中国房地产企业资本结构与经营绩效

发布时间：2018-02-11 02:57

本文关键词： 资本结构融资结构房地产企业经营绩效　出处：《武汉大学》2013年博士论文　论文类型：学位论文

【摘要】：随着国家对房地产市场宏观调控的程度越来越严厉,房地产企业的融资问题越来越突出。调控房地产企业,并不意味着逼迫房地产企业倒闭,而是促使房地产企业更加规范和良好的运转。因此,要想在国家宏观调控的大背景下不被市场淘汰,房地产企业就必须改变过去粗放式的发展模式,提高资金的利用效率,优化资本结构,选择合适的融资方式,从而提高企业的经营绩效。本文需要解决的核心问题是中国房地产企业是否存在最优的资本结构?如何才能通过优化中国房地产企业的资本结构提高企业的经营绩效? 本文在收集中国上市房地产数据的基础上,采用GMM模型分析了资本结构对房地产企业经营绩效的影响。结果表明,资本结构对房地产企业经营绩效的影响存在不同的阶段。当企业的负债率较低时,通过增加负债在资本结构中的比率,可以提高企业的经营绩效。房地产企业的经营需要大量的资金投入,控制资金的成本是提高企业经营绩效的关键环节。相比股权融资而言,债权融资的平均成本要低,因此可以降低总的融资成本。但是,债权融资的增加会提高企业的破产成本,从而给企业的经营绩效造成负面的影响。因此,对于房地产企业而言,存在一个最优的资本结构,能够使得房地产企业的经营绩效达到最高。总体上来看,中国房地产企业过度依赖以银行为主的间接融资,而直接融资方式存在不足。然而,中国东部、中部和西部之间的经济特征存在较大差异,因此在优化房地产企业资本结构方面也存在差异。本文以中国31个省市的数据为样本,分析了东部、中部和西部三个地区资本结构和股权结构对房地产经营绩效的影响。综合来看,东部、中部和西部房地产企业的融资决策应该根据地区环境和企业自身的特征来进行优化。东部的房地产企业应该进一步发挥间接融资的作用,更加紧密的与商业银行合作,通过商业银行贷款来获得更廉价的资金支持,提高企业的经营绩效。而中、西部地区应该扩大直接融资渠道,尤其是从资本市场获得资金,这样可以在短时间内扩大企业的规模,同时分散企业的经营风险。如果能够引入外资,还能提高中、西部地区房地产企业的技术水平和管理水平。最后,本文对中国房地产企业的资产负债结构和股权结构的优化提出了一些建议。在优化房地产公司资产负债结构方面,可以完善房地产企业的上市机制、加快发展企业债券市场以及鼓励房地产企业开展融资渠道的创新,从而使得房地产企业突破外部融资困境。在调整股权结构方面,可以通过国有股逐步退出房地产企业、鼓励外资入股房地产企业、建立完善的内部人持股制度以及鼓励房地产资本与金融资本相结合等措施来优化股权结构。
[Abstract]:As the state becomes more and more strict in macro-control of the real estate market, the financing problems of real estate enterprises are becoming more and more prominent. Controlling real estate enterprises does not mean forcing real estate enterprises to close down. In order to avoid being eliminated by the market in the context of national macro-control, real estate enterprises must change the old extensive development model and improve the efficiency of the use of funds. To optimize the capital structure and choose the appropriate financing way to improve the business performance of the enterprise. The core problem to be solved in this paper is whether the Chinese real estate enterprises have the optimal capital structure? How to optimize the capital structure of Chinese real estate enterprises to improve their business performance? Based on the data of listed real estate in China, this paper uses GMM model to analyze the influence of capital structure on the performance of real estate enterprises. The influence of capital structure on the performance of real estate enterprises has different stages. When the debt ratio of the enterprise is low, by increasing the ratio of debt to capital structure, The management of real estate enterprises needs a lot of capital investment. Controlling the cost of funds is the key link to improve the performance of enterprises. Compared with equity financing, the average cost of debt financing is lower. Therefore, the total financing cost can be reduced. However, the increase in debt financing will increase the bankruptcy cost of the enterprise, which will have a negative impact on the business performance. Therefore, for the real estate enterprise, there is an optimal capital structure. On the whole, Chinese real estate enterprises rely on indirect financing based on banks, but direct financing is insufficient. However, the economic characteristics of eastern, central and western China are quite different, so there are also differences in optimizing the capital structure of real estate enterprises. This paper takes the data of 31 provinces and cities in China as a sample to analyze the eastern part of China. The impact of capital structure and equity structure on real estate management performance in the three central and western regions. The financing decisions of real estate enterprises in the central and western regions should be optimized according to the regional environment and the characteristics of the enterprises themselves. The real estate enterprises in the east should further exert the role of indirect financing and cooperate more closely with commercial banks. Through commercial bank loans to obtain cheaper financial support to improve the performance of enterprises. In the western region should expand direct financing channels, especially from the capital market to obtain funds, In this way, the scale of the enterprise can be expanded in a short period of time, and the management risk of the enterprise can be dispersed. If the foreign capital can be introduced, the technical level and management level of the real estate enterprises in the middle and western regions can also be improved. Finally, this paper puts forward some suggestions on the optimization of the structure of assets and liabilities and equity of Chinese real estate enterprises. In the aspect of optimizing the structure of assets and liabilities of real estate companies, the listing mechanism of real estate enterprises can be improved. Speed up the development of the corporate bond market and encourage real estate enterprises to develop innovative financing channels so that real estate enterprises can break through the external financing dilemma. In terms of adjusting the ownership structure, they can gradually withdraw from real estate enterprises through state-owned shares. We should encourage foreign investors to invest in real estate enterprises, establish a perfect internal ownership system, and encourage the combination of real estate capital and financial capital to optimize the ownership structure.
【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F299.233.4

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