摘要跟国外已较为成熟的资本市场相比，我国资本市场起步较晚，导致我国资本市场的成长缓慢，企业在管理规制上存在缺陷，由于各行各业的法律制度制定都不太完善，影响我国上市企业资本结构因素问题就更加复杂。作为关系国计民生的重要行业房地产行业来说，除金融行业之外整个房地产开发过程所要用到的金融工具是最为复杂繁琐的。合理的资本构成对改进企业的治理结构、企业规制的规范、企业价值提升都是及其有利的。资本结构决策是企业决策的核心，它不仅影响着企业重要财务方面的决策，在对企业的价值提升、企业的绩效考核、企业的治理机制和企业的战略方向都有着较大的影响，所以合理的资本布局与设置对房地产上市公司业绩和公司成长起着决定性的作用。

企业大小、获利能力和筹划能力等因素都会影响资本格局发生改变。本文优先分析了房地产上市公司资本构成，论述了影响房地产上市公司资本结构的主要原因，说明了资本构成对房地产上市公司的牵动性，表述了房地产上市公司资本构成优化分析和解决办法，得出资本结构对房地产上市公司的至关重要影响的结论。52404

毕业论文关键词：资本结构  房地产上市公司  融资结构 资产负债率

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Abstract:eal estate development and the construction of commercial and residential buildings largely determine the future spatial distribution of job and residential locations, thereby giving public planners an instrument with which they can steer urbanization. This paper measures whether the real estate development and urban management planning process, in terms of construction permits, enables a relationship between commercial and residential real estate developments and thus between future job and residential locations.We use data on construction permits for the Netherlands 

over 1990–2012. Our conclusion is that the real estate development and urban planning process, in terms of construction permits, allows a complementary effect between commercial and residential real estate developments. A one per cent increase in commercial real estate development permits leads to a 0.35 per cent increase in residential real estate development permits. Finally, the data reveal differences across regions suggesting that different local factors are at work.

Keywords ：Real estate development;     Housing market Commercial market;            Panel error-correction model;  Financing structure;    

目  录

 绪论 1

   （一）研究背景及意义 1

   （二）现状分析 1

       1.国外研究现状 1

       2.国内研究现状 2

  一、资本结构理论 3

   （一）资本结构定义 3

1.净收益理论 3

2.净营运收入理论 3

3.传统理论 3

4.MM理论 3

5.平衡理论 4

   （二）资本结构原理对我国企业的启发 4

1.有效健全和完善我国资本市场 4

2.鼓励企业适度举债，建立健全的债务约束机制 4