房地产上市公司资本结构与公司绩效研究
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摘要
资本结构问题是一个具有重大理论价值和实践意义的研究课题。资本结构是企业相关利益者权利义务的集中反映,它与公司治理结构、公司市场价值和绩效之间存在着深刻的内在联系。自1958年MM理论创立以来,国内外学者对资本结构问题进行了广泛而深入的研究,以求解开“资本结构之谜”,但所得到的结果却不相一致。近年来,房地产业已经成为我国国民经济的支柱产业。我国房地产上市公司资本结构具有资产负债率高、融资渠道单一且过度依赖银行信贷等特点,因此从防范金融风险和提高公司绩效角度来看,优化企业资本结构十分必要。鉴于房地产行业特殊的经济地位和资本结构,研究房地产上市公司资本结构与其影响因素、资本结构与公司绩效之间的相互关系将具有重大理论与现实意义。
本文以2007-2009年我国A股房地产上市公司为研究对象,突破了单纯研究公司特质对资本结构的影响及仅局限于研究股权结构对经营绩效的影响,而是引入宏观调控变量,按照“资本结构理论阐述——资本结构微观影响因素分析——宏观调控对资本结构的影响分析——资本结构与上市公司绩效关系分析”这条主线,将宏观调控、资本结构与公司绩效有机的结合起来,通过构建合理的计量模型,系统分析了公司特质和宏观调控对资本结构的影响关系、股权结构和债务结构对公司绩效(EVA)的影响关系,尝试确定房地产上市公司资本结构的优化方向,以便为房地产上市公司合理安排资本结构进而提高公司绩效提供对策建议。
本文研究发现:公司规模、可抵押资产比例、非负债税盾、净资产收益率、股权集中度等公司特质对房地产上市公司资本结构具有显著的影响;宏观调控政策确实能够显著影响房地产上市公司的资本结构,但随着房地产公司经营实力的增强,再加上金融市场完全性程度的改善以及居民购房的刚性需求和民众需求心理的改变,影响力趋于减弱;房地产上市公司目前的股权结构有利于公司绩效的提高,但并未达到最佳状态,主要是“一股独大”现象严重;房地产上市公司的债务融资并没有按照经典资本结构理论的预期那样带来公司绩效的提升,主要原因可能是债务融资渠道单一,而作为主要债权人的国有银行在公司治理中又扮演着消极的角色;对房地产上市公司来说宏观调控是系统性风险,宏观调控会使房地产上市公司的绩效出现下降。论文最后从四个方面提出了优化房地产上市公司资本结构以提高公司绩效的对策建议,并提出了研究的展望。
Capital structure is a research topic of great theoretical value and practical significance. Capital structure is the concentrated reflection of the enterprise stakeholders’rights and obligations, it has profound internal link with the corporate governance structure, the corporate market value and the corporate performance. Since the theorem of MM was proposed by Modigliani and Miller in 1958, a lot of researches on the issue of capital structure have been done by domestic and foreign scholars in order to solve“The Capital Structure Puzzle”, however the results are different. In the recent years, the real estate has become a pillar industry of the national economy. Because the capital structure of Chinese real estate listed companies has some characters of high asset-liability ratio, single financing channel, much bank liability and so on, so it is necessary to optimize the capital structure of real estate listed companies from the view of preventing financial risks and improving corporate performance. It is of great theoretical and practical significance to study the relationship between capital structure and influence factors, capital structure and corporate performance because of the particularity of economic status and capital structure of real estate industry.
In this dissertation, Chinese real estate listed companies of A share market were selected as study subject between 2007 and 2009. This dissertation broke through the limitation of simply studying the influence between capital structure and corporate characteristic, the influence between corporate performance and ownership structure, brought the variable of macro-control to implement innovation. It followed the main line of“The capital structure theory explanation - Micro determinant factors analysis of capital structure– Analysis of influence on capital structure by macro-control– Relationship analysis between capital structure and corporate performance”, combined macro-control, capital structure and corporate performance, and systematically analyzed
the relationship between corporate characteristic and capital structure, macro-control and capital structure, ownership structure and corporate performance (EVA), debt structure and corporate performance (EVA) with the reasonable econometric model . The optimal direction of capital structure will be determined so that it can provide real estate listed companies with some strategies and suggestions of arranging the capital structure and improving the corporate performance.
Some conclusions are drawn by the empirical study. Firstly, corporate scale, the tangibility of assets, non-debt tax shields, ROE, and ownership concentration has some significant influence on the capital structure of real estate listed companies. Secondly, macro-control policies have some significant influence on the capital structure too. However, the influence is weakening with the strength of the real estate company, the improvement of the financial market completeness, the rigid demand of residents and the psychological change in the needs of residents. Thirdly, the present ownership structure of real estate listed companies can improve the corporate performance, but it is not the best because of the seriousness of“only one big shareholder”. Fourthly, debt financing of real estate listed companies can’t improve the corporate performance significantly because financing channel is limited and state-owned banks as the major creditors are negative to corporate governance. Fifthly, macro-control can reduce the corporate performance because it is systemic risk for all listed companies of real estate. Finally, some suggestions of optimizing the capital structure are put forward in order to improve the corporate performance, and then the prospect research is discussed.
本文以2007-2009年我国A股房地产上市公司为研究对象,突破了单纯研究公司特质对资本结构的影响及仅局限于研究股权结构对经营绩效的影响,而是引入宏观调控变量,按照“资本结构理论阐述——资本结构微观影响因素分析——宏观调控对资本结构的影响分析——资本结构与上市公司绩效关系分析”这条主线,将宏观调控、资本结构与公司绩效有机的结合起来,通过构建合理的计量模型,系统分析了公司特质和宏观调控对资本结构的影响关系、股权结构和债务结构对公司绩效(EVA)的影响关系,尝试确定房地产上市公司资本结构的优化方向,以便为房地产上市公司合理安排资本结构进而提高公司绩效提供对策建议。
本文研究发现:公司规模、可抵押资产比例、非负债税盾、净资产收益率、股权集中度等公司特质对房地产上市公司资本结构具有显著的影响;宏观调控政策确实能够显著影响房地产上市公司的资本结构,但随着房地产公司经营实力的增强,再加上金融市场完全性程度的改善以及居民购房的刚性需求和民众需求心理的改变,影响力趋于减弱;房地产上市公司目前的股权结构有利于公司绩效的提高,但并未达到最佳状态,主要是“一股独大”现象严重;房地产上市公司的债务融资并没有按照经典资本结构理论的预期那样带来公司绩效的提升,主要原因可能是债务融资渠道单一,而作为主要债权人的国有银行在公司治理中又扮演着消极的角色;对房地产上市公司来说宏观调控是系统性风险,宏观调控会使房地产上市公司的绩效出现下降。论文最后从四个方面提出了优化房地产上市公司资本结构以提高公司绩效的对策建议,并提出了研究的展望。
Capital structure is a research topic of great theoretical value and practical significance. Capital structure is the concentrated reflection of the enterprise stakeholders’rights and obligations, it has profound internal link with the corporate governance structure, the corporate market value and the corporate performance. Since the theorem of MM was proposed by Modigliani and Miller in 1958, a lot of researches on the issue of capital structure have been done by domestic and foreign scholars in order to solve“The Capital Structure Puzzle”, however the results are different. In the recent years, the real estate has become a pillar industry of the national economy. Because the capital structure of Chinese real estate listed companies has some characters of high asset-liability ratio, single financing channel, much bank liability and so on, so it is necessary to optimize the capital structure of real estate listed companies from the view of preventing financial risks and improving corporate performance. It is of great theoretical and practical significance to study the relationship between capital structure and influence factors, capital structure and corporate performance because of the particularity of economic status and capital structure of real estate industry.
In this dissertation, Chinese real estate listed companies of A share market were selected as study subject between 2007 and 2009. This dissertation broke through the limitation of simply studying the influence between capital structure and corporate characteristic, the influence between corporate performance and ownership structure, brought the variable of macro-control to implement innovation. It followed the main line of“The capital structure theory explanation - Micro determinant factors analysis of capital structure– Analysis of influence on capital structure by macro-control– Relationship analysis between capital structure and corporate performance”, combined macro-control, capital structure and corporate performance, and systematically analyzed
the relationship between corporate characteristic and capital structure, macro-control and capital structure, ownership structure and corporate performance (EVA), debt structure and corporate performance (EVA) with the reasonable econometric model . The optimal direction of capital structure will be determined so that it can provide real estate listed companies with some strategies and suggestions of arranging the capital structure and improving the corporate performance.
Some conclusions are drawn by the empirical study. Firstly, corporate scale, the tangibility of assets, non-debt tax shields, ROE, and ownership concentration has some significant influence on the capital structure of real estate listed companies. Secondly, macro-control policies have some significant influence on the capital structure too. However, the influence is weakening with the strength of the real estate company, the improvement of the financial market completeness, the rigid demand of residents and the psychological change in the needs of residents. Thirdly, the present ownership structure of real estate listed companies can improve the corporate performance, but it is not the best because of the seriousness of“only one big shareholder”. Fourthly, debt financing of real estate listed companies can’t improve the corporate performance significantly because financing channel is limited and state-owned banks as the major creditors are negative to corporate governance. Fifthly, macro-control can reduce the corporate performance because it is systemic risk for all listed companies of real estate. Finally, some suggestions of optimizing the capital structure are put forward in order to improve the corporate performance, and then the prospect research is discussed.
引文
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