies on operating performance. Therefore, it is necessary to carry out further research in this area in order to be able to provide real estate. City companies to optimize the financing structure put forward some guidance suggestions.
Firstly, the paper puts forward the problems to be studied and the purpose and significance of the study. Secondly, it expounds the relevant theories of financing structure and reviews the relevant literature at home and abroad. Secondly, it analyzes the characteristics of financing structure and operating performance of the listed real estate companies in China. Thirdly, it studies through empirical analysis. This paper investigates the impact of financing structure on operating performance of listed real estate companies. The empirical study first studies the relationship between endogenous financing, exogenous financing and operating performance as a whole, and then explores its impact on operating performance from the aspects of debt structure and equity structure. The innovations of this paper are as follows: (1) A relatively comprehensive study on the impact of financing structure on operating performance is made. Firstly, the impact of financing structure on operating performance is discussed in general, and then the impact of debt structure and equity structure on operating performance is discussed separately. (2) In the study of the impact of financing structure on operating performance, we add the fictitious variable of macro-policy regulation. Because macro-control policy has a greater impact on real estate companies, previous literature only discusses the impact of financing structure on operating performance from the micro-perspective. This paper adds macro-control factors to make the study more perfect. (3) In the sub-section. When analyzing the effect of debt structure on business performance, the paper studies the debt maturity structure and debt arrangement structure.
Through the review of relevant theories and literature, we can see: (1) from the overall financing structure, most of the literature focused on the impact of debt financing on operating performance, most western scholars believe that debt financing can improve corporate performance, and most of our scholars believe that debt financing and operating performance are negatively related, this is Debt financing plays a different role in corporate governance because of the different degree of development of capital markets between the East and the West. This paper not only takes debt financing rate as an indicator of financing structure, but also adds two indicators, endogenous financing rate and equity financing rate. (2) In terms of debt structure, many scholars study debt maturity structure. Current liabilities, long-term liabilities and operating performance, current liabilities and long-term liabilities have different effects on corporate performance mechanism, each has its advantages and disadvantages, different market samples for different research results will be different, so for the debt maturity structure on operating performance has not reached a consistent conclusion. There are few studies on the structure of debt arrangement. Some scholars believe that banks have not played their due role in debt governance because they are controlled by the government. This paper discusses the impact of debt structure on operating performance from two aspects: debt maturity structure and debt arrangement structure. (3) Concentration of equity structure on operating performance. Most scholars at home and abroad think that equity concentration can promote corporate performance; most scholars think that the efficiency of state-owned enterprises is lower than that of non-state-owned enterprises. Some scholars think that the existence of state-owned shares will reduce the efficiency of corporate governance, and then reduce the performance of the company. Some scholars have a dialectical view of this problem and think that state-owned shares have a good or bad impact on the performance of the enterprise. There are both advantages and disadvantages. This paper discusses the impact of ownership structure on operating performance from the aspects of ownership concentration and ownership nature.
By analyzing the financing structure and operating performance of listed real estate companies in China, we can draw the following conclusions: (1) From the perspective of the real estate industry, the main financing channels are domestic loans, self-financing, using foreign capital and other sources. In recent years, the real estate trust has developed rapidly. Through comparison, it is found that the ratio of assets and liabilities of listed real estate companies is significantly lower than the overall ratio of assets and liabilities of the real estate industry. From the debt maturity structure, the current debt ratio of listed real estate companies in China is higher than 70%, showing a downward trend: although the long-term debt ratio is on the rise, but the base is small. From the debt arrangement structure, the bank loan ratio is higher. (3) With regard to ownership, the proportion of state-owned shares is declining, the proportion of legal person shares is declining after 2006, and the Share-splitting reform has led to a decline in the proportion of non-tradable shares to a certain extent: from the perspective of ownership concentration, the largest shareholder holdings have declined. (4) Regarding the performance of listed real estate companies, there is no fixed trend of return on assets, but from 2002 to 2011, the profits and assets of listed real estate companies have been growing, but the growth rate is unstable.
This paper chooses 71 A-share listed real estate companies from 2002 to 2011 as samples, and uses multiple linear regression method to study the relationship between financing structure and operating performance. Effectiveness: In external financing, debt financing and equity financing have a negative impact on business performance. Debt financing accounts for a large proportion, and most of them rely on bank loans, so it is necessary to build a diversified financing structure. (2) From the debt structure, the impact of current liabilities on business performance is not significant, the company should actively adjust the debt maturity. (3) From the perspective of ownership structure, ownership concentration and equity checks and balances have a positive impact on the performance of China's real estate listed companies, and the proportion of state-owned shares and legal person shares has a positive impact on corporate performance. Therefore, we should reshape the investment subject of equity and actively exert the governance effect of state-owned shares and legal person shares. Financing is mostly exogenous financing, whether debt financing or equity financing, are more vulnerable to the impact of the policy environment, so every round of macro-control policies, will have a certain negative impact on business performance.
Empirical analysis reveals that the financing structure of listed real estate companies in China is not conducive to the improvement of corporate performance, and puts forward the following policy recommendations: (1) listed real estate companies should pay attention to endogenous financing, which is not a matter of overnight, need to establish a long-term mechanism; in addition, need to broaden the real estate industry finance. (2) Higher current liabilities of listed real estate companies have no significant impact on operating performance, so we should choose a reasonable debt maturity structure. In terms of debt arrangement structure, bank borrowing does not improve corporate performance, so it is necessary for banks to strengthen their "creditor governance role" in the law. On the one hand, in order to improve the relevant provisions of the Bankruptcy Law, we can learn from the experience of Germany and Japan in the long run. After the reform of the commercial banks, we should try to let the banks hold the shares of the companies and strengthen their supervision and control over the listed real estate companies. We should also constantly improve the bond market in China so that the companies can finance the bonds. (3) Equity financing has a negative impact on operating performance, so we should establish a strict equity financing system; the first largest shareholder holding ratio and equity checks and balances of listed real estate companies in China can improve corporate performance, so it is necessary to maintain a reasonable equity concentration; the proportion of state-owned shares and corporate shares. There are many reasons for this. From the policy point of view, we should reshape the investment subject of state-owned equity so that state-owned equity can play its due positive role.
This paper makes a relatively comprehensive study on the impact of financing structure on operating performance of listed real estate companies. From the overall to the local level, it discusses the impact of financing structure on operating performance in depth. The representative single index selected in this paper does not adopt the method of getting a comprehensive score through multiple indicators. It may not be comprehensive and objective enough to measure performance, resulting in insufficient rigorous argumentation of the topic. Secondly, this paper only studies the linear relationship between the financing structure index and the operating performance, and does not study whether there is a nonlinear relationship between them. Some scholars have done this research before. The direction.
【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】：F299.233.4;F275

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