【作者】 陈林；

【导师】 许立新；

【作者基本信息】 中国科学技术大学 ， 企业管理， 2011， 硕士

【副题名】基于中国房地产上市公司的实证研究

【摘要】 1958年MM理论的出现,标志着现代资本结构理论的诞生,之后围绕资本结构理论的研究层出不穷,随着资本结构理论的发展,代理成本理论、信息不对称理论、控制权理论等不断被引入其中,财务学家不断寻找融资方式与企业绩效之间的关系,一直努力寻找最佳资本结构。我国对资本结构的研究起步较晚,并且偏重于股权融资研究,而本文将从债务融资的角度分析其与公司绩效之间的相关性以及不同的债务融资方式对公司绩效的影响作用。为了消除行业因素的影响,本文将选择房地产行业作为研究目标,因为房地产行业作为我国的热门行业之一,关系着国计民生,是国民经济的支柱,且关系着每个人的切身利益。本文将选取2007-2009年的房地产上市公司作为研究样本,对其债务融资与公司绩效之间的关系进行理论和实证研究,并根据回归结果得出相关结论,在此基础上提出一些政策建议和意见。本文首先通过文献综述,回顾了国内外关于资本结构的理论和实证研究结果,在此基础上梳理了有关债务融资的研究成果,最后总结了我国房地产行业债务融资的研究现状。其次本文理论分析了债务融资对公司价值的影响以及我国房地产行业的特点以及公司经营和融资状况。然后选取2007年到2009的房地产上市公司作为研究样本,对其各项债务融资率进行描述性统计分析,再对各项债务融资率与公司绩效之间进行回归分析,最后得到结论:房地产上市公司总的债务融资率与公司绩效之间呈显著正相关;非流动负债融资率与公司绩效呈不显著的负相关,长期借款融资率对公司绩效的影响也不显著;流动负债与公司绩效呈显著正相关,而短期借款融资率均与公司绩效之间关系不显著,商业信用融资率与公司绩效之间呈显著正相关;然后对这些结果进行相关分析得出结论,并从企业自身、银行和政府等不同角度提出相关政策建议。最后指出本文的创新点以及不足之处。更多还原

【Abstract】 In 1958 MM theory appeared which marked the birth of modern capital structure theory, then there are kinds of studies on the theory of capital structure, with the development of the theory of capital structure, in which agency cost theory, asymmetric information theory are introduced constantly. Financial experts try to find the relationship between financing methods and corporate performance and constantly looking for the best capital structure. It is late to research the capital structure in China, and the research emphasis on equity financing. And this paper will make some analyses on the interactive effect between debt financing and firm value.In order to eliminate the influence of different industry factors, we will choose the real estate industry as a research target, because as China’s top industry, the real estate industry has effect on the national economy and the people’s livelihood, which also is mainstay of the national economy and it relates to each person’s vital interests. We will select the 2007 to 2009, real estate companies as sample in this paper, in response to these real estate companies we will make the theoretical and empirical studies on the relationship between debt financing and firm value. From the regression results we obtained some relevant conclusions, at last we will make some recommendations and suggestions.Firstly, through literature review, we will give some reviews of capital structure at home and abroad on the theory and empirical research, based on this we sort out the research results about debt financing, and finally we will sum up current status of the study on the debt financing of the real estate industry. Secondly, we have a theoretical analysis of the relationship between debt financing and firm value, then we make a research on the characteristics of the real estate industry and financial condition. Then we will select the listed real estate companies from 2007 to 2009 as a research sample, for which we will have a Descriptive Statistical Analysis of their kinds of rates of debt financing, then we will have a regression analysis between the rate of debt financing and the value of the company, the final conclusion: for real estate listing company, It has a significant positive correlation between total debt financing rate and firm value; it has a non-significant negative correlation between non-current debt financing rate and firm value but it has a significant positive correlation between current debt financing rate and firm value; the relationship between the rates of long-term loan and short-term Loan financing and firm value in non-significant, but the relationship between the rate of commercial value of credit financing and firm value was a significant positive correlation. After having a correlation analysis of these results, we draw some conclusions. At last we will make some policy recommendations from different perspectives such as enterprises themselves, banks and government.Finally, we will conclude the innovation and shortcomings of this paper.更多还原