【摘要】：近年來房地產(chǎn)業(yè)的持續(xù)發(fā)展使其成為了國民經(jīng)濟(jì)的先導(dǎo)和支柱產(chǎn)業(yè),是對GDP貢獻(xiàn)最大的行業(yè),也是與民生息息相關(guān)的行業(yè)。從資本結(jié)構(gòu)上來講,我國房地產(chǎn)企業(yè)負(fù)債融資比例較大,在這其中,來源于銀行的資金占了很大一部分,這不僅使房地產(chǎn)公司很被動,而且不利于銀行的發(fā)展,一旦房地產(chǎn)企業(yè)不能歸還貸款,將給銀行系統(tǒng)帶來巨大的風(fēng)險。因此,為了防范金融風(fēng)險,有必要優(yōu)化企業(yè)融資結(jié)構(gòu)。另外,國家的宏觀調(diào)控政策對房地產(chǎn)行業(yè)產(chǎn)生了較大的影響。近幾年,由于房地產(chǎn)業(yè)的高速發(fā)展和房價的節(jié)節(jié)攀升,產(chǎn)生了房地產(chǎn)泡沫,從2003年開始,為了控制房地產(chǎn)行業(yè)的發(fā)展速度,國家出臺了一些嚴(yán)厲的宏觀調(diào)控政策,尤其是國家對于房地產(chǎn)信貸的控制,使許多公司的資金周轉(zhuǎn)出現(xiàn)了問題,更有甚者已經(jīng)瀕臨破產(chǎn),在2008年金融危機(jī)后,先松后緊的宏觀調(diào)控政策使房地產(chǎn)業(yè)的發(fā)展經(jīng)歷了“過山車”式的變化。但是宏觀政策調(diào)控也對房地產(chǎn)企業(yè)融資提出了更嚴(yán)格的要求,使其融資更合理,不再單一依靠銀行資金來開展其業(yè)務(wù)。融資結(jié)構(gòu)的優(yōu)化可以使融資成本降低,并且增加房地產(chǎn)企業(yè)抵御風(fēng)險的能力,提高公司經(jīng)營績效。對于房地產(chǎn)上市公司融資結(jié)構(gòu)對經(jīng)營績效的影響這一問題,學(xué)者們也沒有得到統(tǒng)一的結(jié)論,因此,有必要進(jìn)一步開展此方面的研究工作,以期能為房地產(chǎn)上市公司優(yōu)化融資結(jié)構(gòu)提出一些指導(dǎo)建議。 文章首先提出所要研究的問題及研究目的和意義。然后,對融資結(jié)構(gòu)的相關(guān)理論進(jìn)行闡述,并對國內(nèi)外相關(guān)文獻(xiàn)進(jìn)行概要式的回顧和評述。其次,對我國房地產(chǎn)上市公司的融資結(jié)構(gòu)特點(diǎn)和經(jīng)營績效狀況進(jìn)行分析。再次,通過實(shí)證分析來研究房地產(chǎn)上市公司的融資結(jié)構(gòu)對經(jīng)營績效的影響,實(shí)證先從整體上研究內(nèi)源融資、外源融資與經(jīng)營績效的關(guān)系,再從債務(wù)結(jié)構(gòu)和股權(quán)結(jié)構(gòu)方面來探討其對經(jīng)營績效的影響。最后,基于實(shí)證研究的結(jié)果,提出了一些能夠優(yōu)化公司融資結(jié)構(gòu),進(jìn)而提高經(jīng)營績效的政策建議。文章的創(chuàng)新點(diǎn)在于：(1)對于融資結(jié)構(gòu)影響經(jīng)營績效這一問題作了一個相對來講比較全面的研究,首先從總體上探討融資結(jié)構(gòu)對經(jīng)營績效的影響,然后分別探討債務(wù)結(jié)構(gòu)與股權(quán)結(jié)構(gòu)對經(jīng)營績效的影響。(2)在研究融資結(jié)構(gòu)對經(jīng)營績效的影響時,加入了宏觀政策調(diào)控這一虛擬變量,由于宏觀調(diào)控政策對房地產(chǎn)公司影響較大,以往的文獻(xiàn)只是從微觀方面來探討融資結(jié)構(gòu)對經(jīng)營績效的影響,本文加入宏觀調(diào)控因素,使其研究更加完善。(3)在分析債務(wù)結(jié)構(gòu)對經(jīng)營績效的影響時,從債務(wù)期限結(jié)構(gòu)和債務(wù)布置結(jié)構(gòu)兩個方面來進(jìn)行研究。 通過對相關(guān)理論和文獻(xiàn)的回顧,我們可以看出：(1)從整體融資結(jié)構(gòu)上來說,大部分文獻(xiàn)集中于研究債務(wù)融資對經(jīng)營績效的影響,西方大部分學(xué)者認(rèn)為負(fù)債融資可以提高公司績效,而我國大部分學(xué)者認(rèn)為負(fù)債融資與經(jīng)營績效負(fù)相關(guān),這是由于東西方資本市場發(fā)展程度不一樣,債務(wù)融資所發(fā)揮的公司治理效應(yīng)也不同。本文不僅將負(fù)債融資率作為融資結(jié)構(gòu)的一個指標(biāo),還加入了內(nèi)源融資率和股權(quán)融資率兩個指標(biāo)(2)從債務(wù)結(jié)構(gòu)上來說,許多學(xué)者從債務(wù)期限結(jié)構(gòu)著手,來研究流動負(fù)債、長期負(fù)債與經(jīng)營績效的關(guān)系,流動負(fù)債和長期負(fù)債對公司績效的作用機(jī)理不同,各有利弊,針對不同的市場不同的樣本進(jìn)行研究得到的結(jié)果也會不同,因此對于債務(wù)期限結(jié)構(gòu)對經(jīng)營績效的影響沒有得到一致的結(jié)論。我國學(xué)者對債務(wù)布置結(jié)構(gòu)的研究較少,有些學(xué)者認(rèn)為銀行由于受到政府控制,沒有發(fā)揮其應(yīng)有的債務(wù)治理作用。文章從債務(wù)期限結(jié)構(gòu)和債務(wù)布置結(jié)構(gòu)兩個方面來探討債務(wù)結(jié)構(gòu)對經(jīng)營績效的影響。(3)關(guān)于股權(quán)結(jié)構(gòu)影響經(jīng)營績效這一問題,股權(quán)集中度和股權(quán)性質(zhì)對經(jīng)營績效的影響是學(xué)者們研究的焦點(diǎn)。國內(nèi)外大部分學(xué)者認(rèn)為股權(quán)集中可以促進(jìn)公司績效；關(guān)于股權(quán)屬性,大部分學(xué)者認(rèn)為國有企業(yè)的效率要低于非國有企業(yè)。我國存在著流通股與非流通股之分,很多學(xué)者研究了國有股、法人股、流通股對經(jīng)營績效的影響,認(rèn)為國有股的存在會使公司治理效率降低,進(jìn)而降低公司績效,也有一些學(xué)者辯證地看待這一問題,認(rèn)為國有股對企業(yè)績效有好壞兩方面的影響。房地產(chǎn)上市公司有其特殊的融資環(huán)境,國有股的存在有利也有弊。文章從股權(quán)集中度和股權(quán)性質(zhì)兩個方面來討論股權(quán)結(jié)構(gòu)對經(jīng)營績效的影響。 通過對我國房地產(chǎn)上市公司融資結(jié)構(gòu)和經(jīng)營績效的現(xiàn)狀分析,我們可以得出以下結(jié)論：(1)從房地產(chǎn)業(yè)來看,其融資渠道主要有國內(nèi)貸款、自籌資金、利用外資和其他來源。其他來源占比最高,主要包括預(yù)收賬款和按揭貸款。在宏觀調(diào)控趨緊,銀行信貸收縮,股票融資要求較嚴(yán)格的情況下,出現(xiàn)了房地產(chǎn)信托這種融資方式,近幾年來發(fā)展比較迅速。通過比較發(fā)現(xiàn),房地產(chǎn)上市公司資產(chǎn)負(fù)債率要明顯低于房地產(chǎn)業(yè)整體的資產(chǎn)負(fù)債率。從我國房地產(chǎn)上市公司的三大融資方式來看,負(fù)債融資占比最高,其次是股權(quán)融資,最后是內(nèi)源融資。(2)從債務(wù)期限結(jié)構(gòu)來看,我國房地產(chǎn)上市公司流動負(fù)債率較高,在70%以上,呈不斷下降的趨勢:長期負(fù)債率雖然呈上升趨勢,但是基數(shù)較小。從債務(wù)布置結(jié)構(gòu)來看,銀行借款比率較高,且不斷下降,應(yīng)付債券比率在2008年之前不到1%,在08年之后有所上升。(3)關(guān)于股權(quán)屬性,國有股比例在不斷下降,法人股比例在2006年之后開始下降,股權(quán)分置改革在一定程度上導(dǎo)致非流通股比例下降：從股權(quán)集中度來看,第一大股東持股比例在40%左右。(4)關(guān)于房地產(chǎn)上市公司的績效,資產(chǎn)收益率沒有固定的變化趨勢,但是從2002年到2011年,房地產(chǎn)上市公司的利潤和資產(chǎn)一直在增長,但增長率不穩(wěn)定。 本文選取了2002—2011年A股71家房地產(chǎn)上市公司作為樣本,采用多元線性回歸方法研究了融資結(jié)構(gòu)與經(jīng)營績效的關(guān)系。通過實(shí)證分析可以得到以下結(jié)論：(1)從整體融資結(jié)構(gòu)來看,我國房地產(chǎn)上市公司內(nèi)源融資較少,但是可以提升公司績效：外源融資中,債務(wù)融資和股權(quán)融資都對經(jīng)營績效的影響為負(fù),債務(wù)融資比重較大,而且大部分依靠銀行貸款,因此需要構(gòu)建多元化的融資結(jié)構(gòu)。(2)從債務(wù)結(jié)構(gòu)來看,流動負(fù)債對經(jīng)營績效的影響不顯著,公司應(yīng)該積極調(diào)整債務(wù)的期限結(jié)構(gòu)；銀行貸款對公司經(jīng)營績效影響為負(fù),說明銀行沒有很好地發(fā)揮其監(jiān)督作用,這需要相關(guān)政策的鼓勵和支持。(3)從股權(quán)結(jié)構(gòu)來看,股權(quán)集中和股權(quán)制衡對我國房地產(chǎn)上市公司績效有積極的影響,國有股比例和法人股比例對公司績效的影響不顯著。因此應(yīng)該重塑股權(quán)的投資主體,積極發(fā)揮國有股和法人股的治理效應(yīng)。(4)公司規(guī)模與經(jīng)營績效正相關(guān),宏觀政策調(diào)控對經(jīng)營績效的影響為負(fù)。公司規(guī)模擴(kuò)大可以產(chǎn)生規(guī)模經(jīng)濟(jì)效應(yīng),促進(jìn)企業(yè)的發(fā)展。.由于我國房地產(chǎn)上市公司融資大部分是外源融資,無論是債務(wù)融資還是股權(quán)融資,都比較容易受到政策環(huán)境的影響,因此每出臺一輪宏觀調(diào)控政策,都會對企業(yè)的經(jīng)營績效產(chǎn)生一定的消極影響。 實(shí)證分析使我們發(fā)現(xiàn)了我國房地產(chǎn)上市公司融資結(jié)構(gòu)中不利于公司經(jīng)營績效提高的因素,據(jù)此提出以下政策建議：(1)房地產(chǎn)上市公司要注重內(nèi)源融資,這并不是一朝一夕的事情,需要建立一個長效機(jī)制；另外需要拓寬房地產(chǎn)業(yè)的融資渠道,重視房地產(chǎn)信托的發(fā)展。(2)房地產(chǎn)上市公司較高的流動負(fù)債對經(jīng)營績效沒有顯著影響,應(yīng)該選擇合理的債務(wù)期限結(jié)構(gòu)。從債務(wù)布置結(jié)構(gòu)來說,銀行借款并沒有使公司績效得到提高,需要銀行加強(qiáng)其“債權(quán)人治理作用”,在法律方面,要完善《破產(chǎn)法》的相關(guān)規(guī)定,從長遠(yuǎn)發(fā)展來講,可以借鑒德國和日本的經(jīng)驗(yàn),在商業(yè)銀行改革完畢后,試著讓銀行持有公司股份,加強(qiáng)其對房地產(chǎn)上市公司的監(jiān)督控制；還應(yīng)該不斷完善我國的債券市場,使公司能夠通過債券融資的方式來優(yōu)化債務(wù)結(jié)構(gòu)。(3)股權(quán)融資對經(jīng)營績效有負(fù)面影響,因此應(yīng)該建立嚴(yán)格的股權(quán)融資制度；我國房地產(chǎn)上市公司的第一大股東持股比例和股權(quán)制衡度可以提高公司績效,因此保持合理的股權(quán)集中度十分必要；國有股比例和法人股比例對公司績效影響不顯著,這其中的原因是多方面的,從政策角度來講,應(yīng)該重塑國有股權(quán)的投資主體,使國有股權(quán)發(fā)揮其應(yīng)有的積極作用。 關(guān)于房地產(chǎn)上市公司融資結(jié)構(gòu)影響經(jīng)營績效這一問題,本文做了一個相對來說比較全面的研究,從總體到局部,層層深入地探討了融資結(jié)構(gòu)對經(jīng)營績效的影響。但是文章還有一些不足之處：首先,對于上市公司績效評價的指標(biāo)很多,本文選取的具有代表性的單一指標(biāo),并沒有采取通過多個指標(biāo)來得到一個綜合得分的方式,可能對績效的衡量不夠全面、客觀,造成對論題的論證上不夠嚴(yán)密。采用更準(zhǔn)確的數(shù)學(xué)和統(tǒng)計(jì)學(xué)工具對問題進(jìn)行更嚴(yán)謹(jǐn)?shù)难芯渴俏椅磥淼呐Ψ较颉Ｆ浯?文章只研究了融資結(jié)構(gòu)指標(biāo)與經(jīng)營績效的線性關(guān)系,沒有研究它們之間是否存在非線性關(guān)系,以前有學(xué)者也進(jìn)行了這方面的研究。本文沒有通過定量的方式得到使房地產(chǎn)上市公司經(jīng)營績效最大的融資結(jié)構(gòu),這也是以后繼續(xù)研究的方向。
[Abstract]:In recent years, the sustainable development of the real estate industry has made it become the leading and pillar industry of the national economy, which contributes the most to GDP and is closely related to people's livelihood. Real estate companies are passive, and it is not conducive to the development of banks, once the real estate enterprises can not repay loans, it will bring huge risks to the banking system. Therefore, in order to prevent financial risks, it is necessary to optimize the financing structure of enterprises. The rapid development of the real estate industry and the rise of housing prices have created a real estate bubble. Since 2003, in order to control the speed of the development of the real estate industry, the state has issued some strict macro-control policies, especially the control of the real estate credit, so that many companies have problems in capital turnover, and even have been on the verge of it. Bankruptcy, after the financial crisis in 2008, the loose and tight macro-control policy made the development of the real estate industry experience a "roller coaster" type of change. But macro-control policy also put forward stricter requirements for the financing of real estate enterprises, making its financing more reasonable, no longer rely solely on bank funds to carry out its business. It can reduce the cost of financing and increase the ability of real estate enterprises to withstand risks and improve the operating performance of companies. Scholars have not reached a unified conclusion on the impact of the financing structure of listed real estate companies on operating performance. Therefore, it is necessary to carry out further research in this area in order to be able to provide real estate. City companies to optimize the financing structure put forward some guidance suggestions.
Firstly, the paper puts forward the problems to be studied and the purpose and significance of the study. Secondly, it expounds the relevant theories of financing structure and reviews the relevant literature at home and abroad. Secondly, it analyzes the characteristics of financing structure and operating performance of the listed real estate companies in China. Thirdly, it studies through empirical analysis. This paper investigates the impact of financing structure on operating performance of listed real estate companies. The empirical study first studies the relationship between endogenous financing, exogenous financing and operating performance as a whole, and then explores its impact on operating performance from the aspects of debt structure and equity structure. The innovations of this paper are as follows: (1) A relatively comprehensive study on the impact of financing structure on operating performance is made. Firstly, the impact of financing structure on operating performance is discussed in general, and then the impact of debt structure and equity structure on operating performance is discussed separately. (2) In the study of the impact of financing structure on operating performance, we add the fictitious variable of macro-policy regulation. Because macro-control policy has a greater impact on real estate companies, previous literature only discusses the impact of financing structure on operating performance from the micro-perspective. This paper adds macro-control factors to make the study more perfect. (3) In the sub-section. When analyzing the effect of debt structure on business performance, the paper studies the debt maturity structure and debt arrangement structure.
Through the review of relevant theories and literature, we can see: (1) from the overall financing structure, most of the literature focused on the impact of debt financing on operating performance, most western scholars believe that debt financing can improve corporate performance, and most of our scholars believe that debt financing and operating performance are negatively related, this is Debt financing plays a different role in corporate governance because of the different degree of development of capital markets between the East and the West. This paper not only takes debt financing rate as an indicator of financing structure, but also adds two indicators, endogenous financing rate and equity financing rate. (2) In terms of debt structure, many scholars study debt maturity structure. Current liabilities, long-term liabilities and operating performance, current liabilities and long-term liabilities have different effects on corporate performance mechanism, each has its advantages and disadvantages, different market samples for different research results will be different, so for the debt maturity structure on operating performance has not reached a consistent conclusion. There are few studies on the structure of debt arrangement. Some scholars believe that banks have not played their due role in debt governance because they are controlled by the government. This paper discusses the impact of debt structure on operating performance from two aspects: debt maturity structure and debt arrangement structure. (3) Concentration of equity structure on operating performance. Most scholars at home and abroad think that equity concentration can promote corporate performance; most scholars think that the efficiency of state-owned enterprises is lower than that of non-state-owned enterprises. Some scholars think that the existence of state-owned shares will reduce the efficiency of corporate governance, and then reduce the performance of the company. Some scholars have a dialectical view of this problem and think that state-owned shares have a good or bad impact on the performance of the enterprise. There are both advantages and disadvantages. This paper discusses the impact of ownership structure on operating performance from the aspects of ownership concentration and ownership nature.
By analyzing the financing structure and operating performance of listed real estate companies in China, we can draw the following conclusions: (1) From the perspective of the real estate industry, the main financing channels are domestic loans, self-financing, using foreign capital and other sources. In recent years, the real estate trust has developed rapidly. Through comparison, it is found that the ratio of assets and liabilities of listed real estate companies is significantly lower than the overall ratio of assets and liabilities of the real estate industry. From the debt maturity structure, the current debt ratio of listed real estate companies in China is higher than 70%, showing a downward trend: although the long-term debt ratio is on the rise, but the base is small. From the debt arrangement structure, the bank loan ratio is higher. (3) With regard to ownership, the proportion of state-owned shares is declining, the proportion of legal person shares is declining after 2006, and the Share-splitting reform has led to a decline in the proportion of non-tradable shares to a certain extent: from the perspective of ownership concentration, the largest shareholder holdings have declined. (4) Regarding the performance of listed real estate companies, there is no fixed trend of return on assets, but from 2002 to 2011, the profits and assets of listed real estate companies have been growing, but the growth rate is unstable.
This paper chooses 71 A-share listed real estate companies from 2002 to 2011 as samples, and uses multiple linear regression method to study the relationship between financing structure and operating performance. Effectiveness: In external financing, debt financing and equity financing have a negative impact on business performance. Debt financing accounts for a large proportion, and most of them rely on bank loans, so it is necessary to build a diversified financing structure. (2) From the debt structure, the impact of current liabilities on business performance is not significant, the company should actively adjust the debt maturity. (3) From the perspective of ownership structure, ownership concentration and equity checks and balances have a positive impact on the performance of China's real estate listed companies, and the proportion of state-owned shares and legal person shares has a positive impact on corporate performance. Therefore, we should reshape the investment subject of equity and actively exert the governance effect of state-owned shares and legal person shares. Financing is mostly exogenous financing, whether debt financing or equity financing, are more vulnerable to the impact of the policy environment, so every round of macro-control policies, will have a certain negative impact on business performance.
Empirical analysis reveals that the financing structure of listed real estate companies in China is not conducive to the improvement of corporate performance, and puts forward the following policy recommendations: (1) listed real estate companies should pay attention to endogenous financing, which is not a matter of overnight, need to establish a long-term mechanism; in addition, need to broaden the real estate industry finance. (2) Higher current liabilities of listed real estate companies have no significant impact on operating performance, so we should choose a reasonable debt maturity structure. In terms of debt arrangement structure, bank borrowing does not improve corporate performance, so it is necessary for banks to strengthen their "creditor governance role" in the law. On the one hand, in order to improve the relevant provisions of the Bankruptcy Law, we can learn from the experience of Germany and Japan in the long run. After the reform of the commercial banks, we should try to let the banks hold the shares of the companies and strengthen their supervision and control over the listed real estate companies. We should also constantly improve the bond market in China so that the companies can finance the bonds. (3) Equity financing has a negative impact on operating performance, so we should establish a strict equity financing system; the first largest shareholder holding ratio and equity checks and balances of listed real estate companies in China can improve corporate performance, so it is necessary to maintain a reasonable equity concentration; the proportion of state-owned shares and corporate shares. There are many reasons for this. From the policy point of view, we should reshape the investment subject of state-owned equity so that state-owned equity can play its due positive role.
This paper makes a relatively comprehensive study on the impact of financing structure on operating performance of listed real estate companies. From the overall to the local level, it discusses the impact of financing structure on operating performance in depth. The representative single index selected in this paper does not adopt the method of getting a comprehensive score through multiple indicators. It may not be comprehensive and objective enough to measure performance, resulting in insufficient rigorous argumentation of the topic. Secondly, this paper only studies the linear relationship between the financing structure index and the operating performance, and does not study whether there is a nonlinear relationship between them. Some scholars have done this research before. The direction.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F299.233.4;F275

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