中国房地产上市公司流动性影响因素研究
发布时间：2018-09-03 08:00
【摘要】：2008年美国次贷危机以来,全球的经济都受到影响,我国房地产企业在宏观经济波动的浪潮中也面临更大的挑战。为了抑制房价,政府出台了一系列的调控政策。在错综复杂的经济环境中,房地产企业保持一定的流动性降低开发经营的风险十分必要。房地产企业自身的经营模式决定了其过高的资产负债率,生产经营风险较大。2014年面临新的经济环境,房地产企业将如何抓住机遇,在流动性上做出正确选择值得我们研究。为了探索哪些因素影响了房地产企业在流动性方面的选择,本文运用理论分析、描述性统计分析以及实证分析的方法分以下几部分进行研究。第一部分梳理了国内外学者对房地产企业流动性的研究成果,并在此基础上提出自己的研究思路。第二部分从流动性理论和房地产企业特点两方面对影响因素进行探索。第三部分分析了房地产企业流动性的评价指标,并对五年的数据进行描述性统计。第四部分对可能的影响因素进行描述性统计分析,观察影响因素五年来的变化趋势。第五部分总结理论和描述性统计的结论,运用多元线性回归模型对在沪深两市上市的房地产企业2008年至2013年半年度的数据进行实证分析,研究结果表明存货周转率、流动负债比重、长期负债比重、存货规模、固定资产规模、净资产收益率、筹资活动现金流等都对房地产企业的流动性有影响。第六部分对文章进行总结,提出局限性并对进一步的研究做出展望。
[Abstract]:Since the subprime mortgage crisis in 2008, the global economy has been affected, and Chinese real estate enterprises are facing more challenges in the wave of macroeconomic fluctuations. In order to curb house prices, the government issued a series of regulatory policies. In the complicated economic environment, it is necessary for real estate enterprises to maintain certain liquidity to reduce the risk of development and operation. The management mode of real estate enterprises determines their high ratio of assets and liabilities and the risk of production and operation. Facing the new economic environment in 2014, the real estate enterprises will seize the opportunity and make the right choice on liquidity. In order to explore which factors affect the choice of liquidity in real estate enterprises, this paper uses theoretical analysis, descriptive statistical analysis and empirical analysis methods to study the following parts. The first part combs the domestic and foreign scholars on the real estate enterprise liquidity research results, and on this basis put forward their own research ideas. The second part explores the influencing factors from liquidity theory and real estate enterprise characteristics. The third part analyzes the evaluation index of real estate enterprise liquidity, and carries on the descriptive statistics to the five years data. The fourth part makes descriptive statistical analysis on the possible influencing factors and observes the changing trend of the influencing factors in the past five years. In the fifth part, the conclusion of theory and descriptive statistics is summarized, and the data of real estate enterprises listed in Shanghai and Shenzhen stock markets from 2008 to 2013 are analyzed by using multiple linear regression model. The results show that inventory turnover rate. The liquidity of real estate enterprises is affected by the proportion of current liabilities, long-term liabilities, inventory size, the scale of fixed assets, the rate of return on net assets and the cash flow of fund-raising activities. The sixth part summarizes the article, puts forward the limitations and prospects for further research.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42
[Abstract]:Since the subprime mortgage crisis in 2008, the global economy has been affected, and Chinese real estate enterprises are facing more challenges in the wave of macroeconomic fluctuations. In order to curb house prices, the government issued a series of regulatory policies. In the complicated economic environment, it is necessary for real estate enterprises to maintain certain liquidity to reduce the risk of development and operation. The management mode of real estate enterprises determines their high ratio of assets and liabilities and the risk of production and operation. Facing the new economic environment in 2014, the real estate enterprises will seize the opportunity and make the right choice on liquidity. In order to explore which factors affect the choice of liquidity in real estate enterprises, this paper uses theoretical analysis, descriptive statistical analysis and empirical analysis methods to study the following parts. The first part combs the domestic and foreign scholars on the real estate enterprise liquidity research results, and on this basis put forward their own research ideas. The second part explores the influencing factors from liquidity theory and real estate enterprise characteristics. The third part analyzes the evaluation index of real estate enterprise liquidity, and carries on the descriptive statistics to the five years data. The fourth part makes descriptive statistical analysis on the possible influencing factors and observes the changing trend of the influencing factors in the past five years. In the fifth part, the conclusion of theory and descriptive statistics is summarized, and the data of real estate enterprises listed in Shanghai and Shenzhen stock markets from 2008 to 2013 are analyzed by using multiple linear regression model. The results show that inventory turnover rate. The liquidity of real estate enterprises is affected by the proportion of current liabilities, long-term liabilities, inventory size, the scale of fixed assets, the rate of return on net assets and the cash flow of fund-raising activities. The sixth part summarizes the article, puts forward the limitations and prospects for further research.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42
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相关期刊论文 前10条
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本文编号：2219383
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