我国上市房地产公司资本结构的主要影响因素研究

发布时间：2018-05-26 08:22

本文选题：资本结构 + 股权结构　；参考：《河北大学》2013年硕士论文

【摘要】：资本结构理论在MM理论建立后受到越来越多的关注。在放宽MM理论假设条件的前提下资本结构理论逐步发展成比较完善的理论体系。合理的资本结构可以规范公司治理，降低资本成本，，从而提高公司价值。资本结构的影响因素研究在国外已经有相当长的时间了，并且取得了一系列的研究成果。但是由于在不同行业,不同国家和不同地区之间，公司资本结构存在明显的差别，资本结构的影响因素也会有所不同。因此需要对具体行业内公司的资本结构进行具体分析才能够得出比较有价值的结论。公司所处的行业不同，生产和销售等经营环节就会有所不同，经营环节的不同资金来源会有差别，并最终导致不同行业间公司的资本结构的不同。因此需要对具体行业内公司的资本结构进行具体研究。房地产对国民经济具有重要影响。房地产的发展能带动其上下游多个行业的发展，对国民经济的发展具有促进作用。房地产能够吸收大量劳动力，扩大就业，对社会稳定做出贡献。因此研究房地产行业具有重要意义。房地产公司的资本结构会受到公司内部和外部多种因素的影响，每一种因素对房地产公司资本结构的影响是各不相同的，这就需要对影响资本结构的因素进行具体分析。研究房地产公司资本结构的影响因素有助于房地产公司合理利用资金，降低筹资成本，并实现房地产公司的价值最大化。本文第一章回顾国内外的理论成果。第二章按照资本结构理论发展的顺序进行介绍，并作为理论基础。第三章分析我国上市房地产公司所处的环境现状以及对资本结构各个部分进行分析。第四章进行实证分析。本文选取我国A股上市房地产公司作为研究对象，利用这些公司的财务数据进行分析。由于这些财务数据具有相关关系，为了减少相关关系的影响,本文运用因子分析来降维,并利用公因子做自变量，资产负债率做因变量进行回归分析从而减少多重共线性的影响以确保结果的准确性。最后得出我国上市房地产公司资本结构的主要影响因素。第五章针对主要影响因素，提出优化我国上市房地产公司资本结构的主要措施。
[Abstract]:Capital structure theory has been paid more and more attention after MM theory was established. On the premise of relaxing the assumptions of MM theory, the capital structure theory has gradually developed into a relatively perfect theoretical system. Reasonable capital structure can standardize corporate governance, reduce capital cost and improve company value. The influence factors of capital structure have been studied for a long time abroad, and a series of research results have been obtained. However, in different industries, different countries and different regions, there are obvious differences in corporate capital structure, and the influencing factors of capital structure will be different. Therefore, it is necessary to make a concrete analysis of the capital structure of companies in specific industries in order to reach a more valuable conclusion. Companies in different industries, production and sales and other business links will be different, management links will have different sources of funds, and ultimately lead to different industries of the capital structure of different companies. Therefore, it is necessary to study the capital structure of companies in specific industries. Real estate has an important impact on the national economy. The development of real estate can promote the development of many industries, and promote the development of national economy. Real estate can absorb a large number of labor force, expand employment, and contribute to social stability. Therefore, the study of the real estate industry is of great significance. The capital structure of real estate company will be influenced by many factors inside and outside the company. Each factor has different influence on the capital structure of real estate company. The study of the influencing factors of the capital structure of the real estate company is helpful for the real estate company to make rational use of the capital, reduce the cost of raising funds, and realize the value maximization of the real estate company. The first chapter reviews the theoretical achievements at home and abroad. The second chapter introduces the theory of capital structure in the order of its development. The third chapter analyzes the environment of listed real estate companies in China and the capital structure of the various parts of the analysis. The fourth chapter carries on the empirical analysis. In this paper, A-share listed real estate companies in China are selected as the research object, using the financial data of these companies to analyze. Because these financial data have the correlation relation, in order to reduce the influence of the correlation relation, this paper uses the factor analysis to reduce the dimension, and uses the common factor as the independent variable. In order to reduce the influence of multiple collinearity, asset-liability ratio makes regression analysis to ensure the accuracy of the results. Finally, the main influencing factors of capital structure of listed real estate companies in China are obtained. The fifth chapter puts forward the main measures to optimize the capital structure of listed real estate companies.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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