我国房地产上市公司负债期限结构影响因素研究

发布时间：2018-04-25 17:40

本文选题：房地产上市公司 + 负债期限结构　；参考：《广西师范大学》2013年硕士论文

【摘要】：近年来,房地产业迅猛发展,已经成为国民经济的支柱产业,与许多行业关系密切,高杠杆,高风险的财务运作模式引起了社会的广泛关注。由于我国金融市场体制发展不完善,融资方式单一,造成大部分房地产企业依靠大量负债经营,债券市场发展的滞后性,造成负债过度依赖银行的贷款。融资方式的单一性无形中放大了房地产企业的财务风险。房地产业作为国民经济的支柱产业,关系到社会每一个人的利益,由于具有高度的关联性,深入研究分析该行业的债务筹资结构,找出影响负债结构的关键因素,寻找优化现阶段我国房地产企业负债结构的方法,并通过调整债务结构,降低房地产企业的财务风险,不仅对房地产企业自身有着重要的现实意义,对与其相关联的债权人、政策制定者等利益相关者也同样具有重要的现实意义。 MM理论的提出,标志着现代资本结构理论研究的开始。随着研究的深入,学者们由仅仅关注负债与权益的配比过渡到研究负债内部结构的调整,越来越多中外学者开始重视研究负债的期限结构,并提出了代理成本理论、信号传递理论和期限匹配理论。随着计量经济学被广泛应用于经济研究领域,这些理论在90年度后逐步被西方学者的实证检验所证实,但是由于中国对负债期限结构的研究起步较晚,加上国内经济市场状况异于西方的成熟市场,盲目套用西方现有理论可能得出错误的结论,因此有必要结合国内自身经济状况对负债期限结构进行研究。负债期限结构的决策不但影响公司自身财务风险、融资成本,而且涉及到债权人的利益。作为国民经济发展重要行业的房地产业,不合理的债务匹配将导致较高的流动性风险,进而提高作为房地产企业主要债权人——银行业的经营风险,银行业又与其他行业关系密切,可谓是牵一发而动全身。因此研究房地产上市公司负债期限结构的现状和影响因素,进而提出合理对策,引导房地产上市公司选择合理的负债期限结构就变得非常重要了。本文首先对国内外有关负债期限结构的的理论和文献进行综述,回顾国外负债期限结构相关的经典理论和实证研究现状,包括代理成本理论、信号传递理论和期限匹配理论,介绍国内外对负债期限结构影响因素的实证研究现状,在吸取前人研究成果的基础上,评价国内学者对负债期限结构研究的不足之处；其次分析现阶段我国房地产上市公司的负债融资方式和负债期限结构现状,从整体上把握房地产上市公司负债期限结构的特点,对房地产上市公司负债期限结构时间序列的变换情况进行分析并简要解释可能的原因：再次,对可能影响房地产上市公司负债期限结构的因素进行理论分析并提出研究假设,选取2006-2010年在沪深A股上市的房地产公司作为研究样本,通过构建非平衡面板计量模型对所选样本公司的负债期限结构影响因素进行实证研究和分析。采用描述性统计和构建面板数据多元回归模型来检验提出的理论假设,面板数据模型经冗余固定效应检验和豪斯曼检验后选择个体固定效应模型作为最佳的面板数据模型,在检验确定不存在多重共线、异方差和序列相关以及剔除不显著变量后得出最终的回归结果。实证结果表明,公司规模、成长机会、股权集中度、盈利能力、资本充足率、流动性状况、周转能力和资产期限这八个因素与房地产上市公司负债期限结构有显著关系,而董事长变更未得到验证。资本充足率、资产期限、流动性状况、股权集中度对负债期限结构影响较大,公司规模、成长性、周转能力和盈利能力对负债期限结构的影响较小。实证结果也证实了代理成本理论、信号传递理论和期限匹配理论,说明这些理论在解释我国房地产上市公司负债期限结构时同样适用。最后,本文对实证分析结果进行归纳总结,进而针对我国房地产上市公司负债期限结构存在的问题提出政策建议,并对研究的不足之处进行分析。
[Abstract]:In recent years, the real estate industry has developed rapidly and has become the pillar industry of the national economy. It is closely related to many industries. The high leverage and high risk financial operation mode has aroused wide attention of the society. Because of the imperfect development of the financial market system and the single financing mode, most real estate enterprises rely on a large amount of debt management and debt. The lag of the development of the coupon market causes the debt to overrely on the loan of the bank. The single nature of the financing mode has greatly enlarged the financial risk of the real estate enterprises. As the pillar industry of the national economy, the real estate industry is related to the interests of every one of the society, and the debt financing of the industry is deeply studied and analyzed because of its high connection. Structure, find out the key factors that affect the debt structure, look for the method to optimize the current stage of the debt structure of our real estate enterprises, and reduce the financial risk of the real estate enterprises by adjusting the debt structure, not only to the real estate enterprise itself, but also to the related creditors, policy makers and other stakeholders. It is also of great practical significance.
The introduction of MM theory marks the beginning of the research on the theory of modern capital structure. With the deepening of the research, scholars have changed from the ratio of debt to equity to the adjustment of internal structure of debt. More and more scholars and Chinese and foreign scholars began to pay attention to the term structure of debt, and put forward the theory of agency cost, the theory of signal transmission and the period. With the extensive application of econometrics in the field of economic research, these theories have been confirmed by western scholars' empirical tests after 90. However, because of the late start of the study of debt maturity structure in China, and the domestic economic market situation is different from the western mature market, it is possible to blindly apply the existing western theories. It is necessary to draw a wrong conclusion, so it is necessary to study the term structure of debt with domestic economic conditions.
The decision of debt maturity structure not only affects the company's own financial risk, the cost of financing, but also involves the interests of the creditor. As an important industry of the national economy, the irrational matching of debt will lead to higher liquidity risk, and then improve the management risk of the main creditor of the real estate enterprise, the banking industry. As the banking industry is closely related to other industries, it can be described as a whole body. Therefore, it is not often important to study the current situation and influence factors of the debt maturity structure of the listed real estate companies, and then put forward a reasonable countermeasure to guide the real estate listed companies to choose a reasonable debt maturity structure.
This paper first reviews the theory and literature of debt maturity structure at home and abroad, reviews the classical theories and empirical studies of foreign debt maturity structure, including the theory of agency cost, the theory of signal transmission and the theory of term matching, and introduces the status of the empirical research on the factors affecting the limit structure of debt period at home and abroad. On the basis of previous research results, we evaluate the shortcomings of the domestic scholars on the study of debt maturity structure; secondly, analyze the current situation of debt financing and debt maturity structure of listed real estate companies in China, grasp the characteristics of the debt maturity structure of the listed real estate companies and the debt maturity period of the listed real estate companies. The transformation of time series is analyzed and the possible reasons are briefly explained: again, the factors that may affect the debt maturity structure of the real estate listed companies are analyzed and the research hypothesis is put forward, and the 2006-2010 year Real Estate Company listed in Shanghai and Shenzhen stock market are selected as the research sample, and the non balanced panel measurement model is constructed. Empirical research and analysis are carried out on the influence factors of the term structure of the liabilities of the selected Sample Firms. The descriptive statistics and the construction of panel data multiple regression model are used to test the proposed theoretical hypothesis. The panel data model is selected as the best panel data model after the redundant fixed effect test and Houseman test. The results show that the eight factors of company size, growth opportunity, equity concentration, profitability, capital adequacy, liquidity, turnover capacity and asset maturity are negative to the real estate listed companies. The term structure of debt has a significant relationship, while the chairman's change has not been verified. Capital adequacy, asset maturity, liquidity, ownership concentration have a greater impact on debt maturity structure, company size, growth, turnover ability and profitability have little effect on debt maturity structure. Empirical results also confirm the agency cost theory, signal transmission The theory of recursion and term matching shows that these theories are equally applicable in explaining the debt maturity structure of the listed real estate companies in our country. Finally, this paper sums up the results of the empirical analysis, and then puts forward some policy suggestions on the existing problems of the debt maturity structure of the listed real estate companies in China, and divides the research inadequacies into some points. Analysis.

【学位授予单位】：广西师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

【参考文献】