资产结构对房地产上市公司收益稳定性影响研究

发布时间：2018-06-12 02:35

本文选题：资产结构 + 收益稳定性　；参考：《哈尔滨工业大学》2014年硕士论文

【摘要】：资产结构和资本结构对企业都很重要。通过文献调研，发现被国内外学者关注的研究中以资本结构对公司收益影响的文章居多，但是国内外的学者却没有研究资产结构对收益稳定性的影响。本文发现了这个研究漏洞，并意识到资产对于上市公司的重要性。资产结构对于公司的资金流动可以起到监管与调控的作用，影响着企业的收益稳定性，合理配置资源成为企业首要考虑的重要问题。适合企业发展的资产结构，不但能够顺利开展生产运营，而且能够为企业合理安排自有资金提供便利，还可以有效的规避资金利用不充分的风险，增强企业的收益稳定程度。因此，合理优化资产结构至关重要，企业想要提高其收益稳定性，对资产结构的研究和探讨非常必要。房地产行业作为资本密集型行业，资金从哪里来以及资金运用到哪里去是房地产企业想要健康合理的发展首要考虑问题。地产行业在我国的发展尚待成熟，面对宏观调控政策，房地产行业的收益稳定性显得越来越重要。进行收益稳定性分析，除了关注本期的收益，还应对连续几年的收益进行动态分析。可通过结构百分比法，评价一段时期内企业的收益稳定程度。资产结构，是指各种资产占企业总资产的比重，体现在资产负债表左侧。本文根据所选行业特点，分别选取了流动资产以及流动资产的细化指标货币资金，应收及预付款项和存货占总资产的比例作为解释变量，同时采用文献分析法得出企业收益的评价指标，作为被解释变量的基础，从而采用数学方法定义了作为收益稳定性的被解释变量。本文选取了2008-2012年沪、深两市上市的房地产公司，，建立回归分析模型，并且进行了中介效应分析，对房地产行业的资产结构与收益稳定性之间的相关性进行验证，最后，以实证研究结果为基础，提出优化资产结构的建议及优化路径。
[Abstract]:Asset structure and capital structure are very important to enterprises. Through literature research, it is found that most of the articles concerned by scholars at home and abroad focus on the influence of capital structure on corporate income, but scholars at home and abroad have not studied the influence of asset structure on income stability. This paper discovers this research loophole and realizes the importance of assets to listed companies. The asset structure can supervise and control the capital flow of the company and affect the income stability of the enterprise. The rational allocation of resources has become the most important issue for the enterprise to consider. The asset structure suitable for the development of enterprises can not only carry out production and operation smoothly, but also can provide convenience for enterprises to arrange their own funds reasonably, and can effectively avoid the risk of insufficient utilization of funds and enhance the degree of income stability of enterprises. Therefore, the rational optimization of asset structure is very important. In order to improve its income stability, it is necessary for enterprises to study and explore the asset structure. Real estate industry as a capital-intensive industry, Where the money comes from and where it is used is the top priority for real estate companies to develop healthily and reasonably. The development of real estate industry in our country is still mature. In the face of macro-control policy, the income stability of real estate industry becomes more and more important. In order to analyze the income stability, the dynamic analysis should be carried out for several consecutive years in addition to paying attention to the income in the current period. The structural percentage method can be used to evaluate the degree of income stability in a period of time. Asset structure refers to the proportion of various assets to the total assets of the enterprise, reflected on the left side of the balance sheet. According to the characteristics of the selected industries, this paper selects the current assets and the detailed index monetary funds of current assets, the proportion of receivables and prepayments and the proportion of inventory to total assets as explanatory variables. At the same time, the paper uses the literature analysis method to get the evaluation index of the enterprise income as the basis of the explained variable, and then uses the mathematical method to define the explained variable as the stability of the income. This paper selects real estate companies listed in Shanghai and Shenzhen stock markets from 2008 to 2012, establishes regression analysis model, and analyzes the intermediary effect to verify the correlation between asset structure and income stability of real estate industry. Based on the results of empirical research, this paper puts forward some suggestions and ways to optimize asset structure.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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