我国房地产业上市公司资本结构与公司绩效关系研究

发布时间：2018-01-15 11:41

本文关键词：我国房地产业上市公司资本结构与公司绩效关系研究　出处：《华东师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产业的地位和作用在近几年不断增强。房地产业的健康发展关系我国国民经济的发展,也关系人民的生活水平。上市房地产公司作为行业的中坚力量,其绩效直接关系整个行业的发展。房地产业需要强大的资金作为后盾,企业自有资金难以维持企业的生存和发展,所以融资能力对房地产企业来说尤为重要。稳定庞大的资金来源能保障房地产整个生命周期的运作,但具体选择怎样的筹资方式形成何种资本结构还需企业根据自身情况权衡决定。目前关于资本结构和公司绩效的研究很多,但房地产业的研究相对较少,并且由于样本数据、时间以及变量选择等各方面的原因使得研究结论存在较大差别。本文结合理论知识以及实证模型对上市房地产公司资本结构与绩效的关系进行研究,以完善现有的理论成果。第一部分绪论对本文的研究意义和方法进行了详细阐述,第二部分则主要对资本结构和绩效进行界定以及对相关理论进行分析总结,第三部分是我国房地产业上市公司的现状分析,包括总体分析以及现状描述性统计分析。最后一部分则是通过构建模型对资本结构和公司绩效进行实证研究。本文对A股上市的130家房地产上市公司进行筛选,将主营业务连续三年为房地产并且主营业务收益80%来自房地产的A股上市房地产公司归入样本,剔除ST股及数据不全的公司,最后选定60家A股上市的房地产企业2010年至2012年的数据作为研究样本,并进一步按公司注册资本规模将60家公司分为两类分别进行研究。本文的数据具有很强的时效性。区别于其他研究,本文不采用单一财务指标来表示公司绩效,而是采用多重指标衡量公司绩效,计算出盈利能力、偿债能力、营运能力及发展能力四方面九个指标进行因子分析,量化出一个综合绩效,再将量化的综合得分与代表资本结构的四个指标进行回归分析,最后得出高注册资本公司和低注册资本公司两类公司的资本结构与公司绩效关系的结论并提出政策建议。两类公司应根据自身实际发展情况保持合适的负债比例以及股权集中度,量力而行,不能盲目追求税盾效应,努力提高公司的治理水平,以此来提高绩效。
[Abstract]:The status and role of the real estate industry has been increasing in recent years. The healthy development of the real estate industry is related to the development of the national economy and the standard of living of the people. Listed real estate companies as the backbone of the industry. Its performance is directly related to the development of the whole industry. The real estate industry needs strong funds as the backing, the enterprise's own capital is difficult to maintain the survival and development of the enterprise. Therefore, financing ability is particularly important for real estate enterprises. Stable and huge sources of funds can ensure the operation of the whole life cycle of real estate. However, the specific choice of how to raise funds to form what kind of capital structure still needs to be determined according to their own circumstances. At present, there are a lot of research on capital structure and corporate performance, but the research of real estate industry is relatively small. And because of the sample data, time and variable selection and other reasons, there are great differences in the conclusions of the study. This paper studies the relationship between capital structure and performance of listed real estate companies based on theoretical knowledge and empirical model. In order to improve the existing theoretical results. The first part of the introduction of the research significance and methods of this paper are described in detail. The second part is mainly to define the capital structure and performance and to analyze and summarize the relevant theories. The third part is the analysis of the current situation of the listed companies in China's real estate industry. The last part is an empirical study of capital structure and corporate performance by constructing a model. This paper sift 130 real estate listed companies listed in A shares. Choose. The A-share listed real estate companies whose main business is real estate for three consecutive years and whose main business income is 80% from real estate are included in the sample, excluding St shares and companies with incomplete data. Finally, the data of 60 A-share listed real estate companies from 2010 to 2012 are selected as the research samples. Furthermore, 60 companies are divided into two categories according to the scale of registered capital. Different from other studies, this paper does not use a single financial index to express corporate performance, but uses multiple indicators to measure corporate performance and calculate profitability and solvency. Nine indicators of operation ability and development ability are analyzed by factor analysis to quantify a comprehensive performance, and then the quantitative comprehensive score and the four indicators representing the capital structure are regressed. Finally, the conclusion is drawn that the relationship between the capital structure and corporate performance of the high registered capital company and the low registered capital company. The two types of companies should keep the appropriate debt ratio according to their actual development. And equity concentration. We should not blindly pursue the tax shield effect and strive to improve the corporate governance level in order to improve performance.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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