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论文编号：	2108
作者编号：	2120051998
上传时间：	2010/4/22 8:56:28
中文题目：	中国房地产上市公司资本结构中的债务结构和经营绩效研究
英文题目：	Realty Industry　Capital Structure　Debt Structure　Performance
指导老师：	刘建
中文关键字：	房地产　资本结构　债务结构　经营绩效
英文关键字：	Realty Industry　Capital Structure　Debt Structure　Performance
中文摘要：	中国的房地产行业经历了近二十年的发展后，近些年来随着我国城市化进程的加快，呈现出愈加迅猛的发展态势。房地产行业关联度高、带动性强，已成为我国国民经济的支柱产业。我国资本市场的特点决定了房地产企业主要的资金来源是债务融资，债务融资中又以银行贷款为主。可以说，债务融资是房地产资金链条中最最关键的环节，必将对房地产上市公司的公司治理和经营业绩产生重要影响。 公司的资本结构对于公司绩效的影响主要体现在公司通过资本结构中负债结构和股权结构对公司治理结构效率产生影响进而影响公司绩效。资本结构的治理效应主要表现在负债的治理效应和股权的治理效应两个方面。比较资本结构中各个指标对公司绩效影响，找到能够真正使公司绩效最大化并能使公司各个相关利益主体共同受益的资本结构优化方向是本文实证研究的主要目的。 本文对中国房地产上市公司资本结构中的债务结构和公司经营绩效的现状和特点进行研究，并对各个因素对公司绩效的影响关系进行实证研究。首先，本文从产业的角度出发，以中国房地产上市公司为研究对象，引用资本结构理论研究成果，对中国房地产上市公司的资本结构从多个角度进行了较为详细的数据分析，并通过与其他行业的上市公司的资本结构和国外的上市公司的资本结构特点进行比较分析以对中国房地产上市公司的资本结构现状和特点作了详细的阐述。在实证研究中，首先通过对中国房地产上市公司的资本结构对公司经营绩效的影响进行计量经济学研究，采用回归分析法构建资本结构对公司绩效的影响关系模型对各个解释变量的影响力进行比较研究，尝试确定中国房地产上市公司资本结构的优化方向，并对中国房地产上市公司合理安排和优化资本结构提出建议。在上市公司绩效对资本结构的影响中，采用因子分析和分布滞后模型进行计量经济学研究，分析上市公司绩效对其未来融资方式的影响。最后提出了中国房地产行业发展的建议。
英文摘要：	Realty industry has experienced 20 years hardships and become one of the most important industry in China’s economy.This industry is tightly correlated to many other industries and and driving other industries’ development.According to China’s capital market,loan supplied by the bank is key factor in the realty industry’s money chain. Capital structure influences a company's market performance by its influence on the company’s management efficiency mainly in two approaches. One of them is the Debt Structure and the other one is the Stock Structure. This paper tries to find out a direction by which the company can optimize its market performance and realize the maximum the common interest of every partner of the company by demonstration research on the influence of the capital structure on the company performance. This paper separates its research into three respects as: financial structure, debt structure and stock structure based on the meaning of its definition. Taking China's realty industry listed companies as object; the author makes his research on the factors' influence on company performance. In this thesis, taking the listed companies of China's realty industry as the subject, using the theory of capital structure the author makes detailed statistic analysis of their capital structure's characteristics. The author tries to find out the characteristic of China's realty industry listed companies capital. Afterwards, econometric testing was made on the influence of their capital structure over the company's performance. In this part of the thesis a regression model is built to test the influence of the chosen variables on the listed company's actual performances. Through this the author tries to make clear the direction of China's realty industry listed companies' capital structure optimization to direct China's realty industry listed companies to arrange their financing policies and optimize their capital structure reasonably.
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