文档介绍：毕业论文(设计)
题目债务融资对我国上市公司经营绩效
的影响研究——以房地产行业为例
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专业班级
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The Research about the Effect of debt financing on real estate panies performance in china
摘要
关于债务融资对公司绩效的影响研究,早在上世纪50年代就开始了。西方学者们先后提出了经典融资结构理论、现代融资结构理论和后资本结构理论,对融资结构理论的发展做出了巨大贡献。融资结构理论发展到如今虽然依旧存在百家争鸣的现象,但基本趋向于成熟。各学派都一致认为,企业通过合理安排负债结构,有利于提高经营绩效。近十几年,我国房产业的发展突飞猛进,具有资金髙度密集和风险积聚的特征。但是,我国房地产行业发展并不成熟,与其他行业相比,存在资产负债率偏高、融资渠道单一、过分依靠银行借款等融资弊端。
本文以资本结构理论为基础,综合国内外研究现状,从债务的总体规模、期限长短以及来源结构三方面探讨负债融资对公司绩效的影响。本文采用理论与实证结合的方法,选取49个房地产上市公司2010-2012三年的面板数据为样本,以净资产收益率作为被解释变量,资产负债率、短期负债率、长期负债率、商业信用率、银行借款率作为解释变量,资产规模和主营业务收入增长率作为控制变量,在对变量描述性分析的基础上,通过构建模型,利用多元回归分析得出解释变量与被解释变量之间的相关性。
实证结果如下:资产负债率、短期负债率、商业信用率对房地产上市公司绩效的影响为负,长期负债率、银行借款率对房地产上市公司绩效的影响为正,其中长期负债率的正向影响不显著。
基于上述结论,本文对房地产上市公司提出了调整资产负债率、优化负债结构、加强规模化发展、培育多元化融资渠道等建议,对加快实现产业结构调整,增强房地产企业可持续发展能力具有一定的实践意义。
关键词房地产上市公司;债务融资;公司绩效
Abstract
Research on the impact of debt financing on the operating performance, as early as the 1950s began. Western scholars have proposed financing structure of classical theory, modern finance theory and the structure of the capital structure, financing structure for the development of the theory made a great contribution. To the present, the basic structure theory of financing has matured. While contending phenomenon exists, but each school agreed that reasonable arrangements through corporate debt financing structure, to improve the operating performance of great help. In recent years, the rapid development of China's real estate industry, with capital-intensive and Gao degree of risk accumulation of industry characteristics. Over the last decade, the rapid development of China's housing industry, with capital-intensive and Gao degree of risk accumulation characteristics. However, the development of China's real estate industry is not mature, compared with other industries, there is a high rate of assets and liabilities, financing channels for a single, over-dependence on bank loans and other financing drawbacks.
In this paper,