货币政策对房地产公司资本结构的影响

在2014年上半年，我国华东地区的房地产公司纷纷破产，人们开始担心房地产市场泡沫破灭带来的影响。现在我国房地产公司普遍存在负债居高不下、资本结构不合理、财务风险高的问题。我国房地产市场的泡沫，影响了我国金融市场的稳定。国家尝试通过货币政策来调控房地产市场的发展，希望能以此引导国家经济健康发展。所以，本文计划研究我国货币政策对房地产公司资本结构的影响。本文首先对国内外的文献进行了概括整合，包括一些基础的理论关于货币政策对上市公司资本结构影响的探讨。然后，本文分析了现在我国货币政策和房地产公司资本结构的情况，说明了我国房地产公司资本结构的现状以及影响我国房地产公司资本结构的因素。其次，对我国货币政策和房地产公司资本结构影响进行了实证研究，结论表明货币政策与资本结构显著负相关。最后本文提出了一些建议给房地产公司进行改善融资问题以及资本结构合理化，也希望政府能完善资本市场，促进整个市场经济的发展。
关键词：货币政策 房地产公司 资本结构 
The Impact of Monetary Policy on The Capital Structure
of Real Estate Companies
ABSTRACT
In the first half of 2014 China's East China region of the real estate  company bankruptcy boom,people begin to worried about the impact of the real estate trade’s fall through. Today, China's real estate company has many problems, such as high debt, capital structure is unreasonable, high financial risk. Our country real estate market’s bubble, influenced the peace of financial market in China. Our country through the operation of the monetary policy regulate the continue of real estate market, to lead the healthy development of national economy. So, the intention of this paper is to study the influence of China's monetary policy to the real estate company's capital structure.This paper first summarize the references at home and abroad. Then, this paper introduces some analyses on the impact of monetary policy on real estate companies capital structure. In the second part,this paper introduce our country monetary policy and the present condition of the real estate company capital structure, and discuss the basic circumstances and influence factors of the capital structure of the real estate company. In the third part ,the paper carried our country monetary policy and real estate company on the empirical studies on capital structure adjustment. Outcome showed a strongly negative correlation in monetary policy and capital structure. Finally the paper give some advice for real estate company about financing problems and make capitalstructure more reasonnabe.The paper also hope government can improve the capital market and promote the economic growth.
Keywords：Monetary policy   Real estate company    Capitalstructure  

目录
一、引言 2
二、国内外文献研究 2
（一）国外研究 3
（二）国内研究 3
三、对房地产公司的理论分析 3
（一）近年来的货币政策 3
（二）我国房地产公司资本结构现状 4
（三）影响我国房地产公司资本结构的因素 4
四、对房地产公司资本结构影响的实证研究 5
（一）设计与研究 5
1.样本的选择和数据来源 5
2.主要变量 5
3.模型构建 6
（二）数据的统计分析 7
1.数据的简单描述性统计分析 7
2.回归结果的统计分析 8
五、结论和建议 9
参考文献 10

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