【正文】 分類號(hào):C939密級(jí): 無單位代碼:10335學(xué) 號(hào):21012188碩士學(xué)位論文中文論文題目:房地產(chǎn)開發(fā)企業(yè)資本結(jié)構(gòu)對(duì)公司績(jī)效的影響及其伏化研究
英文論文題目:Research of the capital structure39。s impact oncorporate performance for real estate enterpriseand its optimization
專業(yè)名稱:工程管理(土木工程管理方向)研究方向: 房地產(chǎn)經(jīng)濟(jì)與管理論文提交日期2013年3月房地產(chǎn)開發(fā)企業(yè)資本結(jié)構(gòu)對(duì)公司績(jī)效的影響及其優(yōu)化研究論文作者簽名:?7
指導(dǎo)教師簽名:i論文評(píng)閱人1: 隱名1評(píng)閱人2: 隱名2評(píng)閱人3: 隱名3評(píng)閱人4:
評(píng)閱人5:答辯委員會(huì)主席委員委員委員委員委員阮連法 研究員馬純杰浙江大學(xué)毛義華 教授浙江大學(xué)溫海珍 副教授浙江大學(xué)討教授浙江大學(xué)崔新明 教授級(jí)高工世貿(mào)協(xié)按地產(chǎn)答辯日期: 2013年3月6日浙江大學(xué)研究生學(xué)位論文獨(dú)創(chuàng)性聲明本人聲明所呈交的學(xué)位論文是本人在導(dǎo)師指導(dǎo)下進(jìn)行的研究工作及取得的研究成果。除了文中特別加以標(biāo)注和致謝的地方外,論文中不包含其他人已經(jīng)發(fā)表或撰寫過的研究成果,也不包含為獲得浙江大學(xué)或其他教育機(jī)構(gòu)的學(xué)位或證書而使用過的材料。與我一同工作的同志對(duì)本研究所做的任何貢獻(xiàn)均已在論文中作了明確的說明并表示謝意。學(xué)位論文作者簽名:1/ ‘ 簽字曰期:年4月曰本學(xué)位論文作者完全了解浙江大學(xué)有權(quán)保留并向國(guó)家有關(guān)部門或機(jī)抅送交本論文的復(fù)印件和磁盤,允許論文被查閱和借閱。本人授權(quán)浙江大學(xué)可以將學(xué)位論文的全部或部分內(nèi)容編入有關(guān)數(shù)據(jù)庫(kù)進(jìn)行檢索和傳播,可以采用影印、縮印或掃描等復(fù)制手段保存、匯編學(xué)位論文。(保密的學(xué)位論文在解密后適用本授權(quán)書)學(xué)位論文版權(quán)使用授權(quán)書浙江大學(xué)碩士學(xué)位論文致謝致謝白駒過隙,歲月如梭,俯仰間研究生學(xué)習(xí)生涯即將結(jié)朿?；厥紫騺?念及恩師教海、同門親情、同學(xué)友情,所受恩惠頗多,在此謹(jǐn)致謝忱。感謝我的恩師毛義華教授。不管是研究生學(xué)習(xí)生涯中,還是本文寫作中,毛老師始終對(duì)我嚴(yán)格要求,不斷為我答疑解惑,鼓勵(lì)我大膽創(chuàng)新,引導(dǎo)我開闊思路,敦促我精益求精,這不僅提高了我的知識(shí)水平、研究能力,更加鍛煉了我積極的心態(tài),細(xì)致的作風(fēng)和嚴(yán)謹(jǐn)?shù)钠焚|(zhì),使我受益匪淺。感謝工程管理研究所阮連法研究員、溫海珍副教授、秦中伏副教授、周堅(jiān)副教授、馬純杰副教授、張凌副教授和俞洪良講師,所傳授的知識(shí)和給予的指導(dǎo),這些為我的論文寫作奠定了良好的理論基礎(chǔ)。感謝陪伴我兩年多的同窗好友、師兄師姐、師弟師妹。感謝他們?cè)趯W(xué)習(xí)中、生活中給予我的幫助。他們的建議、鼓勵(lì)和幫助是我順利完成學(xué)業(yè)、不斷自我提升的支持。特別感謝我的家人。感謝他們?cè)谖已芯可鷮W(xué)習(xí)生涯中給予的無私幫助和支持。最后,向評(píng)閱和出席本人論文答辯的各位專家表示誠(chéng)摯的謝意!許拓壬辰年冬?啟真湖畔浙江大學(xué)碩士學(xué)位論文摘要摘要房地產(chǎn)業(yè)屬于資金密集、業(yè)務(wù)周期長(zhǎng),受宏觀經(jīng)濟(jì)和政策調(diào)控影響較大的行業(yè),好的資本結(jié)構(gòu)非常關(guān)鍵。當(dāng)前,我國(guó)房地產(chǎn)市場(chǎng)處于行業(yè)整合和轉(zhuǎn)型井級(jí)的關(guān)鍵時(shí)期,房地產(chǎn)開發(fā)企業(yè)必須不斷的提升管理水平,提高公司績(jī)效才能取得長(zhǎng)遠(yuǎn)發(fā)展。因此,研究我國(guó)房地產(chǎn)開發(fā)企業(yè)資本結(jié)構(gòu)對(duì)公司績(jī)效的影響,并基于公司績(jī)效對(duì)資本結(jié)構(gòu)進(jìn)行優(yōu)化非常有必要。本研究即圍繞如何對(duì)房地產(chǎn)開發(fā)企業(yè)進(jìn)行資本結(jié)構(gòu)優(yōu)化的中心,首先對(duì)已有研究進(jìn)行了理論分析,并研究了我國(guó)房地產(chǎn)開發(fā)企業(yè)資本結(jié)構(gòu)和公司績(jī)效的現(xiàn)狀,然后建立了資本結(jié)構(gòu)對(duì)公司績(jī)效的影響模型,還進(jìn)行了實(shí)證檢驗(yàn),以驗(yàn)證資本結(jié)構(gòu)是否能通過影響房地產(chǎn)企業(yè)的盈利能力、償債能力、發(fā)展能力、營(yíng)運(yùn)能力、現(xiàn)金能力影響公司績(jī)效。其次,構(gòu)建公司績(jī)效的量化模型,用因子分析法求得綜合因子得分值作為公司績(jī)效的量化值。再次,分別構(gòu)建資本結(jié)構(gòu)的三個(gè)方面即融資結(jié)構(gòu)、債務(wù)結(jié)抅、股權(quán)結(jié)構(gòu)和公司績(jī)效量化值之間的回歸模型,并進(jìn)行檢驗(yàn),以求得其函數(shù)關(guān)系。最后,根據(jù)通過驗(yàn)證的函數(shù)關(guān)系,測(cè)算資本結(jié)抅的優(yōu)化目標(biāo),并據(jù)此提出我國(guó)房地產(chǎn)開發(fā)企業(yè)資本結(jié)構(gòu)的優(yōu)化建議。本研究表明我國(guó)房地產(chǎn)開發(fā)企業(yè)的資本結(jié)構(gòu)可以通過對(duì)盈利能力、償債能力的負(fù)向效用,對(duì)發(fā)展能力的正向效應(yīng)影響公司績(jī)效。不能通過影響營(yíng)運(yùn)能力和現(xiàn)金能力影響公司績(jī)效。本研究還表明融資結(jié)構(gòu)中負(fù)債融資可以提高公司績(jī)效,公司績(jī)效隨負(fù)債融資比例的增加先升高后降低,最優(yōu)負(fù)債融資比例范圍為[%,%]。債務(wù)結(jié)構(gòu)中短期負(fù)債融資會(huì)降低公司績(jī)效,公司績(jī)效隨短期負(fù)債增加先降低后提高,短期%以內(nèi)。股權(quán)結(jié)構(gòu)中,股權(quán)集中度和公司績(jī)效并無顯著的線性、二次、三次關(guān)系。國(guó)有控制會(huì)提升公司績(jī)效,公司績(jī)效會(huì)隨著國(guó)有控股比例的增加而先提升后降低,最佳國(guó)有控股比例范圍為[176。/。,%]。其它控制時(shí)股權(quán)集中度與公司績(jī)效并無顯著的關(guān)系。關(guān)鍵詞:房地產(chǎn)開發(fā)企業(yè),資本結(jié)構(gòu),公司績(jī)效,優(yōu)化浙江大寧碩十千位論文ABSTRACTABSTRACTThe real estate industry is a capitalintensive industry, its business cycle is longand is greater impacted by the macroeconomic and macrocontrol policies. So, goodcapital structures are critical to the development for the real estate enterprises and theindustry. At present, China39。s real estate market is in the critical period of industryconsolidation as well as industry restructuring and upgrading, so the real estateenterprises must continuously improve their management ability and improve thepany performance to get sustainable development. Therefore, it is necessary toresearch how the China real estate enterprises39。 capital structures affect the corporateperformance, and optimize the capital structure based on the pany performance.This paper will focus on how to optimize the capital structure of the real estateenterprises. First, this paper summaries the existing theory and study about capitalstructure and corporate performance of China real estate enterprises. Then this papercreates an impact model of enterprise39。s capital structure on corporate performance toverify whether the capital structure can affect the corporate performance of real estateenterprises by affecting the enterprises39。 profitability, solvency, development capacity,operational capability and cash ability. Secondly, this paper estates a quantitativemodel of corporate performance, and takes the prehensive factor score as thequantized value of corporate performance by factor analysis. Again, this paperrespectively estates the regression model about capital structure39。s three aspects oncorporate performance39。s quantized value, which is including the financing structure,the debt structure and the shareholding structure. Then test the mode丨 to get thefunction about the relationship between the capital structure and the corporateperformance. Finally, estimates the optimization goals of the capital structureaccording to the verified function, and then puts forward the optimizationremendations for the capital structures of China39。s real estate enterprises.This paper shows that, the capital structure can affect the real estate enterprisesperformance by the negative impact on profitability and solvency ability, and thepositive impact on development ability, and the capital structure can39。t affect the realestate enterprises39。 performance by operational capability and cash ability.This paper also shows that, the liabilities financing in the financing structure canimprove the corporate performance, and as the addition of the liabilities financing, theill浙江大學(xué)碩士予位論文ABSTRACTincreased amount of corporate performance will increase at first and then reduce, andthe optimal debt ratio is [%, %]. The shortterm liabilities financing will inthe debt structure will reduce the corporate performance, and the reduce amount ofcorporate performance will reduce at first and then increase, and the shorttermliabilities proportion should be controlled less than 15%. For the ownership structure,there is no significant relationship for ownership concentration and corporateperformance. State control will enhance the corporate performance, and the increasedamount of corporate performance will increase at first and then reduce, and theoptimal state control ratio is [%, %], and there is no significant relationshipfor ownership concentration and corporate performance when the other control styles.Key wo