房地產(chǎn)上市公司債務融資行為與公司績效研究
發(fā)布時間：2018-10-24 08:58
【摘要】：隨著1958年MM理論的興起，越來越多的學者開始針對資本結構理論展開研究與此同時，代理成本理論信息不對稱理論控制權理論等也逐漸進入學者們的視野，，這使得學術界對資本結構理論的認識越來越深刻我國學者對資本結構的研究起步較晚，且偏重于股權融資研究，從債務融資的視角對資本結構展開的研究尚不多見為了豐富現(xiàn)有研究，本文將從債務融資的角度分析其與公司績效之間的影響作用房地產(chǎn)行業(yè)作為和諧社會建設中的關鍵行業(yè)，其發(fā)展狀況不僅影響國家經(jīng)濟建設，同時也決定了人民群眾的生活質(zhì)量，關系到中國夢的實現(xiàn)問題因此，如何保證房地產(chǎn)行業(yè)的健康持續(xù)發(fā)展是學術界及企業(yè)界必須正視的問題但是，房地產(chǎn)行業(yè)具有資產(chǎn)負債率高融資渠道單一且過度依賴銀行信貸等融資特點，因此從防范金融風險和提高公司績效角度來看，亟需對房產(chǎn)企業(yè)的債務融資行為展開研究 本文以2008---2011年我國A股房地產(chǎn)上市公司為研究對象，將債務融資行為細分為融資期限融資方式以及債務總體水平三個方面此外，結合我國房地產(chǎn)行業(yè)發(fā)展現(xiàn)狀，在研究中考慮了限購政策的影響，通過構建恰當?shù)挠嬃磕Ｐ�，系統(tǒng)分析了債務融資行為對公司績效（EVA）的影響，嘗試確定房地產(chǎn)上市公司債務融資的優(yōu)化方向，以便為房地產(chǎn)上市公司合理安排債務融資進而提高公司績效提供對策建議 本研究發(fā)現(xiàn)：流動負債率對公司績效的影響不顯著；銀行借款率與公司績效負相關，應付賬款率與公司績效正相關，預收賬款率與公司績效正相關；而資產(chǎn)負債率與公司績效負相關性；同時，宏觀調(diào)控政策與公司績效負相關由此可見，房地產(chǎn)上市公司的債務融資給公司績效帶來的提升作用不明顯，主要原因可能是其債務融資渠道相對單一，而作為主要債權人的國有銀行在公司治理中又扮演著消極的角色；此外，對房地產(chǎn)上市公司來說限購政策是系統(tǒng)性風險，，限購政策會使房地產(chǎn)上市公司的績效出現(xiàn)下降論文最后從三個方面提出了優(yōu)化房地產(chǎn)上市公司債務融資以提高公司績效的對策建議，總結了本研究的不足以及研究展望
[Abstract]:With the rise of MM theory in 1958, more and more scholars began to study the capital structure theory. Agency cost theory, information asymmetry theory, control theory and so on have gradually entered the field of vision of scholars, which makes the academic circles understand capital structure theory more and more deeply. And focus on equity financing, from the perspective of debt financing, the capital structure of the research has not been widely seen in order to enrich the existing research. This paper will analyze the influence between debt financing and corporate performance. The real estate industry is a key industry in the construction of a harmonious society, and its development will not only affect the national economic construction. At the same time, it also determines the quality of life of the people and concerns the realization of Chinese Dream. Therefore, how to ensure the healthy and sustainable development of the real estate industry is a problem that academia and the business community must face squarely. The real estate industry has the characteristics of single financing channel with high asset-liability ratio and excessive reliance on bank credit, so from the angle of preventing financial risk and improving company performance, It is urgent to study the debt financing behavior of real estate enterprises. This paper takes the A share real estate listed companies of China from 2008 to 2011 as the research object. The behavior of debt financing is divided into three aspects: the financing method of financing term and the overall level of debt. In addition, combined with the current situation of the real estate industry in China, the influence of the limited purchase policy is considered in the study, and the appropriate measurement model is constructed. This paper systematically analyzes the influence of debt financing behavior on corporate performance (EVA), and tries to determine the optimal direction of debt financing for real estate listed companies. In order to provide countermeasures for real estate listed companies to arrange debt financing and improve corporate performance, this study found that the current debt ratio has no significant impact on corporate performance, and the bank borrowing rate is negatively correlated with corporate performance. The rate of accounts payable is positively correlated with corporate performance, the rate of accounts received in advance is positively correlated with corporate performance, while the ratio of assets and liabilities is negatively correlated with corporate performance. At the same time, it can be seen that macro-control policies are negatively correlated with corporate performance. The debt financing of listed real estate companies has no obvious effect on corporate performance, the main reason may be that their debt financing channels are relatively single, while the state-owned banks, as the main creditors, play a negative role in corporate governance. In addition, for listed real estate companies, the purchase restriction policy is a systemic risk. The paper puts forward the countermeasures and suggestions of optimizing debt financing of real estate listed companies in order to improve the performance of the listed companies from three aspects, summarizes the shortcomings of this study and the research prospects.
【學位授予單位】：廣東商學院
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F272.5;F299.233.4
本文編號：2290926
[Abstract]:With the rise of MM theory in 1958, more and more scholars began to study the capital structure theory. Agency cost theory, information asymmetry theory, control theory and so on have gradually entered the field of vision of scholars, which makes the academic circles understand capital structure theory more and more deeply. And focus on equity financing, from the perspective of debt financing, the capital structure of the research has not been widely seen in order to enrich the existing research. This paper will analyze the influence between debt financing and corporate performance. The real estate industry is a key industry in the construction of a harmonious society, and its development will not only affect the national economic construction. At the same time, it also determines the quality of life of the people and concerns the realization of Chinese Dream. Therefore, how to ensure the healthy and sustainable development of the real estate industry is a problem that academia and the business community must face squarely. The real estate industry has the characteristics of single financing channel with high asset-liability ratio and excessive reliance on bank credit, so from the angle of preventing financial risk and improving company performance, It is urgent to study the debt financing behavior of real estate enterprises. This paper takes the A share real estate listed companies of China from 2008 to 2011 as the research object. The behavior of debt financing is divided into three aspects: the financing method of financing term and the overall level of debt. In addition, combined with the current situation of the real estate industry in China, the influence of the limited purchase policy is considered in the study, and the appropriate measurement model is constructed. This paper systematically analyzes the influence of debt financing behavior on corporate performance (EVA), and tries to determine the optimal direction of debt financing for real estate listed companies. In order to provide countermeasures for real estate listed companies to arrange debt financing and improve corporate performance, this study found that the current debt ratio has no significant impact on corporate performance, and the bank borrowing rate is negatively correlated with corporate performance. The rate of accounts payable is positively correlated with corporate performance, the rate of accounts received in advance is positively correlated with corporate performance, while the ratio of assets and liabilities is negatively correlated with corporate performance. At the same time, it can be seen that macro-control policies are negatively correlated with corporate performance. The debt financing of listed real estate companies has no obvious effect on corporate performance, the main reason may be that their debt financing channels are relatively single, while the state-owned banks, as the main creditors, play a negative role in corporate governance. In addition, for listed real estate companies, the purchase restriction policy is a systemic risk. The paper puts forward the countermeasures and suggestions of optimizing debt financing of real estate listed companies in order to improve the performance of the listed companies from three aspects, summarizes the shortcomings of this study and the research prospects.
【學位授予單位】：廣東商學院
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F272.5;F299.233.4
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