中国房地产民营上市公司资本结构与公司绩效的关系

发布时间：2018-09-04 20:18

【摘要】：资本结构是指各种资本在企业资本总额中的构成比例,而企业的资本主要由长期债务资本和权益资本构成,所以,最为基本的资本结构即是指长期债务资本和权益资本的比例。资本结构不仅对企业的资本成本具有重要影响,同时还影响着其治理结构以及经营方式,进而影响企业的总体经营成果。由于资本结构具有的一系列重大理论价值和实际意义,资本结构与公司绩效的关系成为了近年来国内外许多学者研究的重要课题。房地产业是近年来我国国民最为关注的行业之一,作为我国国民经济的基础性和支柱性产业,始终在我国经济生活中扮演着举足轻重的角色。同时,作为一个资金密集型的行业,其生存与发展必须紧密依赖于资金的供应,于是资本成本便成为其不得不考虑的重要问题。近几年来,金融危机的冲击与国家的调控又为房地产业的未来蒙上了一层面纱。因此,房地产企业不得不在加强自身经营实力的同时通过其他途径增强竞争优势,而通过优化资本结构,将资本成本降至最低就是其中一个重要途径。又由于房地产行业中的央企国企在资金链上能够得到一定的保证,所以这一途径对于该行业中的民营企业就显得更为重要。本文同时采用规范研究与实证研究的方法,通过定性与定量分析来进行研究,希望能够对我国房地产业民营企业的资本结构优化起到一定作用,进而对我国房地产资本市场的健康发展做出些许贡献。本论文一共包括五个部分：第一部分为绪论。概括介绍本文选题的背景和意义,并对目前有关资本结构与公司绩效关系的国内外研究进行文献综述及总结,进而提出本文的研究思路和方法以及本文的创新点和不足。第二部分为相关理论的描述。在这一部分,首先,对房地产业、民营上市公司、资本结构及公司绩效等相关概念进行界定。其次,阐述了资本结构的理论基础,同时为后文研究资本结构相关变量奠定基础。然后,对公司绩效的度量方法进行分析。最后,阐述了资本结构对公司绩效影响的作用机理,这部分与后文确定计量模型密切相关。第三部分为实证前的研究设计。在本部分中,首先在文献综述与现状分析的基础上提出本文的研究假设。然后,根据已经提出的研究假设,进行变量选取和样本及数据的选取。第四部分为实证部分。这一部分主要是根据搜集的符合条件的沪市房地产业民营上市公司2010-2012年的相关数据,首先进行描述性统计；其次,在此基础上建立模型并对样本进行相关性检验；再次,运用多元回归模型对资本结构和公司绩效的关系进行回归分析。第五部分为实证结果分析和建议。首先,通过对实证结果的分析与研究,试图提出相关建议以求优化资本结构与加强公司绩效,最后则提出对未来研究的展望。
[Abstract]:Capital structure refers to the proportion of all kinds of capital in the total capital of an enterprise, and the capital of an enterprise is mainly composed of long-term debt capital and equity capital, so the most basic capital structure is the proportion of long-term debt capital and equity capital. The capital structure not only has an important impact on the capital cost of the enterprise, but also affects its governance structure and management mode, and then affects the overall operating results of the enterprise. Because of a series of important theoretical value and practical significance of capital structure, the relationship between capital structure and corporate performance has become an important subject studied by many scholars at home and abroad in recent years. The real estate industry is one of the most concerned industries in our country in recent years, as the basic and pillar industry of our national economy, it always plays a pivotal role in the economic life of our country. At the same time, as a capital-intensive industry, its survival and development must be closely dependent on the supply of capital, so the cost of capital has become an important issue it has to consider. In recent years, the impact of the financial crisis and national regulation and control for the real estate industry in the future covered a veil. Therefore, real estate enterprises have to strengthen their own management strength while enhancing their competitive advantage through other ways, and by optimizing the capital structure, reducing the cost of capital to the lowest is one of the important ways. Because the state-owned enterprises in the real estate industry can be guaranteed in the capital chain, this approach is more important to the private enterprises in the real estate industry. At the same time, this paper adopts the methods of normative research and empirical research, through qualitative and quantitative analysis to study, hoping to play a role in the capital structure optimization of private enterprises in real estate industry. And then make some contribution to the healthy development of our real estate capital market. This thesis consists of five parts: the first part is the introduction. This paper briefly introduces the background and significance of this topic, and summarizes the current domestic and foreign research on the relationship between capital structure and corporate performance, and then puts forward the research ideas and methods of this paper, as well as the innovative points and shortcomings of this paper. The second part is the description of relevant theories. In this part, first of all, the real estate, private listed companies, capital structure and corporate performance and other related concepts are defined. Secondly, it expounds the theoretical basis of capital structure, and lays a foundation for the later study of capital structure variables. Then, the measurement of corporate performance is analyzed. Finally, the paper expounds the mechanism of the influence of capital structure on corporate performance, which is closely related to the determination of econometric model later. The third part is the research design before demonstration. In this part, firstly, on the basis of literature review and current situation analysis, the research hypotheses of this paper are put forward. Then, according to the proposed research hypothesis, the selection of variables and samples and data are carried out. The fourth part is the empirical part. This part is mainly based on the relevant data collected from 2010 to 2012 of Shanghai real estate private listed companies, first of all, descriptive statistics; secondly, on the basis of this model and sample correlation test; again, The multiple regression model is used to analyze the relationship between capital structure and corporate performance. The fifth part is empirical analysis and recommendations. First of all, through the analysis and research of the empirical results, this paper tries to put forward some suggestions to optimize the capital structure and strengthen the performance of the company, and finally puts forward the prospect of the future research.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.4;F275

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