房地产上市公司资本结构和公司盈利互动关系的实证研究会计学专业论文.docxVIP

Abstract Abstract The interactive relation between capital structure and corporate profit is examined through the overall debt structure, debt maturity structure, and debt source structure by using the fixed model and simultaneous equation with the unbalanced data of Chinese property listed companies from 1998 to 2004. The result shows the capital structure has the interactive relation with the corporate profit, no matter through overall debt structure, debt maturity structure and debt source structure anglicizing the current or the lagged data of the capital structure. The relation is different in different period. The profitable enterprises use more debt for enough interior funds. The choice is uncertain to the debt maturity, but the enterprises have the different preference to the different source of debt. The differences among debt level, debt maturity, and debt source result in different corporate profit. The government role of capital structure doesn’t work as expected. The overall debt structure, debt maturity structure and debt source structure are affected by traditions to certain extent. Compared with the same sectors in other developed and developing countries and region, the level of debt of Chinese property listed companies is relative high, and the level of corporate profit is relative low. Keywords Capital Structure Debt Maturity Structure Debt Source Structure Corporate Profit Simultaneous Equation 目 录 目 录 前 言…………………………………………………………………………………………1 第 1 章 资本结构理论和实证研究文献回顾………………………………………………3 1.1 理论文献回顾 ……………………………………………………………………3 1.1.1 基本资本结构理论……………………………………………………………3 1.1.2 负债期限假说…………………………………………………………………4 1.1.3 负债来源影响因素……………………………………………………………5 1.2 实证文献回顾……………………………………………………………………6 第 2 章 我国房地产上市公司资本结构和公司盈利状况分析……………………………10 第 3 章 我国房地产上市公司资本结构和公司盈利关系模型检验………………………14 3.1 研究假设和基本模型建立…………………………………………………………14 3.1.1 研究假设………………………………………………………………………14 3.1.2 基本模型建立…………………………………………………………………15 3.2 变量选取和说明……………………………………………………………………16 3.3 样本选择…………………………………………………………………………