中国房地产企业融资结构优化研究
|
摘要
房地产业已是我国经济快速发展的主要推动产业之一,房地产业稳定健康的发展对我国经济增长将产生深远的影响,国内房地产企业的融资结构优化研究也成为国内研究的重点。本文研究目的是为房地产企业进行融资结构决策提供合理的科学的方法模型,以促进房地产企业的健康发展,进而促进整个行业的稳定发展。
在分析我国房地产企业融资结构现状及存在主要问题的基础上,阐述了房产融资企业结构优化研究的重要性;对国内外现行企业融资结构理论和模型进行分析评价,使这些理论的局限性在本文的研究中得以完善和优化;在对国内房地产企业融资结构内涵进行重新界定基础上,分析影响我国房地产企业融资结构优化的因素,进而建立融资结构优化的评价指标,为决策的合理性和科学性打下基础。
在房地产企业的现状、融资结构理论、影响因素的分析评价基础上,本文引进了熵优化、熵权、多目标决策和群决策理论,构建了的熵优化多目标群决策模型,对房地产企业融资方案进行优化选择,进而得到在既定指标下的最优方案,决定房地产企业的最优融资结构。熵优化多目标决策模型进行决策的过程中,全部体现了优化的理念,从指标选取、专家组群确定以群决策都进行了的科学的合理的优化。从而得出房地产企业融资结构优化决策是一个复杂的多层面的系统性的问题的结论。本文在静态条件下得出最优融资结构,没有实现融资结构的动态性,这也是将来的研究方向。
The real estate industry is one of the industries that promote the fast economy growth of China. The steady and healthy development of real estate will produce a far-reaching influence on the Chinese economy growth. The study on financing structure optimization of domestic real estate enterprises has become a focal point in academia. The purpose of this paper is to offer a reasonable and scientific model for the financing structure decision-making of the real estate enterprises, which is expected to promote the development of the real estate industry healthily and to guarantee the development of the whole industry stably.
First, based on the analysis of current financing structure and main problems of Chinese real estate enterprises,,this paper expounds the importance of study on the financing structure optimization of real estate enterprises. The limitation of the financing structural theories and models of current domestic and international enterprises are analyzed and evaluated to suit the research of this paper. Then the factors influencing the financing structure optimization of the real estate enterprises in China are analyzed on the basis of defining the financing structure of the domestic real estate enterprises to develop the evaluation index of the financing structure optimization, which establishes the foundation for reasonable and scientific decision-making.
This paper introduces theories of entropy optimization, entropy right and multi-objective decision-making on the basis of analysis and evaluation of current situation of real estate enterprises, the theory of financing structure and the influencing factors of real estate enterprises, and designs the multi-objective decision-making model based on entropy optimization which could obtain the optimum scheme of real estate enterprises. The multi-decision model based on entropy optimization embodies the idea of optimization in decision-making and has a scientific and reasonable optimization in selecting indexes, deciding expert group and group decision-making. At last, the conclusion that the financing structure optimization decision of real estate enterprises is a complicated and systematic problem is achieved. However, the optimum financing structure achieved in this paper is under static conditions, the dynamics in financing structure is the direction of future study.
在分析我国房地产企业融资结构现状及存在主要问题的基础上,阐述了房产融资企业结构优化研究的重要性;对国内外现行企业融资结构理论和模型进行分析评价,使这些理论的局限性在本文的研究中得以完善和优化;在对国内房地产企业融资结构内涵进行重新界定基础上,分析影响我国房地产企业融资结构优化的因素,进而建立融资结构优化的评价指标,为决策的合理性和科学性打下基础。
在房地产企业的现状、融资结构理论、影响因素的分析评价基础上,本文引进了熵优化、熵权、多目标决策和群决策理论,构建了的熵优化多目标群决策模型,对房地产企业融资方案进行优化选择,进而得到在既定指标下的最优方案,决定房地产企业的最优融资结构。熵优化多目标决策模型进行决策的过程中,全部体现了优化的理念,从指标选取、专家组群确定以群决策都进行了的科学的合理的优化。从而得出房地产企业融资结构优化决策是一个复杂的多层面的系统性的问题的结论。本文在静态条件下得出最优融资结构,没有实现融资结构的动态性,这也是将来的研究方向。
The real estate industry is one of the industries that promote the fast economy growth of China. The steady and healthy development of real estate will produce a far-reaching influence on the Chinese economy growth. The study on financing structure optimization of domestic real estate enterprises has become a focal point in academia. The purpose of this paper is to offer a reasonable and scientific model for the financing structure decision-making of the real estate enterprises, which is expected to promote the development of the real estate industry healthily and to guarantee the development of the whole industry stably.
First, based on the analysis of current financing structure and main problems of Chinese real estate enterprises,,this paper expounds the importance of study on the financing structure optimization of real estate enterprises. The limitation of the financing structural theories and models of current domestic and international enterprises are analyzed and evaluated to suit the research of this paper. Then the factors influencing the financing structure optimization of the real estate enterprises in China are analyzed on the basis of defining the financing structure of the domestic real estate enterprises to develop the evaluation index of the financing structure optimization, which establishes the foundation for reasonable and scientific decision-making.
This paper introduces theories of entropy optimization, entropy right and multi-objective decision-making on the basis of analysis and evaluation of current situation of real estate enterprises, the theory of financing structure and the influencing factors of real estate enterprises, and designs the multi-objective decision-making model based on entropy optimization which could obtain the optimum scheme of real estate enterprises. The multi-decision model based on entropy optimization embodies the idea of optimization in decision-making and has a scientific and reasonable optimization in selecting indexes, deciding expert group and group decision-making. At last, the conclusion that the financing structure optimization decision of real estate enterprises is a complicated and systematic problem is achieved. However, the optimum financing structure achieved in this paper is under static conditions, the dynamics in financing structure is the direction of future study.
引文
[1]劳平,融资结构的变迁研究,广州:中山大学出版社,2004:41~64
[2]徐玖平,李军,多目标决策的理论与方法,北京:清华大学出版社,2005:305~312
[3]慕刘伟,国际投融资理论与务实,成都:西南财经大学出版社,2004:111~128
[4]李登峰,模糊多目标多人决策与对策,北京:国防工业出版社,2003:139~143
[5]徐玖平,吴巍,多属性决策的理论与方法,清华大学出版社,2006:64~96
[6]陈玲,西方资本结构理论与我国企业资本结构的优化,福建论坛,2005(3):36~39
[7]成召科,房地产开发企业融资方式比较及融资结构优化:[硕士学位论文],武汉;华中师范大学,2006
[8]杨凤娟,企业融资结构的国际比较及借鉴,河南大学学报,2004(44):89~91
[9]张海燕,资本结构与现代企业融资决策,吉首大学学报,2000,21(4):86~88
[10]李建军,田光宁,中国融资结构的变化与趋势分析,财经科学,2001(6):22~27
[11]李朝霞,公司融资结构与融资工具,北京:中国经济出版社,2003:6~54
[12]Myers.S.andN.S.Majluf,Corporate Financing and Investment Decision When Firms Have Information That do not have[M],Journal of Finanial Economics,1984(13):24~30
[13]连建辉,融资结构与企业控制权争夺,财经科学,2002(1):63~67
[14]朱其鳌,倪得兵,企业最优资本结构博弈研究,四川轻化工学院学报,2000,13(1):73~77
[15]F.Modigiani and Miller.M.H,The cost of capital corporation of finance and theory of investment[J],American Economic Review,1958,48(3):261~297
[16]王沛,周怀峰,美、日融资结构的比较分析,广州干部管理学院学报,2001,3(9):27~31
[17]李维安,融资结构优化与我国公司治理模式的构建,公司治理结构研究,2003(5):28~29
[18]张永恒,论我国企业融资结构优化与债券市场发展,财经问题研究,2000(5):27~30
[19]孔小文,民营企业融资结构优化探析,经济问题,2003(6):32~34
[20]万解秋,企业融资结构研究,上海:复旦大学出版社,2001:126~156
[21]吴元波,试探公司治理结构与融资结构关系,河北大学学报,2004(4):89~92
[22]Jensen and Meckling, Theory of Firm: Managerial Behavior, Agency Cost and Ownership Structure[J], Journal of Financial Economics,1976, (3):305~360
[23]John Mcconnel , Henri Servaes, Additional Evidence on Equity Ownership and Corporate Value[J], Journal of Financial Economics, 1990(27):595~612
[24]刘毅,企业融资结构优化与资本市场发展,财经理论与实践,2001,22(112):27~29
[25]赵富强,洪磊,风险投融资结构的优化选择,南开经济研究,2001(1):31~35
[26]J.M.samuels and F.M.Wilkes, Manangement of Company Finance, Van Nostrand ReinHold(UK)Co.Ltd,1986:96~134
[27]刘晓芸,邢大为,浅析我国企业融资结构优化,中国科技信息,2004(4):28~29
[28]袁靖宇,张亚维,高新技术企业融资结构理论框架构建,现代经济探讨,2003(10):57~60
[29]吴丽慬,民营房地产企业融资结构优化的思考,建设经济,2006(3):145~146
[30]张华,融资结构优化:企业财务可持续增长的实现路径,甘肃理论学刊,2006(1):75~77
[31]张捷,王宵,中小企业金融成长周期与融资结构变化,世界经济,2002(9):63~70
[32]Norton.E, Capital Structure and Small Growth Firms, Journal of Small Bussiness Finance, 1991,1(2):161~177
[33]Harris, M.and Raviv.A, The Thoery of Capital Structure, Journal of Finance, 1991,46(1):297~355
[34]方志平,西方主流资本结构理论的对比分析,特区经济,2005(3):188~189
[35]朱明秀,论国际企业融资结构的优化组合,审计与经济研究,1998(6):50~51
[36]张建坤,陈晨,基于层次分析法确定房地产融资结构的研究,基建优化,2004(4):13~16
[37]胡国柳,企业融资结构优化的多目标决策分析,海南大学学报,2000,18(4):79~82
[38]胡国柳,现代企业融资结构决策的风险分析,统计与决策,1999(1):24~25
[39]田中禾,张华,SGR视角下的企业融资结构优化研究,科技管理研究,2006(1):134~136
[40]杨英杰,当前我国金融体系存在的问题及对策,理论前沿,2005(7):21~22
[41]桑自国,资产交易、资本结构与上市公司财务管理,北京:人民出版社,2005:40~64
[42]沈艺峰,资本结构理论史,天津:经济科学出版社,1999:13~244
[43]夏俊荣,现代资本结构理论的发展研究及启示,财经问题研究,2001(2):10~14
[44]马洪博,中国房地产企业融资研究:[硕士学位论文],北京;中央民族大学,2006
[45]周艳丽,风险企业融资结构优化问题研究:[硕士学位论文],哈尔滨;哈尔滨工业大学,2003
[46]赵蓓文,企业融资结构理论与中国企业融资模式的选择,世界经济研究,2001(5):76~81
[47]张峰,企业融资结构的协调与优化研究:[硕士学位论文],太原;山西财经大学,2003
[48]李京,房地产企业资本结构及融资管理的研究:[硕士学位论文],成都;西南交通大学,2004
[49]庄云,房地产融资渠道研究:[硕士学位论文],重庆;重庆大学,2004
[50]祝颖,我国房地产企业融资模式比较选择:[硕士学位论文],上海;复旦大学,2005
[51]张蕾,我国企业融资成本估算体系的构建及应用研究:[硕士学位论文],西安;西安理工大学,2005
[52]邱菀华,管理决策与熵应用学,北京;机械工业出版社,2001:285~316
[53]杨亚达,王明虎,资本结构优化与资本运营,沈阳;东北财经大学出版社,2001:46~86
[54]Williamson.O, Corporate Finance and Corporate Governance, Journal of Finance, 1998(43):294~308
[55]孙建,中国房地产企业开发融资问题现状及建议,特区经济,2005(8):24~28
[56]李丽新,优化企业融资结构的几点思考,财经科学,1997(8):26~28
[57]王曙光,中小企业筹资的障碍与对策方法创新,商业研究,2002(2):69~71
[58]张正宜,浅析我国目前房地产融资现状,商场现代化,2006(3):164~166
[59]潘爱青,房地产融资问题,科技创业,2006(7):29~30
[60]陈孜,完善我国房地产融资体系的几点思考,房地产金融,2003(2):36~37
[2]徐玖平,李军,多目标决策的理论与方法,北京:清华大学出版社,2005:305~312
[3]慕刘伟,国际投融资理论与务实,成都:西南财经大学出版社,2004:111~128
[4]李登峰,模糊多目标多人决策与对策,北京:国防工业出版社,2003:139~143
[5]徐玖平,吴巍,多属性决策的理论与方法,清华大学出版社,2006:64~96
[6]陈玲,西方资本结构理论与我国企业资本结构的优化,福建论坛,2005(3):36~39
[7]成召科,房地产开发企业融资方式比较及融资结构优化:[硕士学位论文],武汉;华中师范大学,2006
[8]杨凤娟,企业融资结构的国际比较及借鉴,河南大学学报,2004(44):89~91
[9]张海燕,资本结构与现代企业融资决策,吉首大学学报,2000,21(4):86~88
[10]李建军,田光宁,中国融资结构的变化与趋势分析,财经科学,2001(6):22~27
[11]李朝霞,公司融资结构与融资工具,北京:中国经济出版社,2003:6~54
[12]Myers.S.andN.S.Majluf,Corporate Financing and Investment Decision When Firms Have Information That do not have[M],Journal of Finanial Economics,1984(13):24~30
[13]连建辉,融资结构与企业控制权争夺,财经科学,2002(1):63~67
[14]朱其鳌,倪得兵,企业最优资本结构博弈研究,四川轻化工学院学报,2000,13(1):73~77
[15]F.Modigiani and Miller.M.H,The cost of capital corporation of finance and theory of investment[J],American Economic Review,1958,48(3):261~297
[16]王沛,周怀峰,美、日融资结构的比较分析,广州干部管理学院学报,2001,3(9):27~31
[17]李维安,融资结构优化与我国公司治理模式的构建,公司治理结构研究,2003(5):28~29
[18]张永恒,论我国企业融资结构优化与债券市场发展,财经问题研究,2000(5):27~30
[19]孔小文,民营企业融资结构优化探析,经济问题,2003(6):32~34
[20]万解秋,企业融资结构研究,上海:复旦大学出版社,2001:126~156
[21]吴元波,试探公司治理结构与融资结构关系,河北大学学报,2004(4):89~92
[22]Jensen and Meckling, Theory of Firm: Managerial Behavior, Agency Cost and Ownership Structure[J], Journal of Financial Economics,1976, (3):305~360
[23]John Mcconnel , Henri Servaes, Additional Evidence on Equity Ownership and Corporate Value[J], Journal of Financial Economics, 1990(27):595~612
[24]刘毅,企业融资结构优化与资本市场发展,财经理论与实践,2001,22(112):27~29
[25]赵富强,洪磊,风险投融资结构的优化选择,南开经济研究,2001(1):31~35
[26]J.M.samuels and F.M.Wilkes, Manangement of Company Finance, Van Nostrand ReinHold(UK)Co.Ltd,1986:96~134
[27]刘晓芸,邢大为,浅析我国企业融资结构优化,中国科技信息,2004(4):28~29
[28]袁靖宇,张亚维,高新技术企业融资结构理论框架构建,现代经济探讨,2003(10):57~60
[29]吴丽慬,民营房地产企业融资结构优化的思考,建设经济,2006(3):145~146
[30]张华,融资结构优化:企业财务可持续增长的实现路径,甘肃理论学刊,2006(1):75~77
[31]张捷,王宵,中小企业金融成长周期与融资结构变化,世界经济,2002(9):63~70
[32]Norton.E, Capital Structure and Small Growth Firms, Journal of Small Bussiness Finance, 1991,1(2):161~177
[33]Harris, M.and Raviv.A, The Thoery of Capital Structure, Journal of Finance, 1991,46(1):297~355
[34]方志平,西方主流资本结构理论的对比分析,特区经济,2005(3):188~189
[35]朱明秀,论国际企业融资结构的优化组合,审计与经济研究,1998(6):50~51
[36]张建坤,陈晨,基于层次分析法确定房地产融资结构的研究,基建优化,2004(4):13~16
[37]胡国柳,企业融资结构优化的多目标决策分析,海南大学学报,2000,18(4):79~82
[38]胡国柳,现代企业融资结构决策的风险分析,统计与决策,1999(1):24~25
[39]田中禾,张华,SGR视角下的企业融资结构优化研究,科技管理研究,2006(1):134~136
[40]杨英杰,当前我国金融体系存在的问题及对策,理论前沿,2005(7):21~22
[41]桑自国,资产交易、资本结构与上市公司财务管理,北京:人民出版社,2005:40~64
[42]沈艺峰,资本结构理论史,天津:经济科学出版社,1999:13~244
[43]夏俊荣,现代资本结构理论的发展研究及启示,财经问题研究,2001(2):10~14
[44]马洪博,中国房地产企业融资研究:[硕士学位论文],北京;中央民族大学,2006
[45]周艳丽,风险企业融资结构优化问题研究:[硕士学位论文],哈尔滨;哈尔滨工业大学,2003
[46]赵蓓文,企业融资结构理论与中国企业融资模式的选择,世界经济研究,2001(5):76~81
[47]张峰,企业融资结构的协调与优化研究:[硕士学位论文],太原;山西财经大学,2003
[48]李京,房地产企业资本结构及融资管理的研究:[硕士学位论文],成都;西南交通大学,2004
[49]庄云,房地产融资渠道研究:[硕士学位论文],重庆;重庆大学,2004
[50]祝颖,我国房地产企业融资模式比较选择:[硕士学位论文],上海;复旦大学,2005
[51]张蕾,我国企业融资成本估算体系的构建及应用研究:[硕士学位论文],西安;西安理工大学,2005
[52]邱菀华,管理决策与熵应用学,北京;机械工业出版社,2001:285~316
[53]杨亚达,王明虎,资本结构优化与资本运营,沈阳;东北财经大学出版社,2001:46~86
[54]Williamson.O, Corporate Finance and Corporate Governance, Journal of Finance, 1998(43):294~308
[55]孙建,中国房地产企业开发融资问题现状及建议,特区经济,2005(8):24~28
[56]李丽新,优化企业融资结构的几点思考,财经科学,1997(8):26~28
[57]王曙光,中小企业筹资的障碍与对策方法创新,商业研究,2002(2):69~71
[58]张正宜,浅析我国目前房地产融资现状,商场现代化,2006(3):164~166
[59]潘爱青,房地产融资问题,科技创业,2006(7):29~30
[60]陈孜,完善我国房地产融资体系的几点思考,房地产金融,2003(2):36~37