房地产上市公司资本结构影响因素实证研究.doc

摘要 有关资本结构问题的研究一直是财务研究的重点。国内外学者对资本结构影响因素进行大量的实证研究，一致认为资本结构与行业分类密切相关。由于我国资本市场起步晚，发展不平衡，加之公司治理机制的缺陷，各行业法律体制也不健全，因此我国上市公司的资本结构影响因素是一个复杂的问题。房地产行业是关系我国国计民生的重要行业，因此研究房地产行业上市公司资本结构的影响因素，对于理解房地产企业的融资偏好和风险控制有重要指导意义。 本文首先介绍资本结构的主要理论，回顾中西方的研究现状；并结合房地产行业上市公司的特点，运用统计分析的方法，从融资渠道、资产负债率和流动负债率方面对房地产上市公司进行统计性分析；接着以资产负债率为因变量，从盈利能力、偿债能力、成长性、公司规模、担保比率、自由现金流量、股权集中度和独立董事比率等方面选取自变量对资本结构进行实证研究，实证分析表明房地行业上市公司的盈利能力、偿债能力、公司规模和担保比率与资产负债率的显著相关，其他因素与资产负债率相关性不显著，并进一步就假设与实证结果不一致的地方进行分析解释。最后在规范分析和实证分析结果的基础上，对优化房地产行业的资本结构提出了一些合理化议，希望能对我国房地产行业上市公司的进一步发展起到借鉴作用。 关键词　房地产上市公司；资本结构；影响因素 Abstract The research on capital structure has become one of the most critical issues of corporate finance. Many famous academics did a lot of empirical researches about the factors which affect capital structure. It was proved that the capital structure had a direct bearing on the classification of the industries. It has been only a few years since China’s capital market came into been, the development of capital market was unbalanced, the corporate governance of listed companies was flawed，and there are still many faultinesses in the law system, it’s even more difficult to study the capital structure of China, listed companies. Real estate industry is closely related to the macro economy. Thus studying the determinants of capital structure of China，listed real estate companies can be very helpful，both in terms of academic research and financial practice. This paper summarizes the status of the west research by introducing the main theories of capital structure. In addition, the paper uses the method of statistical analysis via combining the characteristics of the real estate industry. Then the paper gives the readers a picture of China’ s real estate financial system and the characteristics , aspects from the financing channel asset- liability ratio, and current debt ratio. Next，the dependent variable is set to asset-liability ratio，the independent variables are set to profitability, debt-paying ability, growth, the firm s