我国房地产上市公司融资结构与公司绩效关系研究

发布时间：2018-03-25 20:00

  本文选题：房地产上市公司　切入点：融资结构　出处：《山东大学》2014年硕士论文

【摘要】：融资结构是公司发展的基础,影响着公司的融资能力、方式和资本运作效果,从而影响公司治理和经营业绩,因此融资结构与公司绩效之间的关系研究具有重要的理论意义与实践意义。房地产上市公司作为房地产行业中优秀的企业代表,对他们的融资结构进行研究将对所有房地产公司的融资决策具有非常重要的参考价值,对公司实现其营运目标也具有十分巨大的意义。此外,通过研究房地产上市公司的融资结构,将有助于房地产上市公司的利益相关者,如投资者、银行、政府等进行投资决策,审时度势的调整自己的行为。 全文结构安排为：首先,提出本文的选题背景与意义、研究构架与本文创新点。然后,简述了资本结构理论的三个发展阶段,包括传统资本结构理论、经典资本结构理论和新资本结构理论。在此基础上,梳理国内外学者对融资结构与公司绩效的关系研究发展。接下来,本文从我国国情出发,以2008年-2012年房地产上市公司为研究样本,对我国房地产行业上市公司融资结构和公司绩效的关系进行了理论阐述和实证分析。其中,在理论阐述部分,总结了房地产行业的特征、包括资金密集型、地域性和受宏观调控政策影响；并提出房地产融资结构的三个特点和融资结构对公司绩效的影响机制。在实证分析部分,选用常见的公司绩效衡量指标,通过因子分析方法降低指标维度,以综合因子得分作为公司绩效的衡量指标。与此同时,本文突破了单纯研究公司融资结构对公司绩效的影响,引入宏观调控这一调节变量,将宏观调控与融资结构、公司绩效相结合。实证模型以国有股比例、第一大股东持股比例、资产负债率和长期负债比率为解释变量,总资产增长率为控制变量,宏观调控为调节变量,采用多元线性回归方法,分析公司融资结构和公司绩效之间的关系。 本文实证研究表明,房地产上市公司国有股比例、资产负债率与公司绩效呈显著负相关关系,总资产增长率、第一大股东持股比例与公司绩效呈显著正相关关系。在未加入宏观调控对长期负债比率的影响时,长期负债比率与公司绩效呈显著的负相关关系,加入宏观调控这一调节变量的影响时,长期负债比率与公司绩效的关系不显著。 通过理论和实证研究,本文最后对改善我国房地产上市公司自身内部和经营环境方面,提出了一系列的措施和建议,包括：优化股权结构与负债结构、调整公司资产负债率；加快公司的成长性发展；实现房地产公司融资渠道的多元化；关注国家宏观调控政策的实施方向,努力完善金融市场的全面建设等。最后,指出本文的研究局限与展望。
[Abstract]:The financing structure is the foundation of the development of the company, which affects the financing ability, the way and the effect of the capital operation of the company, thus affecting the corporate governance and the operating performance. Therefore, the research on the relationship between financing structure and corporate performance has important theoretical and practical significance. The study of their financing structure will have very important reference value for all the real estate companies' financing decision, and it will also be of great significance for the companies to achieve their operating objectives. By studying the financing structure of listed real estate companies, it will be helpful for the stakeholders of listed real estate companies, such as investors, banks, governments and so on, to make investment decisions and adjust their behavior according to the situation. The structure of the paper is arranged as follows: firstly, the background and significance of this paper, the research framework and the innovation of this paper are put forward. Then, the three stages of the development of capital structure theory, including the traditional capital structure theory, are briefly described. The classical capital structure theory and the new capital structure theory. On this basis, this paper reviews the research and development of the relationship between financing structure and corporate performance by domestic and foreign scholars. Taking the real estate listed companies from 2008 to 2012 as the research sample, this paper makes a theoretical and empirical analysis on the relationship between the financing structure and corporate performance of listed companies in China's real estate industry. This paper summarizes the characteristics of the real estate industry, including capital-intensive, regional and subject to macro-control policies, and proposes three characteristics of the real estate financing structure and the impact mechanism of the financing structure on corporate performance. Select common corporate performance measurement indicators, reduce the index dimension through factor analysis method, take the comprehensive factor score as the measurement index of corporate performance. At the same time, this paper breaks through the pure research on the impact of corporate financing structure on corporate performance. This paper introduces macro-control as a regulating variable, combines macro-control with financing structure and corporate performance. The empirical model takes the proportion of state-owned shares, the proportion of the largest shareholders, the ratio of assets to liabilities and the ratio of long-term liabilities as the explanatory variables. The total asset growth rate is the control variable and the macro-control is the adjusting variable. The multivariate linear regression method is used to analyze the relationship between corporate financing structure and corporate performance. The empirical study shows that the proportion of state-owned shares, asset-liability ratio and corporate performance in real estate listed companies are significantly negative correlation, total asset growth rate, There is a significant positive correlation between the shareholding ratio of the first largest shareholder and corporate performance, and there is a significant negative correlation between the long-term debt ratio and corporate performance when the impact of macro-control on the long-term debt ratio is not included. The relationship between long-term debt ratio and corporate performance is not significant when macro-regulation is added. Through theoretical and empirical research, this paper finally puts forward a series of measures and suggestions to improve the internal and operating environment of listed real estate companies in China, including: optimizing the equity structure and debt structure, adjusting the asset-liability ratio of the company; Accelerate the growth of the company, realize the diversification of the financing channels of the real estate company, pay attention to the implementation direction of the national macro-control policy, strive to improve the overall construction of the financial market, etc. Finally, point out the limitations and prospects of this paper.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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本文编号：1664633