文档介绍：山西财经大学
硕士学位论文
我国房地产上市公司资本结构与经营业绩关系实证研究
姓名:赵海平
申请学位级别:硕士
专业:会计学
指导教师:刘小明
2010-06-10
摘要
资本结构是衡量上市公司财务状况和经营能力的重要方面,企业资本结构
是否合理直接关系到生产经营活动的顺利进行,关系到企业的盈利状况,关系
到企业的生存与发展。日益增多的上市公司已经成为我国经济的“晴雨表”。本
文的研究主题是我国房地产上市公司资本结构与经营业绩之间的关系。
首先,本文概述了资本结构的理论,包括理论、均衡理论、新优序融资
理论、代理成本理论、信号传递理论。
其次,结合我国的实际情况,分析总结了我国房地产上市公司资本结构和
经营业绩的现状。通过对我国房地产上市公司资本结构特征的研究,发现我国
房地产上市公司存在如下问题负债结构不合理,流动负债水平偏高;强烈的股
权融资偏好,忽视债券融资;内源融资比率低。
再次,本文对我国房地产上市公司的资本结构与经营业绩作了实证研究,
研究结果发现:净利润率与内源融资比例正相关;与第一大股东持股比例正相
关;与股权比例正相关;与流通股比例负相关;与资产负债率负相关。
最后,对优化我国房地产上市公司资本结构提出了建议培育机构投资者;
改革和完善金融体制;加强权益资本成本核算;注重公司的行业特征;注重公
司的盈利能力。

【关键词】房地产上市公司资本结构经营业绩

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Abstract
The capital structure of panies is an important aspect to measure the financial
condition and operating capabilities. Corporate capital structure is reasonable or not directly related
to the production and management activities carried out smoothly, related to the corporate earnings
situation, related to the enterprise's survival and development. A growing number of listed
companies has e our economy's “barometer”. The theme of this paper is that the relationship
of China's real estate capital structure of panies and business performance.
This paper first outlines the theory of capital structure, including the MM theory, equilibrium
theory, the new capital structure theory, the new pecking order theory, agency cost theory, signaling
theory. Then, combined with China's actual conditions, analyzed and summarized China's real estate
pany's capital structure and operating performance of the status. Through the study of the
capital structure of panies in China found that panies in China have the
following problems: debt structure is irrational, high levels of current liabilities; a strong preference
for equity financing; ignore the bond financing; endogenous financing rate is less.
In this paper, I used empirical study to analyze the real estate panies' capital structure
and op