资本成本与我国房地产业股利支付政策研究

发布时间：2019-03-02 12:18

【摘要】：房地产业具有很长的产业链条，近年来占国内生产总值的比重也在不断增大，在现代社会经济中有着举足轻重的地位。经过十几年的发展，我国房地产行业正处于向规模化、品牌化、规范化发展的转型期，房地产业的发展目标正在从偏重速度规模向注重效益和市场细分转变，例如近几年细分市场中商业地产、绿色地产以及老年地产等都取得了较快的发展，从发展方式上也逐渐从主要依靠政府调控方式转向依靠市场和企业自身调节的方式。房地产业具有资金需求大、投资量大、回收期长、资产负债率高、地域性强但集中度偏低以及受国家政策影响大的特点。其庞大的资金需求、巨额的资金占用以及特有的高风险运作，令股东们更加重视其投资成本与取得报酬间的关系。股利作为上市公司股东们取得投资回报的一种重要方式，已成为众股东关注的要点。已有研究也表明如今研究房地产业的资本成本与公司股利政策间的关系已变得越来越重要。因此，本文根据我国上市房地产企业的特殊性，以及房地产行业对国家政策的依赖性巨大的特性，运用多元回归进行实证研究，，分别研究了控股股东性质和国家政策对资本成本与股利支付政策影响程度的变化。文章理论部分基于MM理论、优序融资理论和股东权益最大化理论等对我国房地产业的资本成本和现金股利政策的关系进行了理论研究。实证部分针对现有研究对于股利政策影响因素结论不一，国有企业与非国有企业的资本成本对股利政策影响程度不同，现金股利分配易受证监会政策影响等问题，首先研究了影响我国房地产业股利政策的几个因素；然后，结合我国国情根据控股股东性质不同，分别研究了国有企业和非国有企业我国房地产业资本成本对其股利支付政策的影响；最后，从政策影响角度入手，分别研究了我国房地产业半强制股利政策实施前与实施后，其资本成本与股利政策的影响有何不同。
[Abstract]:The real estate industry has a long industrial chain. In recent years, the proportion of the real estate industry in the gross domestic product (GDP) is increasing, and it plays an important role in the modern society and economy. After more than ten years of development, the real estate industry in China is in the transition period of scale, branding and standardization development. The development target of the real estate industry is changing from focusing on the speed scale to emphasizing the benefit and market segmentation. For example, in recent years, commercial real estate, green real estate and old-age real estate have made a rapid development in the market segment, and the way of development has gradually changed from relying mainly on government regulation to relying on market and self-regulation of enterprises. The real estate industry has the characteristics of large capital demand, large amount of investment, long payback period, high ratio of assets and liabilities, strong regionality but low concentration and great influence by national policies. Because of its huge capital demand, huge capital occupation and high-risk operation, shareholders pay more attention to the relationship between investment cost and reward. Dividend, as an important way for shareholders of listed companies to get return on investment, has become the key point of shareholders' attention. Studies have also shown that it is more and more important to study the relationship between the capital cost of real estate and dividend policy. Therefore, according to the particularity of the listed real estate enterprises in China and the huge dependence of the real estate industry on the national policy, this paper uses multiple regression to carry on the empirical research. The effects of the nature of controlling shareholders and state policies on capital cost and dividend payment policy are studied respectively. Based on MM theory, optimal order financing theory and shareholder equity maximization theory, this paper studies the relationship between capital cost and cash dividend policy of real estate industry in China. In the empirical part, there are different conclusions on the influencing factors of dividend policy, the capital cost of state-owned enterprises and non-state-owned enterprises have different influence on dividend policy, and the cash dividend distribution is easily influenced by the policy of CSRC, and so on. Firstly, several factors that influence the dividend policy of the real estate industry in our country are studied. Then, according to the different nature of controlling shareholders, this paper studies the influence of capital cost of real estate industry on dividend payment policy of state-owned enterprises and non-state-owned enterprises respectively according to the different nature of controlling shareholders in our country. Finally, from the perspective of policy impact, this paper studies the difference between capital cost and dividend policy before and after the implementation of semi-compulsory dividend policy in the real estate industry of our country.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

【参考文献】