多元化经营视角下房地产上市公司资本结构动态调整研究
发布时间:2018-01-26 06:11
本文关键词: 多元化经营 房地产上市公司 资本结构 动态调整 最优资本结构 出处:《南京航空航天大学》2013年硕士论文 论文类型:学位论文
【摘要】:多元化经营作为一种战略选择,一直是企业扩大生产规模、分散经营风险、避免过度竞争的有效途径。由于现阶段我国对房地产行业实施了严格的调控政策,导致房地产市场的竞争日趋激烈。一些房地产企业面对产业环境的变化,开始了多元化经营的尝试。事实上,当企业进入一个全新的行业时,必然需要进行相应的资产投资,这就需要进行相关的融资决策,而融资方式的变化必然又会影响到企业资本结构的调整。伴随着目前房地产行业深度调整的态势,我国房地产上市公司多元化经营的现象将越来越普遍,那么我国房地产上市公司多元化经营的整体状况如何,其对房地产上市公司资本结构的调整又有何具体影响?国内学者在此方面的实证分析还较少。如何把抽象的多元化经营和资本结构调整用定量的方法描述出来,从经营战略的视角来诠释企业资本结构是本文研究的初衷。 本文首先介绍了多元化经营和资本结构的基本理论,以及房地产企业进行多元化经营的动机;然后,建立了考虑多元化经营程度的资本结构动态调整模型,并对模型中变量进行了定义;随后以沪、深两市房地产上市公司为研究样本,以2006~2011年数据为窗口,,考察房地产上市公司多元化经营战略对资本结构动态调整的影响;最后,找出优化房地产上市公司资本结构的方式方法,为上市公司管理层提供建议。
[Abstract]:Diversification, as a strategic choice, has always been an effective way for enterprises to expand production scale, disperse management risks and avoid excessive competition. At present, China has implemented strict regulation and control policies to the real estate industry. As a result of the increasingly fierce competition in the real estate market, some real estate enterprises, facing the changes of the industrial environment, began to try to diversify. In fact, when the enterprises entered a new industry. It is necessary to carry on the corresponding asset investment, which needs to carry on the related financing decision. The change of financing mode will inevitably affect the adjustment of enterprise capital structure. With the trend of deep adjustment of real estate industry, the phenomenon of diversified management of listed real estate companies in China will become more and more common. What is the overall situation of the diversified management of listed real estate companies in China, and what specific impact does it have on the adjustment of the capital structure of listed real estate companies? Domestic scholars in this area of empirical analysis is less. How to abstract diversification and capital structure adjustment using quantitative methods to describe. It is the original intention of this paper to interpret the capital structure of enterprises from the perspective of management strategy. This paper first introduces the basic theory of diversification and capital structure, as well as the motivation of diversification of real estate enterprises. Then, the dynamic adjustment model of capital structure considering the degree of diversification is established, and the variables in the model are defined. Then taking the real estate listed companies of Shanghai and Shenzhen stock markets as the research samples and taking the data from 2006 to 2011 as the window, this paper investigates the influence of the diversification strategy of the real estate listed companies on the dynamic adjustment of the capital structure. Finally, find out the ways and means to optimize the capital structure of listed real estate companies, and provide suggestions for the management of listed companies.
【学位授予单位】:南京航空航天大学
【学位级别】:硕士
【学位授予年份】:2013
【分类号】:F275;F299.233.4
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