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摘要融资结构的优化不仅可以一定程度上降低公司的融资成本，还可以增加公司的核心竞争力和抵抗风险的能力，最重要的是也会一定程度上增加公司的经营利润与绩效。因此选择分析房地产行业公司的融资结构情况对公司后续的发展具有十分重要的实际意义。本研究着眼于房地产行业上市公司披露的财务指标，用理论分析与实证研究相结合的方法，通过计量经济学软件的辅助分析，得出的结论为：（1）公司的资产负债率与经营绩效呈负相关关系；（2）公司的流动负债率与经营绩效呈负相关关系；（3）第一控股大股东的股本持有比例对公司的经营绩效影响相对较小。所以,公司融资结构和公司经营绩效之间整体上负相关。19431
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关键词： 房地产行业 融资结构 经营绩效
毕业论文外文摘要
Title The Empirical Research on the Influence of Financing Structure to the Operating Performance of the Real Estate Industry
Abstract
The optimization of financing structure can not only reduce the financing costs of the enterprise,but also can increase the enterprise’s core competitiveness and risk resistance ability.And the most important is it also can increase the business profits and performance of the enterprise. Therefore,analyzing the real estate company's financing structure for subsequent development has important and practical significance.This research focuses on the real estate industry listed companies to disclose the relevant financial indicators,using theoretical analysis and empirical research method of combining the analysis of the auxiliary econometric software,the conclusions of the research for the real estate industry can be pided into three categories:(1)The debt-to-assets ratio of a company is negatively related to the business performance; (2)The LIQDR of a company is negatively related to the business performance; (3)The shareholding ratio of the the first majority shareholder has small impacts on the company's business performance. So the company’s financing structure has a nagative impact on the business performance On the whole.
Keywords Real estate Financing structure Business performance
目 次
1 引言 5
1.1 研究背景与意义 5
1.2 研究思路与方法 6
1.2.1 研究思路 6
1.2.2 研究方法 6
2 国内外文献综述 7
2.1 国外研究现状 7
2.2 国内研究现状 8
2.3 简要评述 9
3 房地产上市公司融资结构对经营绩效影响的理论分析 11
3.1 融资结构的相关理论 11
3.2 融资结构与经营绩效的理论关系 13
4 房地产上市公司融资结构对经营绩效影响的实证分析 15
4.1 理论假设 15
4.2 选取变量和样本数据 15
4.2.1 变量选取 15
4.2.2 样本数据选取 16
4.3 建立模型 17