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摘要：负债经营对于企业来说是把双刃剑。企业通过负债可以扩大经营，带来超额利润。可以降低企业的综合资金成本，保持企业的控制权。但是，也正是因为负债，增大了企业经营的风险，减少了股东的财富，严重的，会带来财务杠杆的反作用，甚至会造成企业的破产。不同行业，甚至同一行业的不同公司，负债对于公司的价值都会产生不同的影响。40592
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本文以房地产行业为主要的研究对象，对负债与公司价值的关系进行了探讨。文章选取了52家具有代表性的上市公司作为文章的研究样本，以这52家公司2012-2014三年的年报为主要数据来源，以托宾Q为被解释变量，资产负债率、流动负债率、银行借款融资比例、第一大股东持股比例等为被解释变量，利用Excel对数据进行整理并通过SPSS软件，对房地产上市公司的负债对企业价值影响进行实证研究，得出以下结论：第一，房地产上市公司资产负债率与企业价值负相关；第二，房地产上市公司流动负债率与企业价值负相关；第三，房地产上市公司银行借款融资比例对企业价值没有显著性影响；第四，房地产上市公司第一大股东持股比例与企业价值负相关。在文章最后，基于上述研究结论，并结合我国目前的经济状况，对房地产行业未来的发展提出相关政策建议。
毕业论文关键词：负债；企业价值；房地产上市公司；相关性分析；政策建议
Effect of Operation on Borrowings on Company Values ----A Case Study of Real Estate Industry
Abstract: Operation on borrowings is a double-edged sword for enterprises. Enterprises can expand their business through borrowings for achieving excess profit. It can reduce the comprehensive cost of capital and remain the control power of enterprises. However, it is because of liabilities, it increases the risk for enterprise management, reduces the wealth of shareholders and seriously bring counteractive to financial leverage, and even may lead to the bankruptcy of enterprises. In terms of company values, different industries, even different companies in the same industry may be affected differently by liabilities.
In the paper, real estate industry is taken as tine major research object. In the beginning of the paper, it briefly introduced the research background and the writing ideas, and induction and deduction method and experimental analysis are used in the paper. In the second part, it narrated some theoretical information about liabilities and enterprise values and briefly illustrated the characteristics of real estate industry. The third part is the focus of the paper, 52 representative listed companies are selected as the research samples of the study. The annual reports from 2012 to 2014 of these companies are collected, taking Tobin’s Q as the explanatory variables, while asset-liability ratio, current-debt ratio, the proportion of bank loan financing, and the shareholding proportion of the largest shareholders are regarded as the explained variables in the experimental study on the effect of liability of listed company on the enterprise value. Excel is used to analyze data while SPSS software is used to make relevant studies. The findings of the study are: firstly, the asset-liability ratio of listed real estate enterprises is negative correlated with the enterprise value; secondly, the current-debt ratio of listed real estate enterprises is negative correlated with enterprise value; thirdly, the shareholding proportion of the largest shareholders of listed real estate enterprises is no significant influences to enterprise value; fourthly, the shareholding proportion of the largest shareholders of listed real estate enterprises is negative correlated with enterprise value. Lastly, based on the research results mentioned in the previous parts, combing with the current economic status in China, relevant suggestions and policies are proposed for the development of real estate industry.