Research on the Non-linear Relationship between Capital Stru

发布时间：2024-01-19 18:49

　　本文对研究资本结构与企业绩效关系的相关文献进行了归纳与总结。学者们关于二者间的关系的研究结论可以分成三大类。分别为二者之间存在正相关关系、负相关关系和二者之间的关系不显著。另外,本文对资本结构理论根据理论提出的顺序进行了归纳整理,并进一步阐明了资本结构对企业绩效的影响机制。本文根据我国房地产行业的发展状况,分析出了目前我国房地产行业发展的特点。并且,本文参照Wind的行业分类标准将我国房地产上市公司分为三类,分别为住宅地产(RRE)、产业地产(IRE)和商业地产(CRE),并分析了这三类房地产上市公司在公司绩效、资本结构和行业发展形势上的不同特点。进而,本文对这三类不同的房地产上市公司的资本结构与公司绩效分别进行了实证分析。在实证分析时首先阐明了本文提出非线性关系假设的原因。本文的假设是资本结构对绩效的影响并不是线性的,而是存在门槛效应。而且,在一定范围内,公司绩效会随着资产负债率的提高而上升,在超过该范围后,公司绩效会随着资产负债率的提高而开始下降。即,公司存在最优资本结构。本文对三类公司分别进行实证检验后发现,商业地产的资本结构与公司绩效之间存在单门槛效应而不存在双门槛效应。住宅地...

【文章页数】：67 页

【学位级别】：硕士

【文章目录】：
摘要
abstract
Chapter1 Introduction
    1.1 Research Background and Research Significance
        1.1.1 Research Background
        1.1.2 Research Significance
    1.2 Research Content and Research Method
        1.2.1 Research Content
        1.2.2 Research Method
    1.3 Research Framework
    1.4 Innovation and Deficiency
        1.4.1 Innovation
        1.4.2 Deficiency
Chapter2 Literature Review
    2.1 Positive Correlation
    2.2 Negative Correlation
    2.3 No Significant Correlation
    2.4 Review
Chapter3 Theoretical Analysis
    3.1 Definition of Relevant Concept
        3.1.1 Capital Structure
        3.1.2 Enterprise Performance
    3.2 Capital Structure Theory
        3.2.1 Early Capital Structure Theory
        3.2.2 Modern Capital Structure Theory
        3.2.3 New Capital Structure Theory
    3.3 Influence Mechanism
    3.4 The Optimal Capital Structure Model
Chapter4 Status Analysis
    4.1 Overall China’s Real Estate Industry
        4.1.1 High Proportion of Real Estate Development Investment
        4.1.2 Relatively Single Financing Channel
        4.1.3 High Asset-Liability Ratio
        4.1.4 Influenced by Industrial Policy
    4.2 Three Listed Real Estate Companies
        4.2.1 Corporate Performance
        4.2.2 Capital Structure
        4.2.3 The Development Situation of the Industry
Chapter5 Empirical Analysis
    5.1 Data Source and Variable Selection
        5.1.1 Data Source
        5.1.2 Variable Selection
    5.2 Descriptive Statistics
    5.3 Hypothesis and Model
        5.3.1 Hypothesis
        5.3.2 The Panel Threshold Regression Model(PTRM)
    5.4 Regression Analysis
        5.4.1 Unit Root Test
        5.4.2 Regression Result Analysis of CRE
        5.4.3 Regression Result Analysis of RRE
        5.4.4 Regression Result Analysis of IRE
    5.5 Robustness Test
        5.5.1 Robustness Test for CRE
        5.5.2 Robustness Test for RRE
        5.5.3 Robustness Test for IRE
    5.6 Endogeneity Test
Chapter6 Conclusion and Suggestion
    6.1 Conclusion
    6.2 Suggestion
        6.2.1 National Policy
        6.2.2 Listed Real Estate Company
Reference
Research Result during Studying for the Degree
Acknowledgement



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