房地产企业债务结构与治理结构的研究要点分析.docVIP

重庆大学本科学生毕业论文 房地产企业债务结构与治理结构的研究  摘要 当房地产企业选择不同债务融资时，它将面临着不同的治理结构，债务结构与治理结构之间到底有何相关性，是本文研究的重点。本文首先对债务结构与治理结构的相关理论以及研究现状进行了比较分析。然后，理论分析了企业债务结构与治理结构的相关性。最后，在理论分析的基础上，选取我国房地产上市公司2007—2011年的有效样本数据，建立多元回归模型，在分析债务结构与治理结构的相关性的基础上，进一步分析债务期限结构与治理结构的关系。 研究结果表明：第一，房地产企业债务结构与治理结构密切相关。其中：资产负债率、短期负债比例和公司规模与公司治理效率显著正相关；自由现金流量比与治理效率显著负相关。第二，房地产上市公司治理结构与债务期限结构显著相关。其中：房地产上市公司第一大股东持股比例、国有股持股比例、企业高管人员持股、董事会规模均和企业自由现金流量比与公司债务显现结构显著负相关；房地产企业规模与债务期限结构显著正相关。并对此提出政策建议 关键词：房地产上市公司，债务融资，公司治理效率，债务期限结构  ABSTRACT When a real estate enterprise decides to get debt, it will also face forms of governance structure, this paper mainly researched the correlation between debt structure and governance structure .Firstly, this paper not only introduced the related theory of debt structure and governance structure, but also completely summarized present study status of them. Secondly, using theoretical to analysis the relevancy of enterprise debt structure and governance structure. At last, at the basis of theoretical analysis, this paper select the effective sample of Chinese real estate listed companies in 2005-2008 years, and establish multiple regression model, try to analysis of correlation of debt structure and governance structure. We conclude the results of the empirical study as follows: First, debt structure, company size, and governance structure closely related in real estate enterprise, of which: asset ratio and short-term liabilities scale is negative related the management efficiency; The enterprise free cash flow is negative related the management efficiency. Second, governance structure is significant related to debt maturity structure at real estate listed companies, of which: the proportion of the largest shareholders, State-owned shareholding percentage, enterprise of top executives shares，the enterprise free cash flow, the size of the board is negative related to the debt maturity; The company size and debt maturity structure are significant positive correlation. Thus, this pa