房地产上市公司资本结构对企业价值影响研究

发布时间：2018-02-24 21:45

本文关键词： 房地产上市公司资本结构企业价值　出处：《黑龙江大学》2014年硕士论文　论文类型：学位论文

【摘要】：在财务研究领域，对资本结构的研究一直是热点问题。但目前大多集中于研究企业资本结构的影响因素，就资本结构对企业价值影响的研究相对较少。房地产业作为国民经济发展的重要产业，属于典型的资金密集型行业。因此，对我国房地产上市公司资本结构对企业价值影响的研究具有重要的现实意义。本文首先对国内外研究现状、资本结构理论及企业价值理论进行了回顾，从理论角度分析了资本结构对企业价值的影响机理；接着对我国房地产上市公司融资渠道、资本结构的现状进行了系统的分析。依据理论并结合现状，文章选取了4个适用于房地产行业的资本结构指标，分别为资产负债率、带息负债/全部投入资本、流动负债率、速动比率，，并选取了代表企业成长能力、资产规模、营运能力、股权结构的4个其他指标作为控制变量。在选取衡量企业价值的指标时，笔者选择了既能够包含股价波动影响、又能够反映企业市场价值的托宾Q值。为了检验结果的稳定性，笔者又选择了最具综合性的净资产收益率进行稳定性检验。数据样本则取自国内118家房地产上市公司2010-2012年三年间共354个样本的面板数据。通过描述性分析、相关性分析、简单回归分析、多元回归分析、稳定性检验等实证步骤，总结出房地产上市公司资本结构对企业价值影响的相关分析结果，最后对我国房地产上市公司合理安排资本结构提出了建议，并指出了本文的不足。
[Abstract]:In the field of financial research, the study of capital structure has always been a hot issue. As an important industry in the development of national economy, real estate industry is a typical capital-intensive industry. It is of great practical significance to study the influence of capital structure on enterprise value of listed real estate companies in China. Firstly, this paper reviews the domestic and foreign research situation, capital structure theory and enterprise value theory, analyzes the influence mechanism of capital structure on enterprise value from the angle of theory, and then analyzes the financing channels of listed real estate companies in our country. The present situation of capital structure is systematically analyzed. According to the theory and combining with the present situation, this paper selects four capital structure indexes suitable for the real estate industry, which are asset-liability ratio, interest-bearing debt / total investment capital ratio, current liability ratio, and so on. Four other indexes, which represent the growth ability, asset size, operation capacity and equity structure of the enterprise, are selected as control variables. In the selection of the index to measure the value of the enterprise, the author has chosen to include the influence of stock price fluctuation. In order to test the stability of the results, the Tobin Q value, which can reflect the market value of the enterprise, The author also chooses the most comprehensive return on net assets to test the stability. The data sample is taken from a total of 354 sample panel data of 118 listed real estate companies in China from 2010 to 2012. Through descriptive analysis, correlation analysis. Simple regression analysis, multiple regression analysis, stability test and other empirical steps, summed up the capital structure of listed real estate companies on the impact of corporate value analysis results. Finally, the author puts forward some suggestions on the rational arrangement of capital structure of listed real estate companies in China, and points out the deficiency of this paper.
【学位授予单位】：黑龙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F299.233.41

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