房地产上市公司论文：地域、融资结构与我国房地产上市公司财务风险研究.doc

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房地产上市公司论文：地域、融资结构与我国房地产上市公司财务风险研究

【中文摘要】房地产业在国民经济发展中扮演着重要角色,作为高投入、高风险、高收益的行业,越来越成为备受关注的行业。然而随着我国城市化进程不断加快和市场环境日趋复杂,房地产业所面临的风险也越来越多样化。房地产业是资本密集产业,筹集资金向来是房地产企业首要考虑的问题,但是我们同时也应注意到公司风险控制和防范也是丝毫不能忽视的,这样企业投入的大量资本才可以获得收益,公司才可以良好的生存和发展。目前有关公司风险方面的研究也很多,本文选取了从公司融资结构角度,对房地产上市公司财务风险进行分析。文中界定融资结构是指企业筹资渠道的有机搭配和各种资金间的比例关系;公司财务风险是指公司各种风险的货币化表现,是一个复合概念。在此基础上理论分析得出融资结构直接影响到公司的融资成本和公司治理的效果,并进而决定了公司财务风险的大小。另外考虑到房地产行业的地域性特点和我国经济发展的不平衡性,导致的不同地区之间公司财务风险的差异性,文章在按公司上市地点将我国房地产上市公司区分为东部、中部、西部三个地区的的基础上,选取了公司财务风险中的主要的筹资风险和经营风险,对不同地区间融资结构和房地产上市公司财务风险之间的关系作了实证对比分析,以此希望对两者的研究更加深入一些。本文期望对我国房地产行业上市公司的融资结构与财务风险之间关系的研究,可以对优化公司融资结构、降低风险、提高公司价值和保持房地产业的健康发展起到促进作用。全文的主要内容如下：第一章,对融资结构和公司财务风险相关概念进行界定,介绍国内外有关融资结构和公司财务风险的研究现状,并表明本文的、意义、研究思路和创新点。第二章,介绍我国房地产上市公司的融资途径,并分析当前其融资结构的特点,发现房地产上市公司的主要资金来源是银行贷款,且存在融资结构存在融资渠道单一、偏好股权融资、负债率偏高、股权结构失衡等问题。第三章,首先,宏观的分析了地域经济差异存在和其对不同地域公司财务风险造成的差异化影响；然后,依据融资结构理论,分别从融资成本和公司治理的角度对公司财务风险进行了机理分析。公司不合理的融资结构会加大公司的融资成本和导致公司治理的混乱,增大公司的财务风险。第四章,以我国房地产上市公司为研究对象,分东、中、西三个地区,对融资结构和公司财务风险的关系进行实证对比分析。研究表明：一,不同地区的房地产上市公司,股权结构和其财务风险中的筹资风险和经营风险关系是不同的；二,债权比例和各地区公司财务风险系数正相关,和东部经营风险系数负相关,和中部经营风险系数正相关,和西部正相关但不显著；因此东部地区比较好的兼顾了控制风险和杠杆效应,保持风险的同时增加了公司价值；中部地区没有很好的兼顾收益；西部地区的负债率很高,没有兼顾公司的风险水平。第五章,在研究结果的基础上,提出一些优化融资结构和降低公司财务风险的建议：注重自身行业的地域性强且发展部平衡的特点,对市场做出谨慎的判断；调整股权结构,增加法人股持股比例；保持合理的负债比率,拓宽融资渠道；完善公司内部持股制度；加快发展企业债券市场,强化履约偿债机制建设。
【英文摘要】The real estate industry plays an important role in the national economy development. As high investment, high risk, high income, the industry has gained more and more attention. Because the real estate industry is a kind of intensive industry, raising money capital has became the top priority, but we also should not ignore the risk control and prevention of the company, only in this way, the large amounts of capital which the enterprise inverse into can achieve profit, the company can survival and development well. At present the studies about the company’s risk measurement are rich, in this paper we select financing structure as perspective to analysis financial risk of the companies. We defined the company financial risk is company capitalization of various risks performance, is a complex concept. Financing structure directly affects the financing cost and corporate governance effect, and then determines the company’s financial risk. Therefore, to study the relationship between the financing structure and the Chinese real estate industry financial risk, can be optimized to reduce risks and improve company values and promote the healthy development of real estate industry. In addition, because the regional characteristics of real estate industry and the imbalance of economic development in our country, we also analyzed financial risk based on the regional differences of economic development, is in the hope of financing risk analysis of some deeper. The main content of the full schedule is as follows:Chapter 1, financing structure, financial risk as well as other related concepts were defined. Also, the research significance, research structure were introduced.Chapter 2, introduced the main financing channels of Chinese real estate, and analyzed the characteristics of financing structure about the current real estate listed companies in China, found some financing problems in the real estate. Such as financing channel single, preference equity financing, leverage on the high side, equity structural imbalances and so on.Chapter 3, first, the regional economic differences influence on corporate financial risk was analyzed. Then, on the basis of financing structure theory, separately from the financing cost and corporate governance angles to analyzes the mechanism of financial risk. Irrational financing structure will increase the company’s financing costs and lead to corporate governance of confusion, increase the company’s financial risk. Chapter 4, with China’s real estate listed company as the research object, distinguished between east, middle and west three regions, studied the financing structure and corporate financial risk empirically. Research shows that:first, different regions of the listed company, real estate equity structure and its financial risks in financing risk and operational risk relationship is different; Second, the creditor proportion is negatively related to company financial risk in three areas, and in the eastern region is negatively related to business risk factors, in the central region is positive related business risk factors, in the western regions is positive related business risk factors but not significant; Therefore the eastern region better balanced control risk and leverage effect, keep risk while adding to its value; The central region only good at low risk; without very good income. Western regions leverage is high; the attention on risk is not enough.Chapter 5, based on the results of the study, puts forward some proposals to optimize financing structure and reduce the risk of company finance. Pay attention to the industry characteristics of region and imbalance of development, to make careful judgment; Adjust equity structure, increase legal person share holding ratio; To maintain a reasonable debt ratio, to broaden the financing channels; Perfect our internal shareholding system; To speed up the development of enterprise bond market, strengthen construction of failure debt service mechanism.
【关键词】房地产上市公司 融资结构 地域 公司财务风险
【英文关键词】real state listed company financing structure regional company financial risk
【目录】地域、融资结构与我国房地产上市公司财务风险研究

摘要

3-5

Abstract

5-6

目录

7-9

一、引言

9-18

(一) 选题及意义

9

(二) 相关概念的界定

9-12

1、融资结构

9-11

2、公司财务风险

11-12

(三) 国内外研究综述

12-15

1、国内的研究

12-14

2、国外的研究

14-15

(四) 论文的研究思路、结构和创新点

15-18

1、研究思路

15-16

2、论文结构

16-17

3、创新点

17-18

二、我国房地产上市公司和融资结构的特征

18-26

(一) 我国房地产上市公司的主要特征

18

(二) 房地产上市公司的融资途径和特点

18-26

1、房地产上市公司的融资途径

18-22

2、房地产上市公司融资结构特点

22-26

三、地域和融资结构与公司财务风险的机理分析

26-32

(一) 基于区域经济差异的公司财务风险差异分析

26-27

(二) 基于融资结构理论的公司财务风险分析

27-32

1、基于融资成本的公司财务风险分析

28-29

2、基于公司治理的公司财务风险的机理分析

29-32

四、我国房地产上市公司财务风险影响实证分析

32-41

(一) 样本选择及数据来源

32

(二) 研究变量选取

32-35

1、公司财务风险指标

32-33

2. 融资结构量化指标

33-35

(三) 财务风险的面板数据回归分析

35-41

1、模型设计

35-36

2、东、中、西三地区回归结果

36-38

3、回归结果对比分析

38-41

五、结论与对策建议

41-45

(一) 研究结论

41

(二) 对策建议

41-43

(三) 研究局限性

43

(四) 研究预期展望

43-45

注释

45-46

参考文献

46-49

附录

49-51

读硕期间发表的论文目录

51-52

致谢

52-53

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