房地产上市公司融资结构对企业绩效的影响研究

发布时间：2018-01-24 18:39

本文关键词： 房地产上市公司融资结构企业绩效　出处：《中国地质大学（北京）》2013年硕士论文　论文类型：学位论文

【摘要】：融资结构问题是国内外财务理论研究中的一个重要课题，，对这一问题的研究具有非常重大的理论价值和实践意义。选择适宜的融资结构对企业来说至关重要，因为它不仅与企业的财务状况、税收成本以及代理成本直接相关，还通过影响企业的经济行为和治理结构间接影响企业的经营绩效。研究学者们大多是从理论和实证这两方面着手深入对融资结构与企业绩效的关系进行研究，大部分的研究结果表明，企业所处的行业和国家对融资结构的影响很大。在我国，房地产行业是在改革开放以后慢慢复苏和发展起来的，近几年来，伴随着整体国民经济的迅速发展，房地产行业也一直处在一个高速发展的状态，它在整个国民经济的发展中扮演了一个举足轻重的角色，并俨然已经成为支撑我国经济发展的核心产业。本论文通过对我国房地产上市公司最新财务数据中融资结构以及企业绩效的描述性分析和实证研究分析，得出文章结论。本篇论文一共分为六个部分：第一部分，提出了所要探究的问题，描述了研究的背景与相关现实意义，同时，综述了此课题国内外的研究现状，并介绍了本文的研究内容及方法；第二部分，分别对融资结构和企业绩效这两个概念进行了理论回顾和分析，阐明了二者的定义及相关评价指标，为实证研究奠定理论基础；第三部分，结合了当前我国房地产上市公司自身的特点，对我国房地产上市公司的融资渠道现状及其特点进行了描述性分析；第四部分，对沪、深两市A股房地产行业上市公司的样本数据进行了定量分析，并在此基础上构建了数学模型，透过数据结果的显示分析了我国房地产上市公司的融资结构对企业绩效的影响；第五部分，得出了实证研究过程中的结论，并根据实证结论对研究过程中发现的相关问题提出了具体的建议和对策，旨在提高我国房地产上市公司的绩效；第六部分，总结全文，提出了一些文章在研究中存在的不足和局限，并对以后关于此课题的研究做出了方向性的指导与展望。通过研究得出结论，房地产上市公司的融资结构与其绩效显著负相关，房地产上市公司的规模和成长性与其绩效无显著关系。根据上述结论，本文结合实际，提出了如下建议：大力发展债券市场，拓宽融资渠道；强化债权的约束和监督权力；健全房地产企业破产机制；完善房地产上市公司的治理结构。
[Abstract]:The problem of financing structure is an important subject in the study of financial theory at home and abroad. The research on this problem has great theoretical value and practical significance. It is very important for enterprises to choose the appropriate financing structure. Because it is not only directly related to the financial situation of the enterprise, tax costs and agency costs. Through the influence of enterprise economic behavior and governance structure indirectly affect the business performance. Most of the scholars from the theoretical and empirical aspects of the relationship between financing structure and corporate performance. Most of the results show that the industry and the country have great influence on the financing structure. In China, the real estate industry is slowly recovering and developing after the reform and opening up. In recent years, with the rapid development of the overall national economy, the real estate industry has been in a state of rapid development. It has played a pivotal role in the development of the whole national economy and has become the core industry supporting the economic development of our country. This paper is based on the descriptive analysis and empirical analysis of the financing structure and enterprise performance in the latest financial data of listed real estate companies in China. This paper is divided into six parts: the first part puts forward the problems to be explored describes the background of the research and relevant practical significance at the same time summarizes the domestic and foreign research on this subject. The research contents and methods of this paper are also introduced. In the second part, the author reviews and analyzes the two concepts of financing structure and enterprise performance, clarifies their definitions and relevant evaluation indexes, and lays a theoretical foundation for empirical research. The third part, combined with the current characteristics of the listed real estate companies in China, the financing channels of listed real estate companies and their characteristics are described. In the 4th part, the sample data of A-share real estate companies in Shanghai and Shenzhen are analyzed quantitatively, and the mathematical model is built on this basis. The paper analyzes the influence of the financing structure of the listed real estate companies on the corporate performance through the display of the data. In the 5th part, the author draws the conclusions of the empirical research process, and puts forward some specific suggestions and countermeasures according to the empirical conclusions to improve the performance of the listed real estate companies in China. In the 6th part, it summarizes the full text, points out the shortcomings and limitations of some articles in the research, and makes a directional guidance and prospect for the future research on this subject. Finally, it draws a conclusion through the research. The financing structure of listed real estate companies is negatively correlated with their performance, while the size and growth of listed real estate companies have no significant relationship with their performance. Put forward the following suggestions: vigorously develop the bond market, broaden the financing channels; Strengthening the constraint of creditor's rights and the power of supervision; Perfecting the bankruptcy mechanism of real estate enterprises; Improve the governance structure of listed real estate companies.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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