宏观调控政策对于房地产上市公司资本结构的影响

【作者】 张琰；

【导师】 洪剑峭；

【作者基本信息】 复旦大学 ， 会计学， 2009， 硕士

【摘要】 本文选取了2001-2007年房地产上市公司的样本,考察了国家的宏观调控政策对于房地产上市公司资本结构的影响。研究结果发现:房地产宏观调控政策变化降低了企业负债中的银行借款比率,但是对于总负债的影响并不显著,商业信贷特别是预收账款比率在宏观调控之后显著增加。房地产企业的商业信贷对银行信贷有替代作用,在银行信贷趋紧的情况下,房地产企业会选择扩大销售的方法扩大来自商业信贷的融资。本文还研究了宏观调控以后,银行对于抵押品价值的依赖程度变化。研究发现,宏观政策变化以后,银行在发放贷款时更加看重企业的可担保价值。以上研究结果说明了,宏观政策很大程度上影响了房地产企业的资本结构,房地产行业过于依赖银行信贷的情况有所缓解,但是我国房地产企业的融资渠道仍然十分单一,银行给房地产企业发放贷款的过程中仍然存在着金融风险。拓宽房地产企业的融资渠道是解决房地产企业资金问题的首要途径。更多还原

【Abstract】 Based on the study on a sample of Chinese real estate listed companies from 2001 to 2007, this paper investigates the impact of country’s macro-control policies on the their capital structure and their financing channels. The results are as follows: after the macroeconomic control, real estate listed companies significantly reduce their bank credit financing but have no change with total liabilities, meanwhile, they significantly increase their accounts payable. Real estate listed companies often use trade credit as a substitute for bank credit, especially after the macroeconomic control policy. This paper also studies the changes between banks credit and firm’s mortgage ability after the credit contraction. The finding is banks pay much more attention on the mortgage ability of the companies. These results imply that, the macroeconomic control significantly affects the capital structure. The financing problem that real estate companies mostly rely on banks is partly solved. But the financing channels are still few in our country. Financial risk lies in the borrowing procedure. To broaden the financing channels for the real estate business is the primary way of solving their financing problem.更多还原