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  本文選題：房地產(chǎn)業(yè)上市公司　切入點：融資結(jié)構(gòu)　出處：《山東財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：融資結(jié)構(gòu)問題是一個具有重大理論意義和實踐價值的研究課題。它與公司的治理結(jié)構(gòu)、公司EVA之間存在著深刻的聯(lián)系。作為我國國民經(jīng)濟(jì)的支柱產(chǎn)業(yè)，房地產(chǎn)業(yè)是典型的資金密集型行業(yè)，房地產(chǎn)開發(fā)具有資金投入規(guī)模大、資金占用周期長、開發(fā)產(chǎn)品價值昂貴且易受宏觀經(jīng)濟(jì)變化和政策調(diào)控影響等特點，目前我國房地產(chǎn)業(yè)上市公司大多自有資金不足，主要依靠銀行貸款這一單一的融資模式，良好的融資結(jié)構(gòu)相當(dāng)關(guān)鍵。在當(dāng)前房地產(chǎn)市場的整合和轉(zhuǎn)型升級的關(guān)鍵時期，分析研究房地產(chǎn)業(yè)的融資結(jié)構(gòu)、融資結(jié)構(gòu)與EVA之間的關(guān)系具有重要的理論意義和實際意義。 本文主要研究我國房地產(chǎn)業(yè)上市公司2009-2012年融資結(jié)構(gòu)與EVA之間的關(guān)系，筆者綜合了文獻(xiàn)和理論分析，在對兩者作實證分析時提出四個假設(shè)。假設(shè)一：負(fù)債與EVA存在二次曲線關(guān)系，存在一個理論臨界點，達(dá)到這個均衡點之前負(fù)債與EVA正相關(guān)，超過這個臨界點后，，負(fù)債與EVA負(fù)相關(guān)；假設(shè)二：短期有息負(fù)債率與EVA正相關(guān)，長期有息負(fù)債率與EVA負(fù)相關(guān)；假設(shè)三：股權(quán)集中度與EVA正相關(guān)；假設(shè)四：國有股比例與EVA負(fù)相關(guān)，流通股比例與EVA不相關(guān)。在建立計量模型后，采用描述性統(tǒng)計和面板數(shù)據(jù)分析法從財務(wù)杠桿、債權(quán)結(jié)構(gòu)和股權(quán)結(jié)構(gòu)三方面研究融資結(jié)構(gòu)與EVA的關(guān)系。實證研究表明：我國房地產(chǎn)業(yè)上市公司資產(chǎn)負(fù)債率與EVA呈倒U型二次曲線關(guān)系，資產(chǎn)負(fù)債率的臨界值大約在60%附近；短期有息負(fù)債率與EVA顯著負(fù)相關(guān)，長期有息負(fù)債率與EVA無顯著相關(guān)關(guān)系；適度集中的股權(quán)結(jié)構(gòu)有利于公司EVA的提高；國有股比例與EVA不相關(guān)，流通A股比例與EVA呈顯著的負(fù)相關(guān)關(guān)系。
[Abstract]:Financing structure is a research subject of great theoretical significance and practical value. It has a deep relationship with corporate governance structure and company EVA. It is a pillar industry of our national economy. Real estate industry is a typical capital-intensive industry. Real estate development has the characteristics of large scale of capital investment, long period of capital occupation, high value of development products and easy to be influenced by macroeconomic changes and policy regulation and control. At present, most of the listed companies of real estate industry in our country are short of their own funds, mainly rely on bank loans as a single financing mode. A good financing structure is very crucial. In the critical period of the integration and transformation of the real estate market, It is of great theoretical and practical significance to analyze and study the financing structure of real estate industry and the relationship between financing structure and EVA. This paper mainly studies the relationship between the financing structure and EVA of Chinese real estate listed companies in 2009-2012. The author synthesizes the literature and theoretical analysis. In the empirical analysis of the two, four hypotheses are put forward. First, the relationship between debt and EVA is conic, and there is a theoretical critical point. Before reaching this equilibrium point, the debt is positively correlated with EVA, and beyond this critical point, Negative correlation between debt and EVA; hypothesis two: short-term interest-bearing debt ratio is positively correlated with EVA, long-term interest-bearing debt ratio is negatively correlated with EVA; hypothesis three: equity concentration is positively correlated with EVA; hypothesis four: proportion of state-owned shares is negatively correlated with EVA, The proportion of tradable shares is not related to EVA. After the establishment of the measurement model, descriptive statistics and panel data analysis are used to analyze the financial leverage. This paper studies the relationship between financing structure and EVA from the three aspects of creditor's right structure and equity structure. The empirical research shows that the relationship between asset-liability ratio and EVA of listed companies in real estate industry is inversely U-shaped conic, and the critical value of asset-liability ratio is about 60%. Short-term interest-bearing debt ratio is negatively correlated with EVA, long-term interest-bearing debt ratio has no significant correlation with EVA, moderate concentration of equity structure is conducive to the improvement of EVA, and the proportion of state-owned shares is not related to EVA. The ratio of A shares in circulation is negatively correlated with EVA.
【學(xué)位授予單位】：山東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.4;F275

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