房地产开发企业资本结构对公司绩效的影响及其优化研究

发布时间：2018-03-16 20:15

本文选题：房地产开发企业　切入点：资本结构　出处：《浙江大学》2013年硕士论文　论文类型：学位论文

【摘要】：房地产业属于资金密集、业务周期长,受宏观经济和政策调控影响较大的行业,良好的资本结构非常关键。当前,我国房地产市场处于行业整合和转型升级的关键时期,房地产开发企业必须不断的提升管理水平,提高公司绩效才能取得长远发展。因此,研究我国房地产开发企业资本结构对公司绩效的影响,并基于公司绩效对资本结构进行优化非常有必要。本研究即围绕如何对房地产开发企业进行资本结构优化的中心,首先对已有研究进行了理论分析,并研究了我国房地产开发企业资本结构和公司绩效的现状,然后建立了资本结构对公司绩效的影响模型,还进行了实证检验,以验证资本结构是否能通过影响房地产企业的盈利能力、偿债能力、发展能力、营运能力、现金能力影响公司绩效；其次,构建公司绩效的量化模型,用因子分析法求得综合因子得分值作为公司绩效的量化值；再次,分别构建资本结构的三个方面即融资结构、债务结构、股权结构和公司绩效量化值之间的回归模型,并进行检验,以求得其函数关系；最后,根据通过验证的函数关系,测算资本结构的优化目标,并据此提出我国房地产开发企业资本结构的优化建议。本研究表明我国房地产开发企业的资本结构可以通过对盈利能力、偿债能力的负向效用,对发展能力的正向效应影响公司绩效；不能通过影响营运能力和现金能力影响公司绩效。本研究还表明融资结构中负债融资可以提高公司绩效,公司绩效随负债融资比例的增加先升高后降低,最优负债融资比例范围为[52.72%,61.93%]；债务结构中短期负债融资会降低公司绩效,公司绩效随短期负债增加先降低后提高,短期负债占比应控制在15.18%以内；股权结构中,股权集中度和公司绩效并无显著的线性、二次、三次关系；国有控制会提升公司绩效,公司绩效会随着国有控股比例的增加而先提升后降低,最佳国有控股比例范围为[34.87%,39.22%]。其它控制时股权集中度与公司绩效并无显著的关系。
[Abstract]:The real estate industry is a capital-intensive industry with a long business cycle, which is greatly influenced by macroeconomic and policy control. A good capital structure is very critical. At present, the real estate market in our country is in a critical period of industry integration and transformation and upgrading. In order to achieve long-term development, real estate development enterprises must constantly improve their management level and corporate performance. Therefore, this paper studies the impact of capital structure of real estate development enterprises on corporate performance. It is necessary to optimize the capital structure based on corporate performance. This study focuses on how to optimize the capital structure of real estate development enterprises. Firstly, it makes a theoretical analysis of the existing research, and studies the current situation of capital structure and corporate performance of real estate development enterprises in China. Then the paper establishes the model of the influence of capital structure on corporate performance, and makes an empirical test to verify whether the capital structure can affect the profitability, solvency, development ability and operation ability of real estate enterprises. Secondly, we construct a quantitative model of corporate performance, and use factor analysis to obtain the score of comprehensive factors as the quantitative value of corporate performance. Thirdly, three aspects of capital structure, namely, financing structure, are constructed separately. The regression model of debt structure, equity structure and quantitative value of corporate performance is tested to obtain its functional relationship. Finally, according to the verified functional relationship, the optimization objectives of capital structure are calculated. According to this, the paper puts forward the suggestions of optimizing the capital structure of real estate development enterprises in our country. This study shows that the capital structure of the real estate development enterprises in China can affect the performance of the company through the negative utility of profitability and solvency, and the positive effect on the development ability. The company's performance cannot be affected by affecting its operating capacity and cash capacity. The study also shows that debt financing in financing structure can improve corporate performance, corporate performance increases first and then decreases with the increase of debt financing ratio, the optimal debt financing ratio ranges from [52.72% to 61.93%], and short-term debt financing in debt structure will reduce corporate performance. Corporate performance decreases first and then increases with the increase of short-term liabilities, and the proportion of short-term liabilities should be controlled within 15.18%. In the equity structure, there is no significant linear relationship between ownership concentration and corporate performance. With the increase of the proportion of state-owned holding, the corporate performance will first increase and then decrease, and the optimal ratio of state-owned holding is [34.87%]. There is no significant relationship between ownership concentration and corporate performance in other control situations.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F224;F293.33;F832.4

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