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论文编号：	131
作者编号：	2120052002
上传时间：	2007/6/24 17:21:39
中文题目：	中国房地产上市公司的资本结构对
英文题目：	Positive Analysis of the impac
指导老师：	陈国欣
中文关键字：	房地产上市公司 资本结构 公司绩
英文关键字：	real estate industry listed co
中文摘要：	从上世纪50年代末，资本结构与公司业绩的关系就成为人们研究的重点，近半个世纪以来，国外的经济学家对这个问题进行了深入的研究，并取得了一定的成果，但对于资本结构究竟是如何影响公司业绩的、资本结构与公司业绩的相关性如何，仍然存在不同的观点，大量的实证分析也没有就这个问题得出统一的结论。 资本结构理论在西方已经研究近60年，出现了MM定理经典资本结构理论；随着信息不对称理论的引入，又形成了如代理理论、信号传递理论、优序融资理论等现代资本结构理论，为分析我国房地产上市公司资本结构提供了理论基础。我国房地产企业上市融资过程曲折，备受关注，为研究房地产上市公司的资本结构提供了较多的资料。房地产企业中的上市公司具有一定代表性，通过研究房地产上市公司资本结构可以为研究房地产企业资本结构提供切入点。 本文主要分为四部分： 第一章研究背景与总体研究思路。本章主要介绍了本文的研究背景、研究对象的选择、己有研究的回顾、创新之处以及总体研究思路。 第二章资本结构相关理论分析。本章主要介绍了西方的资本结构相关理论，包括传统资本结构理论与现代资本结构理论，其中传统资本结构理论主要有：净收入理论、净营运收入理论和传统理论。 第三章我国房地产行业上市公司资本结构与公司业绩的实证研究。本章主要运用二次回归的方法，选取资产负债率为解释变量，另外选取资产规模和股权结构变量为控制变量运用线形回归考察中国房地产上市公司的资本结构对公司绩效的影响。 第四章提高我国房地产行业上市公司业绩的政策建议。结合实证研究结果，主要从消除地方政府的政策影响、完善公司治理结构、优化公司资本结构、发展我国企业债券市场等角度提出了提高房地产行业上市公司业绩的政策建议。
英文摘要：	The relationship between capital structure and the performance of the company has become the focus of many people's study since 1950’s. And from that time, western economists did deep research on the subject and made some achievement. However, there are still many different views on the problems of how capital structure affects company performance and the relationship between capital structure and company performance. They cannot get a general conclusion on this problem even after plenty of positive analysis. The real estate industry is developing rapidly and plays a more and more important part in our economy. Besides, compared with other industries, real estate industry has different capital structure. With the characteristics of large capital flow; irregular flow and high liability rate, the capital structure in fact plays an important part in the company performance. Especially recently, the financial supervising department has made a series of strict polices to limit the loaning process of this industry. And these policies have influenced the capital structure of the real estate company. Therefore, the managers of real estate companies pay close attention to the impact which capital structure has on performance. The listed companies of real estate industry can represent the characteristics of this industry, so we can get the conclusion through the research on the listed companies. This thesis includes four parts: The first chapter introduces the research background, the choosing of the research object, the innovating places and the shortages of the thesis. The second chapter introduces the classic theories of capital structure. The theories include traditional capital structure theory, modern capital theory and new capital theory. The typical theories are trade-off theory, agency cost theory, pecking order theory, signaling models, corporate-based models, and so on. The third chapter is the positive research on the relationship of capital structure and company performance of real estate companies. As for research method, we use quadratic regression, and we find when the assets-liabilities ratio is under 45.11%, the relation between capital structure and company performance is positive and otherwise the relation will be passive. The fourth chapter is mainly about the advice to improve the performance of the real estate companies. According to the result of the positive research, we can achieve the above aim through eliminating the interference of local government, reforming the structure of company governing, optimizing capital structure and developing corporate bond market of our country. Key words: real estate industry listed company capital structure company performance
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