房地产上市公司债务融资与公司治理效率关系的实证分析

Abstract The real estate industry has developed with the economic recent years, and it is subject to the public's attention. As a scarce resource, the real estate industry is closely related to the social and economic development .It has a pivotal position in the construction of the city and improving people's living environment. Real estate industry has been developed into a common topic. The entire operating areas will require substantial capital investment, so its financing structure is particularly important. And in the real estate industry insiders, there have been a very interesting phenomenon. The ratio that real estate companies dependent on bank financing is as high as 70% to 80%. With the real estate market becoming more heat the more speculation, the state has adopted a series of macro-control policies, attempting to control soaring prices. Faced with such harsh macroeconomic environment, China's real estate enterprises should take what kind of measures to deal with the tough macro control environment. And how to arrange the debt financing structure to cope with the increasingly grim situation. As a starting point, this article researched on the corporate governance effect of debt financing based on China9s real estate listed companies. This paper selects the real estate companies listed on the Main Board issuing A share as the research object. Respectively research from three aspects, that is the relationship between debt levels, debt maturity structure , the sources of debt and corporate performance. First of all , descriptive statistical analysis is made to research on the debt financing status. The result turns out that asset-liability ratio of China's real estate listed companies is generally high .And the average balance is 5 percentage points higher than the one of other industries listed companies. Among them, proportion of current liabilities financing is high but the long-term debt ratio is relatively low. The main methods of debt financing are bank loans, accounts payable and receipts in advance. Then using multivariate regression model to conduct a comprehensive systematic quantitative analysis from three aspects of the level of debt, debt maturity structure and sources of debts. The empirical results show that the higher asset-liability ratio is, the lower performance will be. Regarding debt maturity structure, the higher short-term debt ratio is , the lower real estate company's performance will be. While the higher long-term debt ratio is, the better real estate enterprise performance will be ; Relating the source structure of the debt, bank loans as well as advances of construction companies are positively related with corporate performance and the receipts in advance and corporate performance was negatively correlated. According to the above conclusions, finding out a debt financing structure which can improve the company performance. Then proposing appropriate policy recommendations on debt maturity structure and debt sources f structure according to the conclusions. Keywords： Debt, Debt Financing, Corporate Governance, Governance Efficiency -ill- 目录 摘要 I Abstract II 第1章绪论 1 1.1课题背景及研究的目的和意义 1 1.1.1课题背景 1 1.1.2研究目的 3 1.1.3研究意义 4 1.2国内外研究现状综述 5 1.2.1国外研究现状 5 1.2.2国内研究现状 7 1.2.3国内外研究现状评述 9 1.3研究方法及内容 10 1.3.1研究方法 10 1.3.2研究内容及框架 10 第2章 债务融资与公司治理效率的相关理论分析 12 2.1债务融资相关理论分析 12 2.1.1债务融资的涵义 12 2.1.2债务融资结构的涵义 12 2.1.3房地产行业债务融资界定 13 2.1.4债务融资效应 13 2.2公司治理效率相关理论分析 17 2.2.1公司治理效率的界定 17 2.2.2公司治理效率的评价方法 17 2.3房地产上市公司债务融资对公司治理效率的影响 19 2.4本章小结 21 第3章 债务融资与公司治理效率关系的实证研究设计 22 3.1研究假设 22 3.1.1负债水平与公司治理效率之间的关系 22 3.1.2负债期限结构与公司治理效率之间的关系 22 3.1.3负债来源结构与公司治理效率之间的关系 23 3.2研究样本选取和数据来源 24 3.3研究变量设计 24 3.3.1因变量选取 24 3.3.2自变量选取 27 3.3.3控制变量选取 27 3.4研究模型 28 3.5房地产上市公司债务融资现状的描述性统计分析 28 3.6本章小结 32 第4章 实证分析及政策性建议 33 4.1实证分析 33 4.1.1公司治理效率综合评价 33 4.1.2负债水平对公司治理效率的影响分析 35 4.1.3负债期限结构对公司治理效率的影响分析 36 4.1.4负债来源结构对公司治理效率的影响分析 37 4.2实证研究结果分析 38 4.3政策性建议 39 4.3.1对房地产上市公司的建议 39 4.3.2对政府的建议 40 4.4本章小结 41 结论 42 参考文献 43 攻读硕士学位期间发表的论文及其它成果 47 哈尔滨工业大学学位论文原创性声明和使用权限 48 致谢 49 第1章绪论 1.1课题背景及研究的目的和意义 1.1.1课题背景 经济高速发展，房地产行业的地位逐步升高，如今已经发展为人人谈房的 时代，房地产行业与社会经济的发展以及人们的生活密切相关，一直以来房地 产行业受到了各界的高度重视。由于房地产行业特有的行业性质，房地产行业 的发展状况直接影响了其关联行业的发展状况。如今，投资、消费和出口是拉 动我国经济的三驾马车，而扩大投资需求的一个重要支柱则是房地产投资，房 地产投资能够积极有效地促进全社会经济的增长。但最近几年，在住房制度改 革的同时，房价一直处于攀升状态，越来越多的资金被投入到房地产市场中， 于是进入恶性循环，使得房价开始非正常的上涨，有的地区的房价已经涨为天 价，面对这种情况，国家开始对房地产行业开始进行了一系列的宏观调控，全 面控制房价。 政府于2010年发布了一系列的宏观调控政策，对于房地产行业来说可谓是 最严厉的调控之年。国家针对房地产行业颁布了一系列严厉的措施和法规，法 规涉及土地、税收、金融等多个方面。2010年央行两次上调存贷款基准利率。 银监会规定了流动资产贷款的具体使用方法，要求在进行固定资产投资和股权 投资的时候，资金来源不得是流动资产贷款，当然更不能够将流动资产贷款用 于国家禁止的领域和用途。银监会要求银行等金融机构提高风险意识，认真考 核贷款者动机，不将款项贷给以投机购房的贷款者。若对于贷款动机和用途无 法辨认的，应该普遍提高贷款的首次付款比例并提高利率，严格按照不同的类 型分别执行不同的信贷政策。国土部强调房地产用地监管，将开展突击检查。 住建部则要求在购买商品房时，必须按照实名制进行购房，开发商从购房者处 收取定金必须获得预售许可。国土部、住建部联合下发了关于房地产用地管理 的通知，规定闲置一年以上禁拿地。施行这一系列的措施之后，在一定程度上 抑制了房价飘升的状态，但调控作用并不是十分显著，房地产景气指数和房地 产投资开发指数虽都有所下降，但效果不是很明显，市场投资仍然很热。 鉴于2010年的调控效果不是很明显，从2011年开始，国家又进一步颁布 了一