新形势下我国房地产上市公司资本结构的优化研究

摘要自资本结构理论诞生以来，对企业资本结构问题的讨论就从未停止过，企业资本结构影响企业的融资成本、市场价值、治理结构，合理安全的资本结构是企业生存与发展的基本保证，也是企业实现价值最大化的关键。房地产业作为我国国民经济的支柱产业，带动了十几个相关产业的发展，同时在推动城市化、完善基础设施配套、推动就业等方面均起到积极的作用。2010年以来，全面加码的调控政策相继出台，在史上最严厉的调控背景下，开发商面临着严峻考验，银行贷款、信托渠道融资和股票市场融资等渠道不断收紧，以银行贷款为主要融资渠道的房地产开发企业，普遍面临着资金紧张的压力。此时对房地产企业的资本结构进行分析，调整其融资结构，进而预防其资金链断裂便显得尤为重要。60149

本文在对主流的资本结构理论和现有的国内外研究分析基础上。以房地产上市公司为研究对象，分析其资本结构现状以及存在的共性问题，为房地产上市公司资本结构优化提供方向；然后通过线性回归分析的方法分析影响资本结构因素的主要因素，为资本结构优化提供途径参考；最后给出具体的资本结构优化措施的建议，使资产负债率可以降低到合理安全的水平。希望可以给我国房地产上市公司应对新的宏观调控形势提供参考。

关键词：房地产上市公司资本结构影响因素

毕业论文外文摘要

Title Study on the optimization of China's real estate listed Companies capital structure under the macro-control

Abstract

Since the birth of the theory of capital structure, discussion on the issue of enterprise capital structure has never stopped, the influence of capital structure on corporate financing cost, market value, corporate governance structure, the reasonable capital structure safety is the basic guarantee for enterprise survival and development, but also is a key enterprise realize the value maximization. The real estate industry as a pillar industry of our national economy, which leads to the development of dozens of related industries, and in promoting the city, improve infrastructure, promote employment plays a positive role in. Since 2010, regulatory policy full price promulgated, regulation of the background in the history of the most severe, developers are facing a severe test, bank loans, the trust financing and stock market financing channels continue to tighten, to bank loans as the main financing channels of real estate development enterprises, universal facing funding stress. The capital structure of real estate enterprises are analyzed, adjust the financing structure, it is very important to prevent capital chain rupture.

Based on the theory of capital structure to the mainstream and the existing research at home and abroad on the basis of analysis. To the real estate listing Corporation as the research object, analyzes the capital structure of the status quo and existing problems, provide direction for the real estate listing Corporation capital structure optimization; and then through the method of linear regression analysis of the main factors of the influence factors of capital structure, capital structure optimization methods; finally give a specific capital structure optimization measures, asset-liability ratio can be reduced to a reasonable level of security. Can provide a reference for our country real estate listing Corporation to respond to the new macro-control situation.

Keywords: The real estate listing Corporation capital structure influence factor

1绪论新形势下我国房地产上市公司资本结构的优化研究:http://www.youerw.com/kuaiji/lunwen_65536.html