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摘要：资本结构问题是一个具有重大理论价值和实践意义的研究课题，它不仅影响公司的资本成本和公司绩效，而且影响公司的治理结构(公司相关利益者的利益权衡契约的关系)。如何合理地安排上市公司的资本结构以使其绩效达到最优水平是公司金融实践中的重要课题。资本结构问题在西方已经形成了一套比较成熟的理论，为公司金融实践提供了有益的指导。然而，国外的资本结构理论以公司治理结构较为完善、资本多元化、资金来源充足稳定作为前提条件，并以发达的商品经济为基础，其主要目标是在既定的经济和金融体制下研究资本结构的优化方法。
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上市公司资本结构与公司绩效的研究是经济发展的必然产物。随着我国市场经济的不断完善，公司制度的不断规范，公司资本结构的合理性探讨成为了理论界和实务界的研究热点。本文选择房地产行业作为研究样本是因为房地产行业同时大幅影响其他众多行业，例如：水泥、运输、钢铁、建材、建筑机械、物业管理等；且房地产行业产值巨大，占国民经济比重较大，是当前我国经济的重要组成部分。4264
关键词： 资本结构；上市公司；绩效分析；房地产公司4264
The capital structure of listed companies in the impact analysis for performance
Abstract：Capital structure is a problem of great theoretical and practical significance of the research topic, it not only affects the company's cost of capital and corporate performance, but also affects the company's governance structure (the stakeholders trade-offs contractual relationship).It is an important issue for the companies at the time of their finance practice to make reasonable arrangements for the capital structure of listed companies in order to make optimal level of performance. Capital Structure in the West has formed a relatively mature theory of corporate finance practice provides useful guidance. However, foreign capital structure theory to corporate governance structure better, capital diversification, adequate and stable sources of funding as a prerequisite, and developed commodity-based economy, whose main objective is the economic and financial system established under the Capital Structure Research optimization method.
Capital Structure and Corporate Performance study is the inevitable product of economic development. As China's market economy continues to improve, companies continue to regulate the system, the company's capital structure Rationality of theory and practice has become the hot spot. Select the real estate industry as a research paper sample is because the real estate industry significantly affects many other industries, such as: cement, transportation, steel, building materials, construction machinery, property management, etc.; great value and the real estate industry, accounting for a larger proportion of the national economy, is the current an important part of our economy
Key Words：Capital structure; listed companies; Performance analysis；property company
目录
引言： 2
一 资本结构以及公司绩效理论概述 3
（一）资本结构的概念 3
（二）资本结构理论发展 3
1、早期资本结构理论 3
2、经典资本结构理论 4
3、现代资本结构理论 5
（三）企业经营绩效与融资结构关系 5
1、企业经营绩效 5
2、企业经营绩效与融资结构关系 5
二、我国上市公司资本结构的不足 6
（一）融资结构不合理，偏好股权融资 6
1、外部融资比重大，内部融资比例小 6