我国房地产上市公司资本结构与公司财务绩效关系的实证研究

发布时间：2018-02-05 23:13

本文关键词： 房地产行业上市公司资本结构公司财务绩效　出处：《山东财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：伴随着我国社会主义市场经济的发展，房地产行业已经发展成为我国市场经济的重要组成部分或者说是不可或缺的一部分。其在国民经济中的重要地位也得到了国家的高度重视。由于房地产行业有房地产项目投资金额比较大，项目资金回收期比较长的特点，属于资金密集型企业，金融机构的信贷资金支持是我国房地产行业赖以生存和发展的重要支撑。金融机构要降低自己的不良贷款率提高自己的金融安全水平和资本营运能力需要深入分析公司的具体财务状况和财务指标；公司为了达到自己的战略目标也需要对资本的营运效率进行改善来合理安排投融资，因此，房地产行业的资本结构与公司绩效的财务信息的作用也越来越突出。现代资本结构的理论始于MillerModigliani（1958）共同构建的MM理论，经过众多科学家的努力，研究发现MM定理在现实世界中不具备成立完美假设条件。20世纪70年代后期以来，信息不对称理论为资本结构理论的发展完善注入了新鲜血液，随之而来的诞生了新资本结构理论，，并开始取代旧资本结构理论登上学术的舞台。近十年来，房地产行业在我国的发展状况有目共睹，如何让其健康发展成为人们关注的焦点。因此，一些国内的专家学者也热心的投入到对我国房地产行业相关的资本结构的研究中来。我们国家包括金融部门近年来为了规范房地产行业出台了一系列的方针政策措施，这些政策措施在很大程度上能够影响到我国房地产行业的融资以及公司经营。众所周知，公司采取不同融资方式就会使得公司的资本结构变得多样化，进而企业资本成本的大小也会更进一步地影响到公司的绩效水平。虽然我国许多的学者都针对这个热点问题做了广泛的多样化的研究，但是尚未对资本结构如何影响财务绩效形成一致的结论。因此，本文的写作目的在于，首先在分析与公司的资本结构和公司财务绩效相关的著作理论的基础上，通过实证研究对二者的相关关系进行探讨研究，并尝试确定企业资本结构的优化方向。
[Abstract]:Along with the development of our socialist market economy, the real estate industry has become an important part of China's market economy and is an integral part. Its important position in the national economy is highly valued by the state. As the real estate industry real estate project investment amount is relatively large, the characteristics of project funds the payback period is relatively long, which belongs to capital intensive enterprise, financial institutions, credit funds support is an important support of China's real estate industry survival and development. Financial institutions to reduce their non-performing loan rate to improve their financial security level and capital operation ability to in-depth analysis of the company's specific financial situation and financial indicators; the company also needs to improve the operating efficiency of capital to arrange financing, in order to achieve their strategic goals so that the real estate industry The role of capital structure and the financial information of company performance is becoming more and more prominent.
The modern capital structure theory in MillerModigliani (1958) to build the MM theory, through the efforts of many scientists, the study found that the MM theorem does not have established perfect assumptions.20 century in late 70s in the real world, the theory of asymmetric information theory development has injected fresh blood for the capital, followed by the birth of a new capital the structure of the theory, and began to replace the old capital structure theory on the academic stage.
In the past ten years, the real estate industry is obvious to people in China's development, how to make its healthy development has become the focus of attention. Therefore, some domestic experts and scholars have devoted into the research on China's real estate industry related capital structure in our country. The financial sector in recent years, in order to standardize the real estate industry has introduced a series of policy measures, these measures can affect China's real estate industry and financing business to a great extent. As everyone knows, companies take different financing methods will make the capital structure of companies and enterprises to diversify, the costs of capital will further affect the company the level of performance. Many scholars in our country on this hot spot studied diversified widely, but not yet on how capital structure affects the financial A consistent conclusion of performance.
Therefore, the purpose of this paper is to analyze and discuss the relationship between the two based on the analysis of the book theory related to the company's capital structure and corporate financial performance, and try to identify the optimization direction of the capital structure.

【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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