中国房地产企业资本结构与经营绩效关系：公司治理视角的拓展性研究
发布时间：2019-04-25 19:34
【摘要】：作为公司治理核心问题之一的资本结构,一直以来都是理论界与实务界研究的热点和焦点问题,甚至被称为公司治理之谜。公司资本结构决定着公司的融资方式、投资渠道和资本运作,资本结构的选择直接影响到公司的治理效果与经营效益。国内外很多学者基于不同国家的现状,利用不同行业不同时期的数据对公司资本结构与公司经营绩效进行了大量研究,但并没有形成一致性定论。 自1998年我国取消了住房分配政策并对房地产进行市场化改革,我国房地产行业经历了一次飞速发展。房地产行业的发展不仅关系着居民住房保障民生问题,还关联着钢铁、水泥、建筑等行业的发展,关系着地方财政收入,因此房地产行业的健康稳健发展对经济持续稳定增长和和谐社会建设都具有举足轻重的作用。近几年中央政府出台的调控措施在控制房地产信贷风险,维护金融稳定的同时,势必会对房地产行业资本结构和公司经营绩效产生影响。 上述背景下本文考察了企业资本结构与经营绩效的关系,同时鉴于我国特殊的制度背景。本文还从企业产权、高管及董事会的股权激励角度考察了这些因素对于企业资产负债比率与经营绩效关系的影响。 本文首先回顾了国内外有关资本结构与经营绩效的文献,其次对资本机构的相关理论进行了简要梳理,为下文的理论分析提供理论基础,然后分析了我国房地产行业的历史、行业特点及上市企业的状况,初步分析了房地产企业的资产负债比率等资本结构指标,并根据已有研究结合我国现实制度背景提出研究假设。本文使用2004—2012年沪深A股房地产上市公司数据,对文章的研究假设进行实证检验,最后对相关回归结果进行分析并提供基于研究结构的建议,指出本文的研究不足及后续研究情况。 本文研究结果表明,在我国房地产企业中,资产负债率与企业经营绩效正相关,这主要是因为我国房地产企业主要依靠银行贷款获取信贷资金,在当前我国经济快速发展的情况下,信贷资金能够促进经营绩效的提高,而信贷资金导致资产负债比率较高,因而资产负债比率对企业经营绩效具有促进作用。深入研究发现,企业产权性质、高管及董事会股权激励对于资产负债比率与经营绩效之间的关系具有重要影响,这主要是因为银行等金融机构在不同产权性质企业中的监督作用存在较大差异、高管或董事会的股权激励能够影响企业代理冲突等机制,能够影响资产负债比率与经营绩效之间的关系。 本文的研究不仅加深了对于我国房地产企业现状的了解,同时丰富了有关资本结构的理论研究,具有较强的理论与现实意义。
[Abstract]:As one of the core issues of corporate governance, capital structure has always been a hot and focused issue in the field of theory and practice, even called the mystery of corporate governance. The capital structure determines the financing mode, investment channel and capital operation of the company. The choice of the capital structure directly affects the corporate governance and operating efficiency. Based on the present situation of different countries, many scholars at home and abroad have done a lot of research on corporate capital structure and corporate performance by using the data of different industries and different periods, but have not formed a consistent conclusion. China's real estate industry has experienced a rapid development since 1998 when the housing distribution policy was abolished and the real estate market reform was carried out. The development of the real estate industry is not only related to the protection of the people's livelihood, but also related to the development of steel, cement, construction and other industries, as well as the local fiscal revenue. Therefore, the healthy and steady development of the real estate industry plays an important role in the sustained and stable economic growth and the construction of a harmonious society. In recent years, the regulation and control measures issued by the central government will not only control the real estate credit risk and maintain the financial stability, but also have an impact on the capital structure of the real estate industry and the performance of the company. Under the above background, this paper examines the relationship between enterprise capital structure and business performance, and at the same time, in view of the special institutional background of our country. This paper also examines the impact of these factors on the relationship between the ratio of assets and liabilities and business performance from the perspective of corporate property rights, executive and board of directors' equity incentives. Firstly, this paper reviews the literature about capital structure and business performance at home and abroad, and then briefly combs the relevant theories of capital institutions, which provides a theoretical basis for the theoretical analysis below, and then analyzes the history of the real estate industry in China. Based on the characteristics of the industry and the status of listed enterprises, this paper analyzes the capital structure indexes of real estate enterprises, such as the ratio of assets to liabilities, and puts forward the research hypotheses according to the existing research combined with the realistic institutional background of our country. Using the data of Shanghai-Shenzhen A-share real estate listed companies from 2004 to 2012, this paper empirically tests the research hypotheses of the article, and finally analyzes the related regression results and provides suggestions based on the research structure. It is pointed out that the research in this paper is insufficient and the follow-up research situation. The results of this paper show that in real estate enterprises in China, the ratio of assets and liabilities is positively related to the performance of enterprises, which is mainly due to the fact that real estate enterprises in China rely mainly on bank loans to obtain credit funds. Under the condition of rapid economic development in China, credit funds can promote the improvement of business performance, and credit funds lead to a higher ratio of assets to liabilities, so the ratio of assets to liabilities has a promoting effect on the business performance of enterprises. The in-depth study shows that the nature of enterprise property rights, executive and board equity incentives have an important impact on the relationship between asset-liability ratio and operational performance. This is mainly because the supervisory role of banks and other financial institutions in enterprises with different property rights is quite different, and the equity incentive of executives or boards of directors can affect the mechanisms such as agency conflicts of enterprises. Can affect the relationship between asset-liability ratio and operational performance. The research in this paper not only deepens the understanding of the present situation of the real estate enterprises in China, but also enriches the theoretical research on the capital structure, which is of great theoretical and practical significance.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F271;F275
本文编号：2465397
[Abstract]:As one of the core issues of corporate governance, capital structure has always been a hot and focused issue in the field of theory and practice, even called the mystery of corporate governance. The capital structure determines the financing mode, investment channel and capital operation of the company. The choice of the capital structure directly affects the corporate governance and operating efficiency. Based on the present situation of different countries, many scholars at home and abroad have done a lot of research on corporate capital structure and corporate performance by using the data of different industries and different periods, but have not formed a consistent conclusion. China's real estate industry has experienced a rapid development since 1998 when the housing distribution policy was abolished and the real estate market reform was carried out. The development of the real estate industry is not only related to the protection of the people's livelihood, but also related to the development of steel, cement, construction and other industries, as well as the local fiscal revenue. Therefore, the healthy and steady development of the real estate industry plays an important role in the sustained and stable economic growth and the construction of a harmonious society. In recent years, the regulation and control measures issued by the central government will not only control the real estate credit risk and maintain the financial stability, but also have an impact on the capital structure of the real estate industry and the performance of the company. Under the above background, this paper examines the relationship between enterprise capital structure and business performance, and at the same time, in view of the special institutional background of our country. This paper also examines the impact of these factors on the relationship between the ratio of assets and liabilities and business performance from the perspective of corporate property rights, executive and board of directors' equity incentives. Firstly, this paper reviews the literature about capital structure and business performance at home and abroad, and then briefly combs the relevant theories of capital institutions, which provides a theoretical basis for the theoretical analysis below, and then analyzes the history of the real estate industry in China. Based on the characteristics of the industry and the status of listed enterprises, this paper analyzes the capital structure indexes of real estate enterprises, such as the ratio of assets to liabilities, and puts forward the research hypotheses according to the existing research combined with the realistic institutional background of our country. Using the data of Shanghai-Shenzhen A-share real estate listed companies from 2004 to 2012, this paper empirically tests the research hypotheses of the article, and finally analyzes the related regression results and provides suggestions based on the research structure. It is pointed out that the research in this paper is insufficient and the follow-up research situation. The results of this paper show that in real estate enterprises in China, the ratio of assets and liabilities is positively related to the performance of enterprises, which is mainly due to the fact that real estate enterprises in China rely mainly on bank loans to obtain credit funds. Under the condition of rapid economic development in China, credit funds can promote the improvement of business performance, and credit funds lead to a higher ratio of assets to liabilities, so the ratio of assets to liabilities has a promoting effect on the business performance of enterprises. The in-depth study shows that the nature of enterprise property rights, executive and board equity incentives have an important impact on the relationship between asset-liability ratio and operational performance. This is mainly because the supervisory role of banks and other financial institutions in enterprises with different property rights is quite different, and the equity incentive of executives or boards of directors can affect the mechanisms such as agency conflicts of enterprises. Can affect the relationship between asset-liability ratio and operational performance. The research in this paper not only deepens the understanding of the present situation of the real estate enterprises in China, but also enriches the theoretical research on the capital structure, which is of great theoretical and practical significance.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F271;F275
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