我國房地產(chǎn)上市公司資本結(jié)構(gòu)與經(jīng)營業(yè)績關(guān)系實(shí)證研究.pdf

1、山西財經(jīng)大學(xué)碩士學(xué)位論文我國房地產(chǎn)上市公司資本結(jié)構(gòu)與經(jīng)營業(yè)績關(guān)系實(shí)證研究姓名：趙海平申請學(xué)位級別：碩士專業(yè)：會計學(xué)指導(dǎo)教師：劉小明2010-06-104 Abstract The capital structure of listed companies is an important aspect to measure the financial condition and operating capa

2、bilities. Corporate capital structure is reasonable or not directly related to the production and management activities carried out smoothly, related to the corporate earnings situation, related t

3、o the enterprise's survival and development. A growing number of listed companies has become our economy's “ barometer” . The theme of this paper is that the relationship of China's

4、real estate capital structure of listed companies and business performance. This paper first outlines the theory of capital structure, including the MM theory, equilibrium theory, the new capital

5、 structure theory, the new pecking order theory, agency cost theory, signaling theory . Then, combined with China's actual conditions, analyzed and summarized China's real estate listing c

6、ompany's capital structure and operating performance of the status. Through the study of the capital structure of listed companies in China found that listed companies in China have the fol

7、lowing problems: debt structure is irrational, high levels of current liabilities; a strong preference for equity financing; ignore the bond financing; endogenous financing rate is less. In this

8、 paper, I used empirical study to analyze the real estate listed companies' capital structure and operating performance, and found that net rates with endogenous financing ratio was positive

9、ly correlated; with the first largest shareholder equity ratio was positively correlated; with the equity ratio was positive correlation; and with the proportion of the outstanding shares was neg

10、ative correlation; with asset- liability ratio showed negative correlation. Finally, the paper made recommendations to optimize capital structure of listed companies: cultivate institutional investors;

11、 reforming and improving the financial system; strengthen the equity capital accounts; focus on the company's industry characteristics; focus on the company's profitability . 【Key words】 Real estate L