房地产上市公司债务融资行为与公司绩效研究
发布时间：2018-10-24 08:58
【摘要】：随着1958年MM理论的兴起，越来越多的学者开始针对资本结构理论展开研究与此同时，代理成本理论信息不对称理论控制权理论等也逐渐进入学者们的视野，，这使得学术界对资本结构理论的认识越来越深刻我国学者对资本结构的研究起步较晚，且偏重于股权融资研究，从债务融资的视角对资本结构展开的研究尚不多见为了丰富现有研究，本文将从债务融资的角度分析其与公司绩效之间的影响作用房地产行业作为和谐社会建设中的关键行业，其发展状况不仅影响国家经济建设，同时也决定了人民群众的生活质量，关系到中国梦的实现问题因此，如何保证房地产行业的健康持续发展是学术界及企业界必须正视的问题但是，房地产行业具有资产负债率高融资渠道单一且过度依赖银行信贷等融资特点，因此从防范金融风险和提高公司绩效角度来看，亟需对房产企业的债务融资行为展开研究 本文以2008---2011年我国A股房地产上市公司为研究对象，将债务融资行为细分为融资期限融资方式以及债务总体水平三个方面此外，结合我国房地产行业发展现状，在研究中考虑了限购政策的影响，通过构建恰当的计量模型，系统分析了债务融资行为对公司绩效（EVA）的影响，尝试确定房地产上市公司债务融资的优化方向，以便为房地产上市公司合理安排债务融资进而提高公司绩效提供对策建议 本研究发现：流动负债率对公司绩效的影响不显著；银行借款率与公司绩效负相关，应付账款率与公司绩效正相关，预收账款率与公司绩效正相关；而资产负债率与公司绩效负相关性；同时，宏观调控政策与公司绩效负相关由此可见，房地产上市公司的债务融资给公司绩效带来的提升作用不明显，主要原因可能是其债务融资渠道相对单一，而作为主要债权人的国有银行在公司治理中又扮演着消极的角色；此外，对房地产上市公司来说限购政策是系统性风险，，限购政策会使房地产上市公司的绩效出现下降论文最后从三个方面提出了优化房地产上市公司债务融资以提高公司绩效的对策建议，总结了本研究的不足以及研究展望
[Abstract]:With the rise of MM theory in 1958, more and more scholars began to study the capital structure theory. Agency cost theory, information asymmetry theory, control theory and so on have gradually entered the field of vision of scholars, which makes the academic circles understand capital structure theory more and more deeply. And focus on equity financing, from the perspective of debt financing, the capital structure of the research has not been widely seen in order to enrich the existing research. This paper will analyze the influence between debt financing and corporate performance. The real estate industry is a key industry in the construction of a harmonious society, and its development will not only affect the national economic construction. At the same time, it also determines the quality of life of the people and concerns the realization of Chinese Dream. Therefore, how to ensure the healthy and sustainable development of the real estate industry is a problem that academia and the business community must face squarely. The real estate industry has the characteristics of single financing channel with high asset-liability ratio and excessive reliance on bank credit, so from the angle of preventing financial risk and improving company performance, It is urgent to study the debt financing behavior of real estate enterprises. This paper takes the A share real estate listed companies of China from 2008 to 2011 as the research object. The behavior of debt financing is divided into three aspects: the financing method of financing term and the overall level of debt. In addition, combined with the current situation of the real estate industry in China, the influence of the limited purchase policy is considered in the study, and the appropriate measurement model is constructed. This paper systematically analyzes the influence of debt financing behavior on corporate performance (EVA), and tries to determine the optimal direction of debt financing for real estate listed companies. In order to provide countermeasures for real estate listed companies to arrange debt financing and improve corporate performance, this study found that the current debt ratio has no significant impact on corporate performance, and the bank borrowing rate is negatively correlated with corporate performance. The rate of accounts payable is positively correlated with corporate performance, the rate of accounts received in advance is positively correlated with corporate performance, while the ratio of assets and liabilities is negatively correlated with corporate performance. At the same time, it can be seen that macro-control policies are negatively correlated with corporate performance. The debt financing of listed real estate companies has no obvious effect on corporate performance, the main reason may be that their debt financing channels are relatively single, while the state-owned banks, as the main creditors, play a negative role in corporate governance. In addition, for listed real estate companies, the purchase restriction policy is a systemic risk. The paper puts forward the countermeasures and suggestions of optimizing debt financing of real estate listed companies in order to improve the performance of the listed companies from three aspects, summarizes the shortcomings of this study and the research prospects.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.5;F299.233.4
本文编号：2290926
[Abstract]:With the rise of MM theory in 1958, more and more scholars began to study the capital structure theory. Agency cost theory, information asymmetry theory, control theory and so on have gradually entered the field of vision of scholars, which makes the academic circles understand capital structure theory more and more deeply. And focus on equity financing, from the perspective of debt financing, the capital structure of the research has not been widely seen in order to enrich the existing research. This paper will analyze the influence between debt financing and corporate performance. The real estate industry is a key industry in the construction of a harmonious society, and its development will not only affect the national economic construction. At the same time, it also determines the quality of life of the people and concerns the realization of Chinese Dream. Therefore, how to ensure the healthy and sustainable development of the real estate industry is a problem that academia and the business community must face squarely. The real estate industry has the characteristics of single financing channel with high asset-liability ratio and excessive reliance on bank credit, so from the angle of preventing financial risk and improving company performance, It is urgent to study the debt financing behavior of real estate enterprises. This paper takes the A share real estate listed companies of China from 2008 to 2011 as the research object. The behavior of debt financing is divided into three aspects: the financing method of financing term and the overall level of debt. In addition, combined with the current situation of the real estate industry in China, the influence of the limited purchase policy is considered in the study, and the appropriate measurement model is constructed. This paper systematically analyzes the influence of debt financing behavior on corporate performance (EVA), and tries to determine the optimal direction of debt financing for real estate listed companies. In order to provide countermeasures for real estate listed companies to arrange debt financing and improve corporate performance, this study found that the current debt ratio has no significant impact on corporate performance, and the bank borrowing rate is negatively correlated with corporate performance. The rate of accounts payable is positively correlated with corporate performance, the rate of accounts received in advance is positively correlated with corporate performance, while the ratio of assets and liabilities is negatively correlated with corporate performance. At the same time, it can be seen that macro-control policies are negatively correlated with corporate performance. The debt financing of listed real estate companies has no obvious effect on corporate performance, the main reason may be that their debt financing channels are relatively single, while the state-owned banks, as the main creditors, play a negative role in corporate governance. In addition, for listed real estate companies, the purchase restriction policy is a systemic risk. The paper puts forward the countermeasures and suggestions of optimizing debt financing of real estate listed companies in order to improve the performance of the listed companies from three aspects, summarizes the shortcomings of this study and the research prospects.
【学位授予单位】：广东商学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.5;F299.233.4
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