本文關(guān)鍵詞：基于結(jié)構(gòu)方程模型的J房地產(chǎn)公司資本結(jié)構(gòu)優(yōu)化研究　出處：《華南理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：資本結(jié)構(gòu)決定了公司治理結(jié)構(gòu)和融資決策，直接影響著企業(yè)的經(jīng)營績效，關(guān)系到企業(yè)能否在激烈的市場競爭中求得生存并取得長遠(yuǎn)發(fā)展。隨著經(jīng)濟(jì)的發(fā)展，資本結(jié)構(gòu)優(yōu)化戰(zhàn)略日益受到重視。企業(yè)紛紛通過對(duì)資本結(jié)構(gòu)的優(yōu)化調(diào)整，使其資本結(jié)構(gòu)趨于合理化，進(jìn)而提高企業(yè)的經(jīng)營績效。 房地產(chǎn)行業(yè)是關(guān)系國計(jì)民生的支柱產(chǎn)業(yè)，特別是近10年來，，我國房地產(chǎn)業(yè)高速發(fā)展，在國民經(jīng)濟(jì)中發(fā)揮著越來越重要的作用。近年來政府一系列的調(diào)控措施不僅影響了房地產(chǎn)的供求關(guān)系，也對(duì)房地產(chǎn)企業(yè)的融資結(jié)構(gòu)造成了巨大沖擊。在政府調(diào)控力度不斷加強(qiáng)的背景下，為保證房地產(chǎn)行業(yè)的穩(wěn)定發(fā)展，房地產(chǎn)企業(yè)的資本結(jié)構(gòu)優(yōu)化問題應(yīng)當(dāng)引起關(guān)注。 結(jié)構(gòu)方程模型（簡稱SEM）是社會(huì)科學(xué)以及經(jīng)濟(jì)、市場、管理等領(lǐng)域中的一種科學(xué)研究方法。將結(jié)構(gòu)方程模型應(yīng)用于房地產(chǎn)行業(yè)的資本結(jié)構(gòu)優(yōu)化研究，是一種創(chuàng)新性的嘗試。采用科學(xué)的系統(tǒng)分析優(yōu)化方法進(jìn)行客觀的資本結(jié)構(gòu)優(yōu)化研究，可以避免當(dāng)前企業(yè)實(shí)際制定資本結(jié)構(gòu)優(yōu)化方案時(shí)過度的主觀盲目性，從而更合理地制定資本結(jié)構(gòu)優(yōu)化方案。 本文對(duì)以下方面進(jìn)行研究：（1）通過結(jié)構(gòu)方程模型，采用房地產(chǎn)上市公司的公開數(shù)據(jù)，從股權(quán)結(jié)構(gòu)、債務(wù)結(jié)構(gòu)、融資結(jié)構(gòu)等選取指標(biāo)代表資本結(jié)構(gòu)，從盈利能力、償債能力、營運(yùn)能力、成長能力等多角度選取指標(biāo)衡量企業(yè)經(jīng)營績效，綜合研究房地產(chǎn)企業(yè)資本結(jié)構(gòu)對(duì)企業(yè)經(jīng)營績效的影響及路徑，并不斷優(yōu)化模型；（2）根據(jù)篩選的房地產(chǎn)上市企業(yè)混合截面數(shù)據(jù)建立多元線性回歸方程，理順我國房地產(chǎn)行業(yè)的資本結(jié)構(gòu)對(duì)經(jīng)營績效的影響，提出房地產(chǎn)企業(yè)資本結(jié)構(gòu)優(yōu)化的具體化建議；（3）在房地產(chǎn)企業(yè)資本結(jié)構(gòu)優(yōu)化模型研究的成果基礎(chǔ)上，結(jié)合J房地產(chǎn)公司的實(shí)際資本結(jié)構(gòu)及經(jīng)營現(xiàn)狀，寓理論于實(shí)際，制定J房地產(chǎn)公司的資本優(yōu)化方案。 總之，本文通過結(jié)構(gòu)方程模型，研究房地產(chǎn)上市企業(yè)資本結(jié)構(gòu)對(duì)經(jīng)營績效的影響，在此基礎(chǔ)上制定資本結(jié)構(gòu)優(yōu)化模型，并最終制定J房地產(chǎn)公司的資本結(jié)構(gòu)優(yōu)化方案。研究的目的主要是為了加強(qiáng)對(duì)房地產(chǎn)資本結(jié)構(gòu)優(yōu)化的認(rèn)識(shí)，并提供可供借鑒的房地產(chǎn)公司資本優(yōu)化實(shí)踐方案。
[Abstract]:Capital structure determines the corporate governance structure and financing decisions, directly affects the business performance of enterprises, related to whether enterprises can survive in the fierce market competition and achieve long-term development. With the development of economy. The optimization strategy of capital structure has been paid more and more attention. Through the optimization and adjustment of capital structure, the capital structure of enterprises tends to be rationalized so as to improve the management performance of enterprises. Real estate industry is a pillar industry related to the national economy and people's livelihood, especially in the past 10 years, the real estate industry in China has developed at a high speed. In recent years, a series of government control measures have not only affected the supply and demand of real estate. The financing structure of real estate enterprises has also caused a huge impact. In the context of the continuous strengthening of government regulation and control, in order to ensure the stable development of the real estate industry. The capital structure optimization of real estate enterprises should be concerned. Structural equation model (SEM) is a kind of scientific research method in the fields of social science, economy, market, management and so on. The structural equation model is applied to the capital structure optimization of real estate industry. The objective capital structure optimization research by scientific system analysis and optimization method can avoid the excessive subjective blindness when the enterprise actually formulates the capital structure optimization plan. Thus more reasonable formulation of capital structure optimization program. In this paper, the following aspects of the study: 1) through the structural equation model, using the public data of listed real estate companies, from the equity structure, debt structure, financing structure and other indicators to represent the capital structure. From the profitability, solvency, operating capacity, growth capacity and other aspects of the selection of indicators to measure business performance, a comprehensive study of the real estate enterprise capital structure on the impact of business performance and the path. And continue to optimize the model; Based on the mixed cross section data of the listed real estate enterprises, the multivariate linear regression equation is established to straighten out the influence of the capital structure of the real estate industry on the operating performance of China's real estate industry. Put forward the concrete suggestion of the capital structure optimization of the real estate enterprise; 3) on the basis of the research results of capital structure optimization model of real estate enterprises, combining with the actual capital structure and management status of J real estate company, the theory is put into practice. Formulate the capital optimization plan of J real estate company. In a word, through the structural equation model, this paper studies the capital structure of real estate listed enterprises on the impact of operating performance, on the basis of capital structure optimization model. The purpose of the study is to strengthen the understanding of the capital structure optimization of real estate companies and to provide a practical scheme for the capital optimization of real estate companies.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.42

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