我国房地产上市公司资本结构.研究

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1、Abso'actABSTRACTSinceModiglianiandMillerreleasedtheirseminalpaperin1958，theissueofcapitalstructurehasgeneratedgreatinterestsamongfinancialacademicsandpracticesallaroundtheworld．After1998，withthedevelopmentofcapitalmarketandaseriesofmacroscopicpolicestoextenddomesticdemandande

2、xpeleconomicgrowthimplementedbynationalgovernment，therealestateindustryhasdevelopedquicklyandhasbeenanimportantpartofourcountry’Seconomy．Soastudyonthecapitalstructureofthefistedrealestatecompanieswillbenecessaryandparticularlyimportant．Thisarticleiscomposedofsixparts．Thefirst

3、part：introduction．Thispartincludessomebasicconceptions，suchasfmancing，financingmethodandcapitalstructure．Besidestheseconcepts，allkindsofstudiesbyoverseasanddomesticscholarsoncapitalstructurearesummarilypresented．Atlastsomeconclusionsaregained：theresultsofthecapitalstructurear

4、edifferentorevencontrarysometimes，thoughtheirresearchobjectisthesame．Thesecondpartistheevaluationofthemoderncapitalstructuretheories．ThispartmainlyintroducesthreecapitalStl"UCIUretheories：theMM,thebalancetheoryandnewcapitalstmcturetheory．Thethirdpartmainlyintroducesthedefinit

5、ionofrealestateindustry,thefinancingmethodofrealestateindustryandthecharacterofthecapitalstructureinthisindustry,Byalotofdata,itshowsthattheasset—liabilityratioofrealestateindustryishigh，andthattheasset—liabilityratiosofdifferentrealestatecompanieshavelargegap．Thefourthpartis

6、toanalyzewhysuchcapitalstructurecharacterofrealestateindustryinOUtcountryisformed．Thatistosay：whataretheeffectfactorsofcapitalstructureofrealestateindustry?Therearetwopartsofthereasons：oneisthemacroscopicones，whichincludenationalpolicies，macroscopiceconomy,moneymarket，interes

7、tratepolicy,etc．Theotheristhemicrocosmicones，whichincludefinancialfactorsandotheroompanyfactors．ThefifthspartisallempiricalanalysisontheeffectfactorsofcapitalStl-UCtUrc,whichisbasedonthethirdandthefourthpart．Theconclusionoftheresearchdisplaysthat：(1)profitability,debtpayingab

8、ilityandnon—debttaxshieldsaresignificantlynegativelyassociatedwithas