【作者】 刘倩；

【导师】 颜哲；

【作者基本信息】 重庆大学 ， 技术经济及管理， 2013， 硕士

【摘要】 近年来，我国房地产业发展迅速，已经成为国民经济的重要行业。房地产业的健康发展深刻影响着人们的生存和生活，关系着宏观经济的稳定与发展。房地产业投资规模大、建设周期长等特点导致这个行业有着较高的财务风险。该文研究资本结构及其影响因素，目的是为了使企业的融资活动更加有效，优化我国房地产业的资本结构，最终使企业价值最大化。这不仅有利于房地产业自身的发展，也使其上下游和相关行业能够更好地进行经营决策。上市房地产公司作为我国房地产企业的代表，该文研究我国房地产上市公司的资本结构，同时也为大多数非上市房地产企业资本结构的优化提供参考。一直以来，国内外研究学者关于资本结构的理论与实证研究的文献数量众多。西方关于资本结构理论的研究已经比较成熟。而我国经济发展起步较晚，市场经济体制也不够完善，西方有关资本结构的研究成果不能很好地适用于我国企业。而关于我国房地产行业资本结构的研究文献就更少了，因此，迫切需要有针对性地深入研究。该文以我国上市房地产公司为研究样本，以相关理论和实证研究为基础，同时对我国房地产开发企业资本结构的现状进行描述，定性分析影响我国房地产企业的资本结构的因素。再对我国房地产上市公司的资本结构与财务业绩指标进行相关性分析和回归分析，得出：不能简单认为公司的资本结构与业绩呈正相关或者负相关关系，寻找使公司综合业绩处于良好水平的最优资本结构区间更有实际意义。对房地产上市公司作进一步的细分，根据每一细类公司的具体情况选择相应的最优资本结构，可以为各类房地产公司、尤其是大量非上市房地产公司提供参考。该文按照公司规模把所有房地产上市公司分成3类后，通过分别对每类公司财务数据的因子分析、聚类分析，以各类中财务业绩最优的公司的资本结构作为该类公司的最优资本结构。分析得出，第一类（大规模）房地产上市公司的最优资本结构区间为65%-80%；第二类（小规模）房地产上市公司的最优资本结构区间为50%-70%；第三类（中等规模）房地产上市公司的最优资本结构区间为60%-90%。并用ST房地产上市公司进行实证检验，获得了满意的效果。对于大多数非上市的房地产企业而言，其规模相对更小，更应该特别关注自身的经营状况，适当降低资本结构，减少财务风险。最后，该文对优化资本结构提出了相应的建议，并为以后进一步研究指明方向。更多还原

【Abstract】 In recent years, Chinese real estate industry has developed rapidly and it hasbecome an important industry in the national economy. The healthy development of thereal estate industry has a profound impact on people’s living and the stability ofmacroeconomic. Real estate industry has huge investment, long payback period, higherrisk and other characteristics. So it’s important to study the capital structure of the realestate business, analyze the relationships between capital structure and operatingperformance, and optimize the capital structure. This will helps enterprises raise fundsin a more reasonable manner and increase the enterprises’ value. This study also helpsstakeholders (as upstream and downstream enterprises, banks, shareholders, etc.) toadjust their behavior. Listed real estate companies are representatives of the real estateenterprises in China. So the study of the listed real estate corporations’ capital structurecan help most of the non-listed real estate companies optimize their capital structure.Over the years, there are many theoretical and empirical researches on capitalstructure. Foreign development of the theories is relatively mature. But China’seconomic development and market economic system are not as perfectly as foreigncountries, the western capital structure researches can not be well suited to Chineseenterprises. The research literatures on the capital structure of Chinese real estateindustry are even less, therefore, there is an urgent need for the in-depth study.The paper is based on the relevant theoretical and empirical researches and theanalysis of the status of the capital structure to find the factors which affect capitalstructure. Correlation and regression analysises between capital structure and financialperformance tell writer the way to optimize capital structure. According to the furtherbreakdown of listed real estate companies, writer selects the optimal capital structure foreach specific circumstance and provide a reference for a large number of non-listed realestate companies. According to the size, all listed real estate companies have dividedinto three categories by factor analysis and cluster analysis. First class (large-scale), theoptimal capital structure is65%-80%;second class (small-scale), the optimal capitalstructure is50%-70%; third class (medium-scale), the optimal capital structure is60%-90%.The writer obtains satisfactory results by the empirical test of ST listed real estatecompanies. Most of the non-listed real estate companies have smaller scales, so theyshould pay special attention to their own operating conditions, due to lower capital structure to reduce financial risk. Finally, this paper gives some correspondingrecommendations to optimize the capital structure.更多还原