中国房地产上市公司资本结构分析
摘要
本文围绕我国房地产上市公司的资本结构现状展开分析，我国房地产行业负债比率很高、融资方法单一这些问题给企业带来一定的资本风险。而且现今楼价的不明朗、国家的调控、房地产泡沫膨胀影响了整个房地产业的发展。
本文通过对中国房地产上市公司2008-2010年样本数据，利用相关性分析以及广义最小二乘法，检验各因素对上市房地产公司资本结构的影响。
本文研究结果表明，房地产上市公司资本结构与盈利能力、经营能力、规模正相关。房地产上市公司资本结构与偿债能力负相关。房地产上市公司资本结构与成长性、股权结构不相关。结论说明我国房地产上市公司应努力改善资本结构，拓宽融资渠道，降低负债比重，提高偿债能力来有效优化管理以及防范资本杠杆风险。国家应该拓宽房地产行业的融资渠道，同时要规范好证券交易市场，确保信息的有效性和真实性。
关键词：资本结构；房地产；上市公司；影响因素
The Analysis on the Capital Structure of Public Company of Real Estate Industry in China
ABSTRACT
This paper is an analysis on the capital structure of public company of real estate industry in China. Nowadays, real estate has the shortages as the high asset-liability ratio and single financing method, which may make the company take a financial risk. And also, the instable property prices, national regulations as well as economic bubble are able to effect the development of real estate industry in China.
To test various factors on the listed company’s capital structure, 87 samples from 30 listed companies’2008-2010 financial statement are used correlation analysis and generalized least squares methods to model estimation and analysis
In this paper, the main conclusion of the study contains those as follows. First, profitability, management capacity, and company size have a positive impact on capital structure. Second, insolvent institutions have a negative impact on capital structure. Third, growth and concentrations are not significantly related with capital structure. The above shows that real estate listed companies should strive to improve the capital structure, broaden the financial channels, reduce the proportion of liabilities and improve the solvency in order to establish a more rigorous system of risk prevention. While, the nation ought to permit the real estate industry in China create more legal financial channels and manage negotiable securities strictly to insure the efficient and authenticity
Key words: capital structure; real estate industry; listed company; influencing factor
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