上市房企资本结构研究

发布时间：2018-04-03 14:39

本文选题：资本结构　切入点：房地产　出处：《复旦大学》2014年硕士论文

【摘要】：资本结构理论一直是金融和财务学术界研究的重点,国内外有大量对资本结构决策因素的理论与实证研究。在我国,房地产行业作为支柱产业之一,有大量的资金通过各种方式流向房地产行业。在政府提出要加强金融创新改革的大背景下,研究房地产行业的资本结构无疑对房地产金融的相关创新有着非常积极的作用。本文首先分析了我国房地产行业的平均资本结构特征,发现我国房地产行业资产负债率和剔除预收账款后的资产负债率虽然处于较高水平,但是近10年中保持平稳。与之相比,上市房地产开发企业的两项资本结构指标却在10年中出现了明显上升的趋势,但根据分析造成该变化的主要原因是预收账款占总资产比例的上升,考虑到我国实施预售证制度,因此资产负债率和剔除预收账款后的资产负债率不能说明我国上市房地产开发企业面临的经营风险有所放大。但是净负债率和带息负债率也出现了明显的上升,说明净资产的增速不足。以此为基础,本文选择了2009-2012年27家上市房企的年度报告数据作为样本,分别研究了拿地积极性、在建规模、净利润增速、收入规模和预收账款占比对资本结构的影响。结果发现,当年拿地积极性与资本结构的当年变化显著正相关,但是和资本结构的绝对值相关性不显著；在建规模同资本结构绝对值显著正相关,说明在建规模越大的房地产企业负债水平也更高,与此同时扩大在建规模也会提高企业的资本结构水平；净利润增速和资本结构负相关,说明如果能更好利用内源融资的企业有更低的债务水平；营收规模则同资本结构正相关。最后,在分析各类权益型融资方式的基础上,根据房地产行业资本结构的决定因素,提出了相应的建议：包括应大力发展房地产投资基金,企业应重视净利润的成长性,而银行业则应该提高对房地产行业面临风险的警惕性。
[Abstract]:Capital structure theory has always been the focus of financial and financial academic research. There are a lot of theoretical and empirical research on capital structure decision factors at home and abroad.In China, real estate industry as one of the pillar industries, there are a lot of funds through various ways to the real estate industry.Under the background that the government proposes to strengthen the reform of financial innovation, the study of the capital structure of the real estate industry undoubtedly plays a very positive role in the innovation of the real estate finance.This paper first analyzes the characteristics of the average capital structure of the real estate industry in our country, and finds that the asset-liability ratio of the real estate industry and the asset-liability ratio after excluding the accounts received in advance are at a high level, but remain stable in the last 10 years.In contrast, the two capital structure indicators of listed real estate development enterprises have shown an obvious upward trend in the past 10 years, but according to the analysis, the main reason for this change is the increase in the proportion of accounts received in advance to the total assets.Considering the implementation of the pre-sale license system in China, the asset-liability ratio and the asset-liability ratio after excluding the accounts received in advance do not indicate that the operational risks faced by the listed real estate development enterprises in China are enlarged.But the net debt ratio and interest-bearing debt ratio also showed a significant increase, indicating that the growth rate of net assets is insufficient.On this basis, this paper selects the annual report data of 27 listed housing enterprises from 2009-2012 as a sample, and studies the influence on capital structure of land initiative, scale of construction in progress, net profit growth, income scale and the proportion of accounts received in advance.The results showed that there was a significant positive correlation between land ownership and capital structure, but no significant correlation with the absolute value of capital structure, while the scale of construction was positively correlated with the absolute value of capital structure.It shows that the larger the scale of construction is, the higher the debt level of the real estate enterprises is, and at the same time, the capital structure of the enterprises will be raised by expanding the scale of construction, and the net profit growth rate is negatively correlated with the capital structure.That means companies with better access to endogenous financing have lower levels of debt; revenue is positively correlated with capital structure.Finally, on the basis of analyzing all kinds of equity financing methods, according to the determinants of the capital structure of the real estate industry, the paper puts forward the corresponding suggestions: the development of real estate investment funds should be vigorously developed, and the enterprises should attach importance to the growth of net profits.And the banking industry should be more alert to the real estate industry to face risks.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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