中国房地产上市公司资本结构优化调整研究

发布时间：2019-06-06 09:00

【摘要】：资本结构优化调整是公司金融领域持续关注的重点问题之一。近年来,中国的房地产上市公司为满足自身的投资需求,大举借债,债务压力持续增大。在此背景下,针对房地产上市公司的融资特点,研究其资本结构优化目标和调整行为,可以为公司制定融资决策提供参考,也可为产业政策的制定提供依据。同时,融合产业特点的资本结构优化调整分析,为公司金融领域的研究提供了新的思路。因而论文兼具重要的现实和理论意义。基于既有研究,论文提出了房地产上市公司资本结构优化调整研究的总体框架:确定优化目标——最优资本结构;对比分析现实与最优资本结构;研究资本结构调整行为。论文首先根据中国房地产上市公司的融资特点,构建最优资本结构模型,测算出样本公司的最优资本结构,并对最优资本结构模型中的各项参数进行敏感性分析。其次,对比房地产上市公司现实与最优资本结构的差异,通过研究资金的供求关系分析资本结构偏离最优水平的原因。最后,论文基于资本结构部分调整模型,测算出样本公司资本结构调整速度,将调整行为划分为正向调整和非正向调整,从微观、中观和宏观层面研究了影响资本结构调整行为的因素。在上述框架内,论文在理论分析的基础上,结合2003-2012年的国房景气指数、部分宏观经济数据以及66家房地产上市公司的部分财务数据进行了实证研究。论文的研究结论主要包括:(1)房地产上市公司的最优资本结构由公司特征、房价、利率和所得税税率等因素决定。(2)房地产上市公司现实与最优资本结构差异较大,大部分公司倾向于过度负债。资金供求失衡是资本结构偏离最优水平的主要原因。(3)房地产上市公司的资本结构以部分调整和逆向调整为主。从微观层面看,资本结构偏离度和盈利能力对调整行为有明显的促进作用;在中观层面,产业景气程度对资本结构调整有正反两种效应;从宏观层面看,经济状况和宏观调控均会显著影响资本结构调整行为。基于上述研究结论,论文建议:(1)房地产上市公司的融资目标应随公司特征和市场环境(房价、利率和税率等)的变化而调整。(2)政府应放宽股权再融资条件,同时保持货币政策的稳健性;房地产上市公司应拓宽融资渠道,理性融资,以尽量减小现实与最优资本结构的偏离程度。(3)公司之间应加强合作,以提高资本结构调整速度,加快调整进程。
[Abstract]:The optimization and adjustment of capital structure is one of the key issues in the field of corporate finance. In recent years, in order to meet their own investment needs, China's real estate listed companies borrow heavily, and the debt pressure continues to increase. In this context, according to the financing characteristics of real estate listed companies, the study of their capital structure optimization objectives and adjustment behavior can provide a reference for the company to make financing decisions, but also provide a basis for the formulation of industrial policies. At the same time, the analysis of capital structure optimization and adjustment, which integrates the characteristics of the industry, provides a new idea for the research in the field of corporate finance. Therefore, the paper has important practical and theoretical significance. Based on the existing research, this paper puts forward the overall framework of the research on the optimization and adjustment of capital structure of real estate listed companies: determining the optimization goal-optimal capital structure; comparing and analyzing the realistic and optimal capital structure; and studying the behavior of capital structure adjustment. Firstly, according to the financing characteristics of listed real estate companies in China, the optimal capital structure model is constructed, the optimal capital structure of the sample companies is calculated, and the sensitivity analysis of the parameters in the optimal capital structure model is carried out. Secondly, by comparing the difference between the reality and the optimal capital structure of real estate listed companies, this paper analyzes the reasons why the capital structure deviates from the optimal level by studying the relationship between the supply and demand of funds. Finally, based on the partial adjustment model of capital structure, the paper calculates the speed of capital structure adjustment of sample companies, and divides the adjustment behavior into positive adjustment and non-positive adjustment. The factors that affect the behavior of capital structure adjustment are studied at the meso and macro levels. In the above framework, on the basis of theoretical analysis, combined with the national housing climate index from 2003 to 2012, some macroeconomic data and some financial data of 66 real estate listed companies are empirically studied. The main conclusions of this paper are as follows: (1) the optimal capital structure of real estate listed companies is determined by the characteristics of the company, house price, interest rate and income tax rate. (2) the reality and optimal capital structure of real estate listed companies are quite different. Most companies tend to be overindebted. The imbalance between supply and demand of capital is the main reason why the capital structure deviates from the optimal level. (3) the capital structure of real estate listed companies is mainly partial adjustment and reverse adjustment. From the micro point of view, the deviation of capital structure and profitability play an obvious role in promoting the adjustment behavior, and at the meso level, the degree of industrial prosperity has both positive and negative effects on the adjustment of capital structure. From the macro level, the economic situation and macro-control will significantly affect the behavior of capital structure adjustment. Based on the above research conclusions, the paper suggests that: (1) the financing objectives of real estate listed companies should be adjusted with the changes of company characteristics and market environment (house price, interest rate and tax rate, etc.). (2) the government should relax the conditions of equity refinancing. At the same time, maintain the conservatism of monetary policy; Real estate listed companies should broaden financing channels and rational financing in order to minimize the deviation between reality and optimal capital structure. (3) Cooperation between companies should be strengthened in order to improve the speed of capital structure adjustment and speed up the adjustment process.
【学位授予单位】：清华大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F299.233.42

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