本文選題：資本結(jié)構(gòu)　切入點(diǎn)：宏觀經(jīng)濟(jì)　出處：《南京大學(xué)》2013年碩士論文

【摘要】：資本結(jié)構(gòu)問題一直是公司金融領(lǐng)域和企業(yè)理論的主要研究方向之一。自二十世紀(jì)五十年代以來,對于企業(yè)資本結(jié)構(gòu)的研究便方興未艾。剛開始學(xué)者多是從企業(yè)層面出發(fā)以微觀視角來判斷企業(yè)資本結(jié)構(gòu)與公司特征因素或是公司治理因素的相關(guān)關(guān)系,隨著理論研究的縱深,時(shí)下也有學(xué)者開始探討宏觀經(jīng)濟(jì)對于企業(yè)資本結(jié)構(gòu)的影響。房地產(chǎn)業(yè)已成我國的支柱產(chǎn)業(yè),隨著房地產(chǎn)業(yè)的發(fā)展,房企與銀行等金融系統(tǒng)的聯(lián)系也是日趨緊密,房地產(chǎn)信貸引發(fā)的美國次貸危機(jī)依舊發(fā)人深省,在此時(shí)研究我國房地產(chǎn)企業(yè)的資本結(jié)構(gòu)問題無疑具有很強(qiáng)的現(xiàn)實(shí)意義,但是目前在國內(nèi),當(dāng)前現(xiàn)有的關(guān)于房地產(chǎn)行業(yè)資本結(jié)構(gòu)研究的文獻(xiàn)也多是從公司特征層面和公司治理角度所做出的研究,基于宏觀視角下對房地產(chǎn)行業(yè)資本結(jié)構(gòu)研究的文獻(xiàn)還不多。 本文選擇房地產(chǎn)業(yè)作為研究對象,在研究了我國房地產(chǎn)公司的融資方式和資本結(jié)構(gòu)之后,通過歸納得出我國房地產(chǎn)企業(yè)融資渠道單一、資產(chǎn)負(fù)債率總體偏高、資本結(jié)構(gòu)總體不太合理的特點(diǎn)。在這個(gè)基礎(chǔ)上,本文通過選取在滬深兩地A股上市的109家房地產(chǎn)企業(yè)及內(nèi)地赴港上市的44家房企,共計(jì)153家企業(yè)作為研究樣本,通過控制變量限制住房地產(chǎn)上市企業(yè)的資產(chǎn)規(guī)模與盈利能力,探討了宏觀經(jīng)濟(jì)周期、信貸市場、股票市場以及融資政策對我國房地產(chǎn)上市企業(yè)資本結(jié)構(gòu)的影響,結(jié)果發(fā)現(xiàn)：我國房地產(chǎn)上市企業(yè)的資本結(jié)構(gòu)具有逆周期的特性,利率與信貸違約風(fēng)險(xiǎn)均對我國房地產(chǎn)上市企業(yè)的財(cái)務(wù)杠桿有一個(gè)負(fù)向的作用,股票市場與房地產(chǎn)企業(yè)的資本結(jié)構(gòu)顯著正相關(guān)。 最后,結(jié)合整個(gè)房地產(chǎn)行業(yè)的特征,在政府層面和企業(yè)自身分別提出了相應(yīng)的政策建議,具體有：在政府層面要立足于制度建設(shè)、規(guī)范引導(dǎo),取代當(dāng)前的打壓調(diào)控,要完善資本市場,支持房地產(chǎn)企業(yè)多元化融資創(chuàng)新和加強(qiáng)對房地產(chǎn)信貸的監(jiān)管；在企業(yè)層面,房地產(chǎn)企業(yè)要充分考慮到自身特點(diǎn),合理安排自己的資本結(jié)構(gòu)。
[Abstract]:The problem of capital structure has been one of the main research directions in the field of corporate finance and enterprise theory. The research on the capital structure of enterprises is in the ascendant. At the beginning, most scholars judge the relationship between the capital structure of enterprises and the factors of corporate characteristics or corporate governance from the microcosmic angle of view, along with the depth of theoretical research. At present, some scholars have begun to explore the impact of macroeconomic on the capital structure of enterprises. The real estate industry has become a pillar industry in China. With the development of the real estate industry, the relationship between housing enterprises and banking and other financial systems is becoming increasingly close. The American subprime mortgage crisis caused by real estate credit is still thought-provoking. At this time, it is undoubtedly of great practical significance to study the capital structure of real estate enterprises in our country, but at present, The current literature on capital structure of real estate industry is also mostly from the perspective of corporate characteristics and corporate governance, based on the macro perspective of the capital structure of the real estate industry is not much literature. This paper chooses the real estate industry as the research object, after studying the financing mode and capital structure of the real estate companies in our country, it concludes that the financing channel of the real estate enterprises in our country is single and the ratio of assets to liabilities is on the high side. On the basis of this, this paper selects 109 real estate enterprises listed in Shanghai and Shenzhen A shares and 44 housing enterprises listed in Hong Kong in the mainland, a total of 153 enterprises as the research sample. By controlling variables to limit the size and profitability of real estate listed enterprises, this paper discusses the impact of macroeconomic cycle, credit market, stock market and financing policies on the capital structure of listed real estate enterprises in China. The results show that the capital structure of the listed real estate enterprises in China has the characteristics of inverse cycle, the interest rate and the credit default risk have a negative effect on the financial leverage of the listed real estate enterprises in our country. Stock market and the capital structure of real estate enterprises are significantly positive correlation. Finally, combining the characteristics of the whole real estate industry, put forward the corresponding policy recommendations at the government level and the enterprises themselves, specifically: at the government level should be based on the system construction, normative guidance, instead of the current repression and control, It is necessary to perfect the capital market, support the diversified financing innovation of the real estate enterprises and strengthen the supervision of the real estate credit. At the enterprise level, the real estate enterprises should fully consider their own characteristics and arrange their own capital structure rationally.
【學(xué)位授予單位】：南京大學(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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