本文關(guān)鍵詞：房地產(chǎn)上市公司資本結(jié)構(gòu)及其優(yōu)化研究　出處：《黑龍江大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn) 上市公司 資本結(jié)構(gòu) 影響因素

【摘要】：隨著我國市場經(jīng)濟的不斷發(fā)展，安全、合理的資本結(jié)構(gòu)已成為企業(yè)發(fā)展、壯大的關(guān)鍵。國內(nèi)外學(xué)者對資本結(jié)構(gòu)理論進行了不斷深入的研究，同時也根據(jù)各行業(yè)的實際情況進行了相關(guān)的實證研究。房地產(chǎn)業(yè)是我國國民經(jīng)濟的支柱產(chǎn)業(yè)之一，它有效地帶動了相關(guān)產(chǎn)業(yè)的發(fā)展，充分擴大了就業(yè)機會。目前我國房地產(chǎn)開發(fā)企業(yè)的現(xiàn)狀是數(shù)量多、規(guī)模小、資質(zhì)有限，而房地產(chǎn)行業(yè)又屬于資金密集型行業(yè)，資金需求量大。由于現(xiàn)狀和行業(yè)特點就造成了目前房地產(chǎn)業(yè)高資產(chǎn)負債率這個行業(yè)通病。更重要的是負債結(jié)構(gòu)不合理，企業(yè)大部分負債都屬于中短期負債，，而且主要來源于銀行貸款。不夠合理的資本結(jié)構(gòu)使企業(yè)缺乏抵御風險的能力，而且嚴重受限于國家對銀行政策的調(diào)控。企業(yè)資金鏈條脆弱，極容易斷裂，不利于企業(yè)長遠發(fā)展。因此，分析我國房地產(chǎn)上市公司資本結(jié)構(gòu)現(xiàn)狀及其存在問題，找出影響資本結(jié)構(gòu)的關(guān)鍵因素，確定最優(yōu)資本結(jié)構(gòu)，這有利于房地產(chǎn)行業(yè)健康、有序地發(fā)展。 本文以房地產(chǎn)上市公司作為研究對象，以資本結(jié)構(gòu)相關(guān)理論和實證研究結(jié)果為依據(jù)，分析了我國房地產(chǎn)上市公司資本結(jié)構(gòu)現(xiàn)狀及闡述其中存在的問題，然后根據(jù)相關(guān)影響因素建立實證分析模型，得出研究結(jié)論。本文認為盈利能力、流動性、企業(yè)規(guī)模是影響資本結(jié)構(gòu)的關(guān)鍵因素。最后在實證分析的基礎(chǔ)上提出了優(yōu)化我國房地產(chǎn)上市公司資本結(jié)構(gòu)的相關(guān)建議。通過本文的研究旨在對我國房地產(chǎn)上市公司合理資本結(jié)構(gòu)的建立，對我國房地產(chǎn)行業(yè)的健康長足發(fā)展起到一定的借鑒。
[Abstract]:With the continuous development of market economy in our country, security and reasonable capital structure have become the key to the development and growth of enterprises. Scholars at home and abroad have carried out in-depth research on the theory of capital structure. The real estate industry is one of the pillar industries of our national economy, which effectively drives the development of related industries. The current situation of our real estate development enterprises is a large number, small scale, limited qualifications, and the real estate industry is a capital-intensive industry. Because of the current situation and the characteristics of the industry, the current high asset-liability ratio of the real estate industry common problem. More importantly, the debt structure is unreasonable, most of the liabilities of enterprises are short and medium term liabilities. And mainly comes from bank loans. Unreasonable capital structure makes enterprises lack the ability to resist risks, and is seriously limited by the regulation and control of banking policies. The capital chain of enterprises is fragile and easy to break. Therefore, this paper analyzes the present situation and existing problems of the capital structure of the listed real estate companies in China, finds out the key factors that affect the capital structure, and determines the optimal capital structure. This is conducive to healthy and orderly development of the real estate industry. Based on the theory of capital structure and the results of empirical research, this paper analyzes the current situation of capital structure of listed real estate companies in China and expounds the existing problems. Then the empirical analysis model is established according to the related factors, and the conclusion is drawn. This paper believes that profitability, liquidity. Enterprise size is the key factor affecting capital structure. Finally, the paper puts forward some suggestions on optimizing the capital structure of listed real estate companies on the basis of empirical analysis. Through the research of this paper, the purpose of this paper is to study the listed companies of real estate in China. The establishment of a reasonable capital structure. For the healthy and rapid development of the real estate industry in China to play a certain reference.
【學(xué)位授予單位】：黑龍江大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F299.233.4

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