【作者】 向荣富；

【导师】 黄宪；

【作者基本信息】 武汉大学 ， 金融学， 2013， 博士

【摘要】 随着国家对房地产市场宏观调控的程度越来越严厉,房地产企业的融资问题越来越突出。调控房地产企业,并不意味着逼迫房地产企业倒闭,而是促使房地产企业更加规范和良好的运转。因此,要想在国家宏观调控的大背景下不被市场淘汰,房地产企业就必须改变过去粗放式的发展模式,提高资金的利用效率,优化资本结构,选择合适的融资方式,从而提高企业的经营绩效。本文需要解决的核心问题是中国房地产企业是否存在最优的资本结构?如何才能通过优化中国房地产企业的资本结构提高企业的经营绩效?本文在收集中国上市房地产数据的基础上,采用GMM模型分析了资本结构对房地产企业经营绩效的影响。结果表明,资本结构对房地产企业经营绩效的影响存在不同的阶段。当企业的负债率较低时,通过增加负债在资本结构中的比率,可以提高企业的经营绩效。房地产企业的经营需要大量的资金投入,控制资金的成本是提高企业经营绩效的关键环节。相比股权融资而言,债权融资的平均成本要低,因此可以降低总的融资成本。但是,债权融资的增加会提高企业的破产成本,从而给企业的经营绩效造成负面的影响。因此,对于房地产企业而言,存在一个最优的资本结构,能够使得房地产企业的经营绩效达到最高。总体上来看,中国房地产企业过度依赖以银行为主的间接融资,而直接融资方式存在不足。然而,中国东部、中部和西部之间的经济特征存在较大差异,因此在优化房地产企业资本结构方面也存在差异。本文以中国31个省市的数据为样本,分析了东部、中部和西部三个地区资本结构和股权结构对房地产经营绩效的影响。综合来看,东部、中部和西部房地产企业的融资决策应该根据地区环境和企业自身的特征来进行优化。东部的房地产企业应该进一步发挥间接融资的作用,更加紧密的与商业银行合作,通过商业银行贷款来获得更廉价的资金支持,提高企业的经营绩效。而中、西部地区应该扩大直接融资渠道,尤其是从资本市场获得资金,这样可以在短时间内扩大企业的规模,同时分散企业的经营风险。如果能够引入外资,还能提高中、西部地区房地产企业的技术水平和管理水平。最后,本文对中国房地产企业的资产负债结构和股权结构的优化提出了一些建议。在优化房地产公司资产负债结构方面,可以完善房地产企业的上市机制、加快发展企业债券市场以及鼓励房地产企业开展融资渠道的创新,从而使得房地产企业突破外部融资困境。在调整股权结构方面,可以通过国有股逐步退出房地产企业、鼓励外资入股房地产企业、建立完善的内部人持股制度以及鼓励房地产资本与金融资本相结合等措施来优化股权结构。更多还原

【Abstract】 As the degree of national macro-control on the real estate market has become more and more severe, financial problems of the real estate enterprises are becoming more and more prominent. The government wants the real estate enterprises have more specification and good operation, not meaning to force the real estate business failures in regulating the real estate enterprise. In order to survive from the national macroeconomic regulation, real estate enterprise must change the past extensive mode of development. It needs to improve capital utilization efficiency, optimize capital structure, choose appropriate financing way, so as to improve the business performance of enterprises. This article needs to solve the two core issue is whether China’s real estate enterprise existence of the optimal capital structure and how to improve the operating performance of enterprise through the optimization of China’s real estate enterprise’s capital structure.In this paper, it analyzes the capital structure’s influence on real estate enterprise business performance on the basis of the collected data of Chinese listed real estate, using GMM model. It shows that the capital structure of real estate enterprises affects the business performance depending on the different phases. When enterprise’s debt ratio is low, it can improve the operating performance of enterprises by increasing the ratio of debt in capital structure. It is better for controlling the cost of capital which is a key factor in improving enterprise operating performance. The average cost of debt financing is lower than equity financing. However, the increase in debt financing will enhance the enterprise the bankruptcy costs and take the negative impact on enterprise’s business performance. For real estate enterprises, therefore, there is an optimal capital structure which makes real estate enterprise’s business performance to achieve the highest level. On the whole, China’s real estate enterprise is excessive depending on bank indirect financing and direct financing is insufficient.However, there is bigger difference about economic characteristics among eastern, central and western China which leads to different capital structure in the optimization of real estate enterprise. This paper analyzes the influence of capital structure and equity structure on the real estate business performance in31provinces divided to eastern, central and western areas. Totally speaking, the regional environment and the characteristics of the enterprise play a lion role in the capital structure optimization. The real estate enterprises in the eastern area should further emphasize the indirect financing which can improve the operating performance of enterprises through commercial bank loans to obtain cheaper funding support. The real estate enterprises in the middle and western area expand direct financing channels and actively obtain money from capital markets which can enlarge the scale of the enterprise in a short time and also decentralize the management risk of the enterprise. If the real estate enterprise can obtain foreign direct investment, it also can improve the technical level and management level in middle and western area.Finally, this article gives some suggestions on the optimization of asset liability structure and equity structure of China’s real estate enterprise. On the optimization of asset liability structure, the suggestions are improving the listing system of real estate enterprise, speeding up the development of enterprise bond market and encouraging the real estate enterprise to carry out innovative financing channels, so as to make the real estate enterprises break through the external financing difficulties. In adjustment of ownership structure, state-owned shares should be gradually withdrawn from the real estate enterprises. It also needs to encourage foreign capital to invest the real estate enterprises. At last, it needs to establish perfect insider shareholding system and encourage the combination of real estate capital and financial capital.更多还原