房地產(chǎn)上市公司論文地域融資結(jié)構(gòu)與我國房地產(chǎn)上市公司財務(wù)風(fēng)險研究

1、房地產(chǎn)上市公司論文：地域、融資結(jié)構(gòu)與我國房地產(chǎn)上市公司財務(wù)風(fēng)險研究【中文摘要】房地產(chǎn)業(yè)在國民經(jīng)濟(jì)發(fā)展中扮演著重要角色,作為高投入、高風(fēng)險、高收益的行業(yè),越來越成為備受關(guān)注的行業(yè)。然而隨著我國城市化進(jìn)程不斷加快和市場環(huán)境日趨復(fù)雜,房地產(chǎn)業(yè)所面臨的風(fēng)險也越來越多樣化。房地產(chǎn)業(yè)是資本密集產(chǎn)業(yè),籌集資金向來是房地產(chǎn)企業(yè)首要考慮的問題,但是我們同時也應(yīng)注意到公司風(fēng)險控制和防范也是絲毫不能忽視的,這樣企業(yè)投入的大量資本才可以獲得收益,公司才可以良好的生存和發(fā)展。目前有關(guān)公司風(fēng)險方面的研究也很多,本文選取了從公司融資結(jié)構(gòu)角度,對房地產(chǎn)上市公司財務(wù)風(fēng)險進(jìn)行分析。文中界定融資結(jié)構(gòu)是指企業(yè)籌資渠道的有機(jī)搭配和各種

2、資金間的比例關(guān)系;公司財務(wù)風(fēng)險是指公司各種風(fēng)險的貨幣化表現(xiàn),是一個復(fù)合概念。在此基礎(chǔ)上理論分析得出融資結(jié)構(gòu)直接影響到公司的融資成本和公司治理的效果,并進(jìn)而決定了公司財務(wù)風(fēng)險的大小。另外考慮到房地產(chǎn)行業(yè)的地域性特點和我國經(jīng)濟(jì)發(fā)展的不平衡性,導(dǎo)致的不同地區(qū)之間公司財務(wù)風(fēng)險的差異性,文章在按公司上市地點將我國房地產(chǎn)上市公司區(qū)分為東部、中部、西部三個地區(qū)的的基礎(chǔ)上,選取了公司財務(wù)風(fēng)險中的主要的籌資風(fēng)險和經(jīng)營風(fēng)險,對不同地區(qū)間融資結(jié)構(gòu)和房地產(chǎn)上市公司財務(wù)風(fēng)險之間的關(guān)系作了實證對比分析,以此希望對兩者的研究更加深入一些。本文期望對我國房地產(chǎn)行業(yè)上市公司的融資結(jié)構(gòu)與財務(wù)風(fēng)險之間關(guān)系的研究,可以對優(yōu)化公司融資

3、結(jié)構(gòu)、降低風(fēng)險、提高公司價值和保持房地產(chǎn)業(yè)的健康發(fā)展起到促進(jìn)作用。全文的主要內(nèi)容如下：第一章,對融資結(jié)構(gòu)和公司財務(wù)風(fēng)險相關(guān)概念進(jìn)行界定,介紹國內(nèi)外有關(guān)融資結(jié)構(gòu)和公司財務(wù)風(fēng)險的研究現(xiàn)狀,并表明本文的、意義、研究思路和創(chuàng)新點。第二章,介紹我國房地產(chǎn)上市公司的融資途徑,并分析當(dāng)前其融資結(jié)構(gòu)的特點,發(fā)現(xiàn)房地產(chǎn)上市公司的主要資金來源是銀行貸款,且存在融資結(jié)構(gòu)存在融資渠道單一、偏好股權(quán)融資、負(fù)債率偏高、股權(quán)結(jié)構(gòu)失衡等問題。第三章,首先,宏觀的分析了地域經(jīng)濟(jì)差異存在和其對不同地域公司財務(wù)風(fēng)險造成的差異化影響；然后,依據(jù)融資結(jié)構(gòu)理論,分別從融資成本和公司治理的角度對公司財務(wù)風(fēng)險進(jìn)行了機(jī)理分析。公司不合理的融資

4、結(jié)構(gòu)會加大公司的融資成本和導(dǎo)致公司治理的混亂,增大公司的財務(wù)風(fēng)險。第四章,以我國房地產(chǎn)上市公司為研究對象,分東、中、西三個地區(qū),對融資結(jié)構(gòu)和公司財務(wù)風(fēng)險的關(guān)系進(jìn)行實證對比分析。研究表明：一,不同地區(qū)的房地產(chǎn)上市公司,股權(quán)結(jié)構(gòu)和其財務(wù)風(fēng)險中的籌資風(fēng)險和經(jīng)營風(fēng)險關(guān)系是不同的；二,債權(quán)比例和各地區(qū)公司財務(wù)風(fēng)險系數(shù)正相關(guān),和東部經(jīng)營風(fēng)險系數(shù)負(fù)相關(guān),和中部經(jīng)營風(fēng)險系數(shù)正相關(guān),和西部正相關(guān)但不顯著；因此東部地區(qū)比較好的兼顧了控制風(fēng)險和杠桿效應(yīng),保持風(fēng)險的同時增加了公司價值；中部地區(qū)沒有很好的兼顧收益；西部地區(qū)的負(fù)債率很高,沒有兼顧公司的風(fēng)險水平。第五章,在研究結(jié)果的基礎(chǔ)上,提出一些優(yōu)化融資結(jié)構(gòu)和降低公司財

5、務(wù)風(fēng)險的建議：注重自身行業(yè)的地域性強(qiáng)且發(fā)展部平衡的特點,對市場做出謹(jǐn)慎的判斷；調(diào)整股權(quán)結(jié)構(gòu),增加法人股持股比例；保持合理的負(fù)債比率,拓寬融資渠道；完善公司內(nèi)部持股制度；加快發(fā)展企業(yè)債券市場,強(qiáng)化履約償債機(jī)制建設(shè)?！居⑽恼縏he real estate industry plays an important role in the national economy development. As high investment, high risk, high income, the industry has gained more and more attention. Because t

6、he real estate industry is a kind of intensive industry, raising money capital has became the top priority, but we also should not ignore the risk control and prevention of the company, only in this way, the large amounts of capital which the enterprise inverse into can achieve profit, the company c

7、an survival and development well. At present the studies about the companys risk measurement are rich, in this paper we select financing structure as perspective to analysis financial risk of the companies. We defined the company financial risk is company capitalization of various risks performance,

8、 is a complex concept. Financing structure directly affects the financing cost and corporate governance effect, and then determines the companys financial risk. Therefore, to study the relationship between the financing structure and the Chinese real estate industry financial risk, can be optimized

9、to reduce risks and improve company values and promote the healthy development of real estate industry. In addition, because the regional characteristics of real estate industry and the imbalance of economic development in our country, we also analyzed financial risk based on the regional difference

10、s of economic development, is in the hope of financing risk analysis of some deeper. The main content of the full schedule is as follows:Chapter 1, financing structure, financial risk as well as other related concepts were defined. Also, the research significance, research structure were introduced.

11、Chapter 2, introduced the main financing channels of Chinese real estate, and analyzed the characteristics of financing structure about the current real estate listed companies in China, found some financing problems in the real estate. Such as financing channel single, preference equity financing,

12、leverage on the high side, equity structural imbalances and so on.Chapter 3, first, the regional economic differences influence on corporate financial risk was analyzed. Then, on the basis of financing structure theory, separately from the financing cost and corporate governance angles to analyzes t

13、he mechanism of financial risk. Irrational financing structure will increase the companys financing costs and lead to corporate governance of confusion, increase the companys financial risk. Chapter 4, with Chinas real estate listed company as the research object, distinguished between east, middle

14、and west three regions, studied the financing structure and corporate financial risk empirically. Research shows that:first, different regions of the listed company, real estate equity structure and its financial risks in financing risk and operational risk relationship is different; Second, the cre

15、ditor proportion is negatively related to company financial risk in three areas, and in the eastern region is negatively related to business risk factors, in the central region is positive related business risk factors, in the western regions is positive related business risk factors but not signifi

16、cant; Therefore the eastern region better balanced control risk and leverage effect, keep risk while adding to its value; The central region only good at low risk; without very good income. Western regions leverage is high; the attention on risk is not enough.Chapter 5, based on the results of the s

17、tudy, puts forward some proposals to optimize financing structure and reduce the risk of company finance. Pay attention to the industry characteristics of region and imbalance of development, to make careful judgment; Adjust equity structure, increase legal person share holding ratio; To maintain a

18、reasonable debt ratio, to broaden the financing channels; Perfect our internal shareholding system; To speed up the development of enterprise bond market, strengthen construction of failure debt service mechanism.【關(guān)鍵詞】房地產(chǎn)上市公司 融資結(jié)構(gòu) 地域 公司財務(wù)風(fēng)險【英文關(guān)鍵詞】real state listed company financing structure regional company financial risk【目錄】地域、融資結(jié)構(gòu)與我國房地產(chǎn)上市公司財務(wù)風(fēng)險研究 摘要 3-5 Abstract 5-6 目錄 7-9 一、引言 9-18 (一) 選題及意義 9 (二) 相關(guān)概念的界定 9-12 1、融資結(jié)構(gòu) 9-11 2、公司財務(wù)風(fēng)險 11-12 (三) 國內(nèi)外研究綜述 12-15 1、國內(nèi)的研究 12-14 2、國外的研究 14-