房地产上市公司资本结构影响因素的实证研究——基于静态及动态Panel Data模型.docx

浙江大学硕士学位论文 浙江大学硕士学位论文 房地产上市公司资本结构影响因素的实证研究 Abst ract Capital structure is one of those critical issues among enterprise operating management，closely related to corporate govenance，growth，strategy,and firm value． How to decide the capital structure has become the‘‘capital structure puzzles’’baffling modem economists．Ever since 1 970s，factors which affect capital structure，closely related to the classific：ation of industries，have been widely researched and proven by the academe．In the research area of real estate industry,a large number of foreign scholars focuse on the project level for the capital structure study,1ack of attention to the factors from the company level．In China，real estate industry iS capital-intensive， which brings practical significance to study its leverage．Howbeit，the research starts later than foreign countries and is not deep enough in the area of real estate corporates’capital structure． With the references of other articles and circumstance the real estate industry facing to， this essay gets the sight into three issues：research into the capital structure and financing of our real estate industry and listed real estate corporates for the better understanding about the features of the capital structure in this area；using static Panel Data model，study the factors which affect capital structure with GLS or FGLS from the financial statistic examples of 36 listed real estate corporate from 1 999 to 2006； using dynamic adjustment Panel Data model and the lagged dependent variable as the instrument V撕able．estimate the capital structure adjustment model with GMM and further analyze the adjustment of the capital structure and the factors affecting it． This essay mainly includes the following conclusions：(1)The leverage of the real estate industry in China iS much higher than other industries and the leverage of the listed real estate corporates in A Share is much higher than that in Hong Kong．The capital structure of the listed real estate corp