我国房地产上市公司资本结构与财务绩效关系的实证分析

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1、广东工业大学硕士学位论文AbstractWiththecomprehensivedevelopmentofChina’Seconomy，therealestateindustryispaidgreatattentionbyourcountryasamainstayindustryofournationaleconomy．Therealestateindustryhasbeenanimportantpartofmarketeconomy．Therealestateindustryisacapital-intensiveindustry,SOitsdevelopmentatthisstage

2、stillcan’tlivewithoutthesupportoffinancialinstitutions．Therefore，thebanksandotherfinancialsectorneedtoknowaboutthefinancialsituationoftherealestatebusinessinordertocontrolcreditrisk．Realestatecompaniesneedtoknowaboutthecapitalstructure’Scurrentsituationandthefactorswhichinfluencedittoarrangefmanc

3、ingreasonablyandoptimizethecapitalstructure．Therealestatelistedcompanieshavecertainrepresentativeness，SOweCallknowaboutthecapitalstructureoftherealestatecompaniesbyresearchingontherealestatelistedcompanies．FromtheestablishmentofMMtheorybyModiglianiandMiller,moreandmorescholarsfoundthattheassumpti

4、onsofMMtheorydidn’tperformperfectlyintherealworld．Fromthelate1970s，thenewcapitalstructuretheoryboardedtheacademicarena．TheAsymmetricInformationtheoryisthemaintheoryofthenewcapitalstructuretheorywhichinjected丘eshbloodtothedevelopmentofthecapitalstructuretheory．InOurcountry，CorporateGovemancetheory

5、attractedthescholars’attentionaswellasthecapitalstructuretheory．Therealestateindustrydevelopedrapidlyinthelasttenyears，SOhowtodeveloptheindustryreasonablyandrapidlybecametheresearchfocus．Inrecentyears，Ourcountryhasintroducedaseriesofpoliciestoregulatethedevelopmentoftherealestateindustry．Chinesef

6、inancialsupervisiondepartmentalsoformulatedaseriesofregulatorypoliciesonrealestateloanstostrengthenthesupervisionoftherealestate．Thesepolicieshaveanimpactonthemanagementandfinancingchannelsoftherealestateindustry,therebyitaffectedtheircapitalstructure．Thecapitalstructureaffectedthecapitalcost，and

7、thenitcanaffectthefinancialperformance．Thesedaysmoreandmorescholarsbegintostudyontheimpactofthecapitalstructureonthefinancialperformance，butthedifferentopinionsstillexistinthesequestionssuchashowthecapitalstructureimpa