【正文】
畢 業(yè) 論 文 題 目:房地產(chǎn)上市公司資本結(jié)構(gòu)對(duì)經(jīng)營業(yè)績的影響——以萬科地產(chǎn)為例 目 錄摘要……………………………………………………………………………ⅠAbstract………………………………………………………………………Ⅱ前言……………………………………………………………………………1一、資本結(jié)構(gòu)與經(jīng)營業(yè)績的涵義……………………………………………2(一)資本結(jié)構(gòu)………………………………………………………………2(二)經(jīng)營業(yè)績………………………………………………………………2二、房地產(chǎn)上市公司資本結(jié)構(gòu)基本現(xiàn)狀……………………………………2(一)融資方式單一…………………………………………………………2(二)資產(chǎn)負(fù)債率偏高,短期負(fù)債占較大比重 …………………………2(三)股權(quán)集中度較高,國有控股比例較高………………………………3(四)債權(quán)主體過于單一……………………………………………………3三、房地產(chǎn)上市公司資本結(jié)構(gòu)對(duì)經(jīng)營業(yè)績影響的實(shí)證分析………………3(一)樣本的選取……………………………………………………………3(二)數(shù)據(jù)的來源……………………………………………………………3(三)各個(gè)指標(biāo)的選擇………………………………………………………3……………………………………………………………3………………………………………………………………4………………………………………………………………4(四)對(duì)樣本數(shù)據(jù)指標(biāo)的統(tǒng)計(jì)性描述………………………………………4(五)模型的構(gòu)建……………………………………………………………5(六)樣本各變量的相關(guān)性分析數(shù)據(jù)………………………………………5(七)樣本各變量的回歸分析數(shù)據(jù)…………………………………………6……………………………………………………………6………………………………………………………7(八)對(duì)實(shí)證結(jié)果的分析……………………………………………………8……………………………………………………9“硬約束”作用失靈…………………………………………9,融資渠道單一……………………………………9………………………………………………10四、房地產(chǎn)上市公司完善資本結(jié)構(gòu),提高經(jīng)營業(yè)績的建議………………10(一)控制房地產(chǎn)公司的負(fù)債比率…………………………………………10(二)大力發(fā)展多渠道的融資方式…………………………………………10(三)調(diào)整房地產(chǎn)公司的負(fù)債結(jié)構(gòu)…………………………………………11(四)加強(qiáng)培育機(jī)構(gòu)投資者…………………………………………………11結(jié)論……………………………………………………………………………12參考文獻(xiàn)………………………………………………………………………13致謝……………………………………………………………………………14房地產(chǎn)上市公司資本結(jié)構(gòu)對(duì)經(jīng)營業(yè)績的影響 ——以萬科地產(chǎn)為例【摘要】在近幾年的發(fā)展中,房地產(chǎn)行業(yè)展現(xiàn)出迅猛發(fā)展的態(tài)勢,并且對(duì)我國國民經(jīng)濟(jì)的影響力日益加大。資本結(jié)構(gòu)能夠體現(xiàn)出企業(yè)的相關(guān)利益者的權(quán)利與義務(wù)。企業(yè)資本結(jié)構(gòu)對(duì)經(jīng)營業(yè)績的影響如何,一直都是各國學(xué)者研究的主要內(nèi)容。本文首先梳理了資本結(jié)構(gòu)與經(jīng)營業(yè)績相關(guān)概念,在此基礎(chǔ)之上,進(jìn)一步分析了房地產(chǎn)上市公司資本結(jié)構(gòu)現(xiàn)狀,選擇以萬科地產(chǎn)為例,選取多個(gè)指標(biāo)對(duì)萬科地產(chǎn)的資本結(jié)構(gòu)對(duì)其經(jīng)營業(yè)績的影響進(jìn)行分析,根據(jù)分析結(jié)果,進(jìn)一步提出了如何優(yōu)化房地產(chǎn)上市公司資本結(jié)構(gòu),從而提高企業(yè)經(jīng)營業(yè)績的對(duì)策和建議?!娟P(guān)鍵詞】房地產(chǎn)上市公司 資本結(jié)構(gòu) 經(jīng)營業(yè)績 萬科地產(chǎn)The Impact on Operating Performance Resulted from the Capital Structure of Real Estate Listed Company——Take Vanke as an exampleMajor:Accounting Class 5,Grade 2010 Li JiangxueTutor:Jin Zhenji【Abstract】In recent years, with the rapid development of China’s real estate market, the real estate listed panies are playing more and more important role in our national economy. Capital structure can reflect the rights and obligations of the business stakeholders. Scholars at home and abroad are studying the impact on operating performance resulted from the capital structure all the time. This paper first introduces the concept of capital structure and business performance. Then the paper analyzes the capital structure of the real estate listed corporation. Take Vanke as an example. The paper chooses some indicators to study the result of operating performance influenced by capital structure. According to the study, the paper gives some suggestions on optimizing the capital structure of real estate listed panies to improve the panies’ business performance.【Key words】the Real Estate Listing Corporation Capital Structure