發(fā)布時間：2018-02-20 21:11

  本文關鍵詞： 商業(yè)信用 房地產行業(yè) 影響因素 供給 需求　出處：《中國地質大學（北京）》2013年碩士論文　論文類型：學位論文

【摘要】：商業(yè)信用是企業(yè)最重要的短期外部融資渠道之一，能夠有效節(jié)約企業(yè)的日常營運資金，提升企業(yè)的融資績效及發(fā)展能力。隨著市場競爭的日益激烈及信用制度的逐步完善，經過多年的發(fā)展，商業(yè)信用在我國企業(yè)發(fā)展中發(fā)揮著越來越重要的作用，日益成為越來越多的企業(yè)進行日常融資所不可或缺的渠道。而有關企業(yè)商業(yè)信用的研究也逐步成為學術界關注的焦點問題之一。 房地產行業(yè)一直是我國經濟發(fā)展的支柱產業(yè)之一，其融資渠道多樣，商業(yè)信用運用情況具備鮮明的行業(yè)特色。近年來，隨著國家對房地產行業(yè)宏觀調控的深入，很多房地產企業(yè)的資金融通出現(xiàn)問題，商業(yè)信用發(fā)展狀況直接影響著行業(yè)的健康運行、國民經濟的穩(wěn)定發(fā)展。在這樣的大背景下，研究影響房地產行業(yè)商業(yè)信用的因素是一個非常有意義的課題。本文旨在通過對近4年來房地產行業(yè)運用商業(yè)信用的數(shù)據(jù)進行分析，明確上市公司內外部因素影響公司商業(yè)信用的運作機制，擴展商業(yè)信用在我國特殊轉型經濟環(huán)境下的研究，在一定程度上彌補國內在房地產行業(yè)商業(yè)信用影響因素研究中存在的不足，為公司合理有效地利用商業(yè)信用，，政府合理調控房地產行業(yè)提供具有建設性的思路。 本文首先對商業(yè)信用研究的背景、意義、內容和本文研究框架、技術路線進行了具體闡述，梳理和概況了商業(yè)信用的相關理論和中外文獻資料，采用理論與實踐相結合的研究方法，對我國上市公司商業(yè)信用的發(fā)展現(xiàn)狀進行了總結歸納。在此基礎上，本文選取2008年-2011年滬深兩市A股房地產業(yè)上市公司作為研究樣本，從商業(yè)信用的供給和需求兩個角度出發(fā)，采用回歸分析的方法對影響商業(yè)信用的因素進行了實證檢驗。 實證結果發(fā)現(xiàn)，公司規(guī)模、資產負債率、短期借款比率、總資產利潤率和企業(yè)交易規(guī)模等因素對房地產業(yè)上市公司商業(yè)信用的供給情況有顯著影響，而國有股比例、機構投資者、資產負債率、流動比率、短期借款比率、總資產利潤率、收入利潤率和企業(yè)存續(xù)年限等因素對商業(yè)信用的需求情況產生顯著影響。 通過對實證研究結果的分析，結合我國房地產行業(yè)上市公司商業(yè)信用的實際情況，本文分別從政府和企業(yè)的角度出發(fā)，提出了一些鼓勵和引導企業(yè)合理運用商業(yè)信用進行融資的有效措施，希望能夠為我國上市公司健康信貸環(huán)境的建立、房地產行業(yè)持續(xù)穩(wěn)定的發(fā)展提供一些切實可行的幫助。
[Abstract]:Commercial credit is one of the most important short-term external financing channels for enterprises, which can effectively save the daily working capital of enterprises, improve the financing performance and development ability of enterprises. After years of development, commercial credit is playing a more and more important role in the development of Chinese enterprises. Increasingly, it is becoming an indispensable channel for more and more enterprises to carry out daily financing, and the research on business credit of enterprises has gradually become one of the focuses of academic attention. The real estate industry has always been one of the pillar industries of our country's economic development, its financing channel is various, the commercial credit utilization situation has the distinct profession characteristic. In recent years, with the deepening of the national macro-control of the real estate industry, Many real estate enterprises have problems in financing, and the development of commercial credit has a direct impact on the healthy operation of the industry and the stable development of the national economy. It is a very meaningful topic to study the factors that affect the commercial credit of the real estate industry. This paper aims to analyze the data of the commercial credit used by the real estate industry in the past four years. It is clear that the internal and external factors of listed companies affect the operational mechanism of corporate commercial credit, and expand the research of commercial credit in the special transition economic environment of our country. To a certain extent, this paper makes up for the deficiency in the research on the influencing factors of the commercial credit in the real estate industry in China, and provides a constructive idea for the company to make use of the commercial credit reasonably and effectively, and for the government to regulate the real estate industry reasonably. In this paper, the background, significance, content, research framework and technical route of the research on commercial credit are expounded in detail, and the relevant theories of commercial credit and Chinese and foreign literature are summarized. By combining theory with practice, this paper summarizes the development of commercial credit of listed companies in China. On this basis, this paper selects the real estate listed companies of Shanghai and Shenzhen A-shares from 2008 to 2011 as the research samples. From the point of view of supply and demand of commercial credit, this paper uses the method of regression analysis to test the influencing factors of commercial credit. The empirical results show that the factors such as company size, asset-liability ratio, short-term borrowing ratio, total asset profit rate and enterprise transaction scale have significant effects on the supply of commercial credit of listed companies in real estate industry, while the proportion of state-owned shares. Factors such as institutional investors, asset-liability ratio, current ratio, short-term borrowing ratio, total asset profit margin, income profit margin and enterprise lifetime have a significant impact on the demand for business credit. Through the analysis of the results of empirical research, combined with the actual situation of commercial credit of listed companies in real estate industry in China, this paper starts from the angle of government and enterprise respectively. This paper puts forward some effective measures to encourage and guide enterprises to make use of commercial credit to finance reasonably, hoping to provide some practical help for the establishment of healthy credit environment of listed companies in our country and the sustainable and stable development of real estate industry.
【學位授予單位】：中國地質大學（北京）
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F299.233.4

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