【作者】 金文辉；

【导师】 张维；

【作者基本信息】 天津财经大学 ， 金融学， 2009， 博士

【摘要】 本论文的研究以资本结构理论和房地产金融理论为工具,以指导我国房地产公司资本结构管理以及风险管理的具体实践为目的,对我国房地产公司资本结构的确定问题进行了系统研究。全文主要分四部分,具体结构如下：第一部分对研究我国房地产公司资本结构出发点和意义,以及本论文研究整体结构,主要包括第一章内容。第二部分是问题提出部分,主要是研究资本结构理论脉络和我国房地产公司资本结构现状,分析我国房地产公司资本结构存在的问题,目的是提出本论文研究的问题,也就是房地产公司资本结构内在规律是什么?什么因素影响房地产公司资本结构?房地产公司资本结构行业特色是什么?主要包括第二章和第三章内容。第三部分是问题分析部分,主要包括房地产公司运行特色以及房地产公司资本结构关系模型建立与分析。首先,我们从房地产公司运行特点入手,包括房地产公司产品双重性,也就是投资性和消费性,以及房地产公司运行特点,包括土地储备以及产品预售制等运行特点；第二,在分析房地产公司自身运行特点基础上,我们进一步研究房地产公司资本结构运行规律,通过房地产资本结构关系数学模型建立和分析,我们认识到房地产公司资本结构与资产投资预期收益率和风险(即投资政策)、资产流动性、负债安排(包括经营性负债、金融性负债)以及利率之间关系,而且最优资本结构是在满足股东投资收益要求和风险选择的情况下,投资期望收益率和风险、资产流动性、融资安排和利率动态平衡资本结构,是我们研究问题核心,也是我们进一步研究房地产风险出发点。主要包括第四章和第五章。第四部分主要是问题解决部分,主要包括房地产公司风险特点,以及资本结构和公司风险关系,并用房地产公司资本结构运行规律,管理房地产公司所暴露出风险。本论文研究目的在于对房地产风险管理实践的指导。主要包括第六章内容。全文的最后,对房地产公司资本结构问题的研究进行总结,并提出了需要进一步解决和研究的问题,为后续研究指明方向。更多还原

【Abstract】 This paper mainly focuses on the issues of capital structure for real estate companies in China. By taking advantage of capital structure theory and real estate finance, the paper aims to instruct capital structure management and risk management in China. There are four parts in this paper and Details are presented as following.In the first part, the paper pays attention to the purpose of research on capital structure for real estate companies, its practical value and the entire frame of the paper. The first part refers to the content in chapterl.In the second part, the paper concludes the sequence of ideas in capital structure theory and then comes up with several issues on the real situation of capital structure for real estate companies in order to propose questions that the paper wants to further. The questions include what’s the regularity of capital structure for real estate companies, what factors influence the capital structure for real estate companies, what is the industrial characteristic about capital structure for real estate companies. The second part refers to the content in chapter2 and chapter 3.In the third part, the paper tries to analyze the problems mentioned above by establishing a model to show the relationship between operational features of real estate companies and capital structure for real estate companies. Firstly, we get started from the operational features of real estate companies. The products of real estate companies function as investment and consumption, the operational of real estate companies relies on the conservation of lands and advance booking on products. Furthermore, by making full use of the mathematical model, we find that the capital structure for real estate companies is related to the expected earning rate, risk (investment policies), assets liquidity, liabilities plan (operational liabilities and financial liabilities) as well as interest rate. What’s more, we concentrate to research on the optimal capital structure, a dynamic capital structure in accordance with expected rate, risk, assets liquidity, liabilities plan and interest rates. The third part refers to the content in chapter 4 and chapter 5.In the last part, we come up with our solutions about these problems, which include the risk features of real estate companies, the relationship between capital structure and operational risk for the company. We utilize the regularity from the model to manage the risk disclosed in the real estate companies. That is also our target from this paper. The fourth part refers to the chapter6.Finally, the paper concludes the research outcome and raises some other questions crying out for solutions, which pave the ways for the future development of this area.更多还原