摘要在MM定理之后，融资优序理论，也即Myers和Majluf在1984年提出的啄食顺序理论逐渐的成为探究现代公司融资行为模式的其中一个重要的理论分支。优序融资理论的内容是：融资的顺序为先是内部融资，之后是债务融资，最后才是股权融资。在20世纪90年代以后，我们的优序融资理论逐渐成为研究企业金融方面的实证研究的重点课题。本文选取了在沪深两市A股上市的95家房地产公司作为研究样本，以2013年到2015年的财务数据为基础，对优序融资理论进行了实证检验，得出了我国房地产公司存在严重的“股权偏好”现象的结论，与优序理论不符。而进一步的研究发现，当风险增大时，面对资金的缺口，我国房地产上市公司选择股权融资的比例会增大，这一点则与优序融资理论的情况部分吻合。与此同时，对其做出显著性检验，探究公司规模和上市年数这二个变量是否有显著性。最后，本文提出了如何优化中国房地产上市公司的几点融资策略。83782

毕业论文关键词  优序融资理论  房地产上市公司  融资偏好

毕 业 论 文 外 文 摘 要

Title    The application status and reflections of the Pecking Order Theory               for listed real estate companies in China                   

Abstract After the MM theorem, the optimal sequence financing theory, namely by Myers and Majluf proposed in 1984 to pluck the theory gradually is becoming to explore the modern company financing behavior model of the important theoretical branch。 Optimal ordering theory content is: the order of the financing for the first internal financing, followed by debt financing, the last is equity financing。 After the 1990 s, our optimal sequence financing theory becomes the focus of the research enterprise financial aspects of the empirical research topic。 This article selects the a-share listed in Shanghai and Shenzhen two cities of 95 real estate companies as the research sample, in 2013 to 2015 financial data as the foundation, has carried on the empirical test to optimal sequence financing theory, it is concluded that the our country real estate company exists serious phenomenon of equity preference, do not tally with the optimal ordering theory。 And further studies have found that when the risk is not at the same time, facing the funding gap, choose equity financing of listed companies of real estate in our country will increase, the proportion of this is in accordance with the optimal ordering theory of part。 At the same time, the significance test, to explore the listed company size and the number of years these two variables are significant。 Finally, this paper puts forward many suggestions on how to optimize China's real estate listed company of financing strategy。 

Keywords  Pecking order theory  Real estate listing corporation  Financing preference

目次

1  绪论 1

1。1  研究背景 1

1。2  研究意义 1

1。3  研究内容与结构 2

1。4  本文的研究方法及创新点 3

2  理论阐述与文献综述 4

2。1  资本结构的理论阐述 4

2。2  优序融资理论的文献综述 8

3  优序融资理论在中国房地产市场的实证分析 11

3。1  模型的选择 11