我国房地产上市公司资本结构的微观影响因素分析

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1、ABSTRACT‰阿ddcvelq肿mtof咖yin叫删n竹愀蜊6训ylbe咖荆锄锄oftIlepcopIe’si∞嘶瞄锄dthe曲旧0pmaItof谢瑚lizl6∞p11∞e豁．弧tothel蛳苫epopIll撕∞ilIow∞吼略tllerigidd伽腧ndf．orho∞in辱Andk瑚u∞曲喀iII巾即fa难∞ofthem出sys把m，飑lativdy舶m聊inV鹋tnl即tch锄eki删岱nnemcapi诅Ialsomshedto∞自盱meilldl】鼬呼Und盯medlIalmleof逝龃d锄柚d姐dsp∞Ill

2、atiVedt舭锄d'ther∞l鹤tateindl珥扛yisd吼，el咂ng埔pidlyinowc0删岫；锄d血eⅡI∞ristsa∞incfleasinglypayatl朗曲ntothestudyof也ec叩dtals劬Ichlm．Ch掀叩∞edtllef-ourtriUi蚰∞∞删cs咖帆I璐pl蛆t0ad慨sllleUSsu岫emo啦=age嘶sisiIl2008whichleadingt0megldbal缸如cialtIllmoil。blltme∞arequileapanoftllemoIl∥isnot％p∞t酣

3、toem日the坳lecon砌y’andiIldimctly∞自喇the哟l船协teindl]略奶‘which，toacertain懿t铋t，c∞tfibIltillgtome％pansi傩ofIheleal∞眦懒andisnot训靶tothel∞g蛔m抵舶pm咖ofnational∞on伽y．Thestatealsoissuedas耐％of∞岬髓pI∞dingpolicytor；egulatetllereal豁tate．hlmiscont钒t，缸腿the∞terpri∞itsclffacto巧mefacto咫Which

4、a伍贼r∞l髓tatec婶i协1s缸uctureofIis矧c响paIli骼isw岫t．111isaniclesel∞协melisted砌岱tatec彻叩锄i岱befbrethe印dof2008，toex锄iIles啪plec伽叩孤ycapi协lstrIlctIlreisiIInu即cedbywhich缸to墙du血gnle删0dof2009～2013敝粕mepa踯tiVeofcoln】瑚yitsel￡Wh砒tlleprcs舶tsitIlali∞ofcapitals缸uct啪屯柚d仃鼍mdofs鲫啦es协tistical

5、d髓c邱tionare啪cludedmat：themteofa踮etsandliabiliti髓ofthe嗽l髓协teindI璐t叮list。dc唧a11i镐isonthehi曲side’meaVemge8锄pleasset·liabilit)rmtioa他morcm姐60％“ngtlle)，e甄si羽dfi伽tlymoreman、地atthemstschol粥minl【matmcrcas咖lblei咖lof50％～60％，whichillt咖temereaIes协teindus时iIl叫coun拄ymecapitals

6、咖ctI聆oflis湖唧ani铭is删恻；眦able，measset-li出1时mtioislli曲；TheaVera萨s锄叩ledebtm60islowforal伽喀血∞，whicha糟bdow0．2ldⅢiIlg雠y翰r，whichindi∞tetllattheaVerageshortinf0】∞ation锄dl咖g呻bl锄ismo托s耐a璐；Theme锄valueofthes锄叩lca豁et-liabiI时豫tio蚰dlong-ta加a鼹昨li椭1i哆ratioaminc0璐is自胁tch柚ge呦d，whichis

7、rising缸吼2009t02010，anddecliningin2011，觚dm钆pfes∞血garis崦咖d'whichill抵tematdebt‰c吨∞1i，i】埘Im∞tcon血u鹤toim】瑚鹏．Ⅱ1耶1efactorsa伍ectingmec印itals仇lctll他oflnicro啪piri∞1stlldysugg髓t：即t盯pn∞si∞，孕Dwmand鹊setcollatemlvaluca托positivec锄湖atcd谢IlIcapi诅l，柚dlllee丑Ktisob、rious；Short-te咖deb

8、tpayinga_bil竹锄dopera60nabil时arenegativeIy翻atedto廿lecapitals咖ctlI陀，觚dtlleeff＆tisr锄arkable．1fladdition，equitycon湖喇蚰andpmm捌htyhaVe蚰indisti玳：吐睇influ∞ceonlisted他al髓