本文選題：資本結(jié)構(gòu)　切入點(diǎn)：房地產(chǎn)　出處：《復(fù)旦大學(xué)》2014年碩士論文

【摘要】：資本結(jié)構(gòu)理論一直是金融和財(cái)務(wù)學(xué)術(shù)界研究的重點(diǎn),國(guó)內(nèi)外有大量對(duì)資本結(jié)構(gòu)決策因素的理論與實(shí)證研究。在我國(guó),房地產(chǎn)行業(yè)作為支柱產(chǎn)業(yè)之一,有大量的資金通過(guò)各種方式流向房地產(chǎn)行業(yè)。在政府提出要加強(qiáng)金融創(chuàng)新改革的大背景下,研究房地產(chǎn)行業(yè)的資本結(jié)構(gòu)無(wú)疑對(duì)房地產(chǎn)金融的相關(guān)創(chuàng)新有著非常積極的作用。本文首先分析了我國(guó)房地產(chǎn)行業(yè)的平均資本結(jié)構(gòu)特征,發(fā)現(xiàn)我國(guó)房地產(chǎn)行業(yè)資產(chǎn)負(fù)債率和剔除預(yù)收賬款后的資產(chǎn)負(fù)債率雖然處于較高水平,但是近10年中保持平穩(wěn)。與之相比,上市房地產(chǎn)開(kāi)發(fā)企業(yè)的兩項(xiàng)資本結(jié)構(gòu)指標(biāo)卻在10年中出現(xiàn)了明顯上升的趨勢(shì),但根據(jù)分析造成該變化的主要原因是預(yù)收賬款占總資產(chǎn)比例的上升,考慮到我國(guó)實(shí)施預(yù)售證制度,因此資產(chǎn)負(fù)債率和剔除預(yù)收賬款后的資產(chǎn)負(fù)債率不能說(shuō)明我國(guó)上市房地產(chǎn)開(kāi)發(fā)企業(yè)面臨的經(jīng)營(yíng)風(fēng)險(xiǎn)有所放大。但是凈負(fù)債率和帶息負(fù)債率也出現(xiàn)了明顯的上升,說(shuō)明凈資產(chǎn)的增速不足。以此為基礎(chǔ),本文選擇了2009-2012年27家上市房企的年度報(bào)告數(shù)據(jù)作為樣本,分別研究了拿地積極性、在建規(guī)模、凈利潤(rùn)增速、收入規(guī)模和預(yù)收賬款占比對(duì)資本結(jié)構(gòu)的影響。結(jié)果發(fā)現(xiàn),當(dāng)年拿地積極性與資本結(jié)構(gòu)的當(dāng)年變化顯著正相關(guān),但是和資本結(jié)構(gòu)的絕對(duì)值相關(guān)性不顯著；在建規(guī)模同資本結(jié)構(gòu)絕對(duì)值顯著正相關(guān),說(shuō)明在建規(guī)模越大的房地產(chǎn)企業(yè)負(fù)債水平也更高,與此同時(shí)擴(kuò)大在建規(guī)模也會(huì)提高企業(yè)的資本結(jié)構(gòu)水平；凈利潤(rùn)增速和資本結(jié)構(gòu)負(fù)相關(guān),說(shuō)明如果能更好利用內(nèi)源融資的企業(yè)有更低的債務(wù)水平；營(yíng)收規(guī)模則同資本結(jié)構(gòu)正相關(guān)。最后,在分析各類權(quán)益型融資方式的基礎(chǔ)上,根據(jù)房地產(chǎn)行業(yè)資本結(jié)構(gòu)的決定因素,提出了相應(yīng)的建議：包括應(yīng)大力發(fā)展房地產(chǎn)投資基金,企業(yè)應(yīng)重視凈利潤(rùn)的成長(zhǎng)性,而銀行業(yè)則應(yīng)該提高對(duì)房地產(chǎn)行業(yè)面臨風(fēng)險(xiǎn)的警惕性。
[Abstract]:Capital structure theory has always been the focus of financial and financial academic research. There are a lot of theoretical and empirical research on capital structure decision factors at home and abroad.In China, real estate industry as one of the pillar industries, there are a lot of funds through various ways to the real estate industry.Under the background that the government proposes to strengthen the reform of financial innovation, the study of the capital structure of the real estate industry undoubtedly plays a very positive role in the innovation of the real estate finance.This paper first analyzes the characteristics of the average capital structure of the real estate industry in our country, and finds that the asset-liability ratio of the real estate industry and the asset-liability ratio after excluding the accounts received in advance are at a high level, but remain stable in the last 10 years.In contrast, the two capital structure indicators of listed real estate development enterprises have shown an obvious upward trend in the past 10 years, but according to the analysis, the main reason for this change is the increase in the proportion of accounts received in advance to the total assets.Considering the implementation of the pre-sale license system in China, the asset-liability ratio and the asset-liability ratio after excluding the accounts received in advance do not indicate that the operational risks faced by the listed real estate development enterprises in China are enlarged.But the net debt ratio and interest-bearing debt ratio also showed a significant increase, indicating that the growth rate of net assets is insufficient.On this basis, this paper selects the annual report data of 27 listed housing enterprises from 2009-2012 as a sample, and studies the influence on capital structure of land initiative, scale of construction in progress, net profit growth, income scale and the proportion of accounts received in advance.The results showed that there was a significant positive correlation between land ownership and capital structure, but no significant correlation with the absolute value of capital structure, while the scale of construction was positively correlated with the absolute value of capital structure.It shows that the larger the scale of construction is, the higher the debt level of the real estate enterprises is, and at the same time, the capital structure of the enterprises will be raised by expanding the scale of construction, and the net profit growth rate is negatively correlated with the capital structure.That means companies with better access to endogenous financing have lower levels of debt; revenue is positively correlated with capital structure.Finally, on the basis of analyzing all kinds of equity financing methods, according to the determinants of the capital structure of the real estate industry, the paper puts forward the corresponding suggestions: the development of real estate investment funds should be vigorously developed, and the enterprises should attach importance to the growth of net profits.And the banking industry should be more alert to the real estate industry to face risks.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.42

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本文編號(hào)：1705630