【作者】 李静；

【导师】 姚水洪； 薛锐；

【作者基本信息】 北京化工大学 ， 会计（专业学位）， 2021， 硕士

【副题名】以我国房地产上市公司为例

【摘要】 我国日益壮大的房地产行业对国家社会经济活动的发展具有重要的支撑意义,行业特点表现在资金需求量大、地域性明显、受政策导向影响严重等。近几年随着房地产业市场的快速发展,出现了财务杠杆不合理、负债总额占资产总额百分比过大等一系列问题,部分城市的房价迅猛增长导致房地产公司盲目进行投资,影响行业内资本市场的良好发展。资本结构对公司的影响表现在融资、经营、发展方向等方面,它决定了公司的经营策略和整体竞争实力。因此,分析探究我国房地产上市公司的资本结构对经营绩效的影响,对于公司而言,可以改善资本结构方面出现的难题;对于行业发展而言,可以促进市场的健康良好发展。首先,本文整理了各国相关文献,并且按公司资本结构对经营绩效的影响主要存在的三种论调进行总结归纳,分析了房地产行业的特征、上市公司资本结构发展状况、公司经营绩效发展状况,紧接着分别从不同的视角,即融资方式、债务以及股权结构,深入分析了对经营绩效产生影响的原理机制。基于以上理论基础与分析,提出了资本结构与经营绩效相关关系的4个假设,选取了总资产收益率作为评价经营绩效的指标,资产负债率、流动比率、长期资本负债率,H10指数平方和作为衡量资本结构的指标,又根据房地产的行业属性选取公司规模、公司成长性及股权性质作为控制变量。然后选取来自国泰安数据库2015-2019近五年房地产行业内146家沪深A股上市公司的数据为样本,利用Stata工具做出实证分析,对提出的4个假设做出检验。实证分析结果为:我国房地产上市公司的资产负债率和经营绩效存在负向影响;公司的长期资本负债率对经营绩效产生正向影响;流动比率对经营绩效产生负向影响;而股权集中度和经营绩效之间的相关性并不显著。最后根据研究结果提出对策建议:改变公司的融资模式,推动融资渠道多元发展;提高长期债务的比重,优化公司的债务结构;管理者提高管理水准,培养优化公司资本结构的意识;政府建立多元融资环境,改进相关配套政策。更多还原

【Abstract】 Our country’s growing real estate industry has important supporting significance for the development of the country’s social and economic activities.The characteristics of the industry are manifested in the large demand for funds,obvious regionality,and severely affected by policy guidance.With the rapid development of the real estate market in recent years,a series of problems have emerged,such as unreasonable financial leverage and excessive total liabilities as a percentage of total assets.The rapid increase in housing prices in some cities has led to blind investment by real estate companies,affecting the capital market in the industry.Good development.The impact of capital structure on the company is manifested in financing,operation,development direction,etc.It determines the company’s strategic structure and resource integration strength.Therefore,analyzing and exploring the impact of the capital structure of my country’s listed real estate companies on operating performance can improve the problems that arise in the capital structure for companies;for industry development,it can promote the healthy and sound development of the market.First of all,this article sorts out relevant documents of various countries,and summarizes the three main theories about the impact of the company’s capital structure on operating performance.It analyzes the characteristics of the real estate industry,the development status of the capital structure of listed companies,and the development status of the company’s operating performance.Then from different perspectives,namely financing methods,debt and equity structure,in-depth analysis of the principles and mechanisms that have an impact on operating performance.Based on the above theoretical basis and analysis,four hypotheses about the relationship between capital structure and operating performance are proposed,and the total asset return rate is selected as the index to evaluate operating performance.Asset-liability ratio,current ratio,long-term debt-to-liability ratio,H10 index square sum As an index to measure the capital structure,the company size,company growth and equity nature are selected as control variables according to the industry attributes of real estate.Then select data from 146 Shanghai-Shenzhen A-share listed companies in the real estate industry in the past five years from 2015 to 2019 in the Guotaian database as a sample,use Stata tools to make empirical analysis,and test the four hypotheses proposed.The empirical analysis results are:the asset-liability ratio and operating performance of listed real estate companies in my country have a negative impact;the company’s long-term gearing ratio and operating performance have a positive impact;the current ratio and operating performance have a negative impact;and the equity concentration and The correlation between business performance is not significant.Finally,based on the research results,countermeasures and suggestions are proposed:change the company’s financing model and promote the diversified development of financing channels;increase the proportion of long-term debt and optimize the company’s debt structure;managers improve management standards and cultivate awareness of optimizing the company’s capital structure;the government establishes diversified financing Environment,improve related supporting policies.更多还原