摘要一般认为，不同股权结构企业由于融资约束不同，在相同条件下，会有不同的融资渠道选择。本文主要根据股权结构中国有控股比例进行划分总类，选取国有控股比例很高的企业代表国有控股的房地产上市企业，选取国有控股比例很低甚至基本没有国有控股的房地产上市企业代表非国有控股房地产上市企业，考察2003年至2012年近十年宏观政策趋紧的情况下，这两种企业融资渠道的变化，并对两者进行比较分析发现，在相同的宏观政策调控下：第一，国有控股企业与非国有控股企业相比，融资渠道的变化受宏观政策影响较小，特别是在银行借款方面；第二，非国有控股企业的股权融资是主要的资金来源，而且其所占比例在宏观经济调控的影响下变动较小。63985

毕业论文关键词  融资渠道 宏观调控 股权结构

毕 业 论 文 外 文 摘 要

Title    Macroeconomic regulation and control of real estate enterprises under different financing channels to change - based on the equity structure of the analysis 

Abstract

It is generally believed that different enterprises of different ownership structure due to funding constraints, under the same conditions, have different financing channels choices. In this paper, according to the ownership structure of China is pided by the total proportion controlled class, select holding a high proportion of state-owned enterprises on behalf of the state holding listed real estate enterprise, the selection of state-owned holding proportion is very low even basic no state-owned listed real estate companies on behalf of the non-state owned real estate listed companies, investigation from 2003 to 2012, nearly a decade of macro policy tightening, the two enterprises financing channels, and carries on the comparison to the analysis, found that under the same macro policy: first, the state holding enterprise compared with non-state holding companies, the financing channels of the change is less affected by the macro policies, especially in the case of bank loan; Second, the non-state-owned holding companies equity financing is the main source of funds, and the proportion of smaller changes under the influence of macroeconomic regulation and control. 

Keywords  Macro financing channels  Macroeconomic regulation   control structure 

 目   次

1  绪论 1

1.1  研究背景和目的 1

1.2  研究内容和研究方法 1

1.3  主要创新点 1

2  文献综述 2

3  宏观调控与房地产企业融资渠道变迁的理论分析 5

3.1  近十多年来有关房地产的宏观政策趋势分析 5

3.2  宏观调控下不同企业融资约束与变迁分析 6

4  实证分析 9

4.1  样本选取 9

4.2  国有控股房地产上市企业的融资渠道变迁 9

4.3  非国有控股房地产上市企业的融资渠道变迁 13

4.4  不同类型的上市房地产企业融资分配的比较 17

结  论 19

致  谢 20

参考文献 21

附录： 22

1绪论

1.1研究背景和目的