摘要
公司的资本结构决定了公司如何选择资金,进而影响公司经营。房地产行业是我国经济发展的支柱行业之一,需要大量的资金支持,因此选择合理的资本结构对房地产上市公司高效运营有极为重要的意义。论文通过分析我国房地产上市公司资本结构,为我国房地产上市公司优化资本结构,提高投资效应有一定的参考价值。
本文以在深圳交易所主板上市的40家非ST房地产行业上市公司为研究对象,根据2009年年报,以资产负债率作为资本结构的代表指标,对我国房地产上市公司的资本结构、负债和股权的具体构成进行分析;并根据资本结构决定因素理论,采用多元线性回归法,确定了影响房地产上市公司资产负债率的具体因素;进而对我国房地产上市公司选择合理的资本结构提出了对策和建议。
本文针对房地产上市公司资产负债率,分析了负债构成和股权构成。负债构成主要从短期/长期借款比例、应付/预收账款比例、其他应付款比例和长期应付债券比例等方面进行具体分析;股权构成主要从流通股比例、国有控股比例、过去三年发行新股和债券等方面进行具体分析。依据资本结构决定因素理论,通过多元线性回归,分析了经营绩效、公司规模、资产担保价值、股权这四个因素对资本结构的影响。具体以资产收益率(ROA)作为代表经营绩效的指标,总资产作为代表公司规模的指标,企业权益作为代表资产担保价值的指标,流通股比例和国有控股比例作为代表股权的指标,以资产负债率作为代表为资本结构的指标进行回归分析。
本文的主要结论包括:
我国房地产上市公司资本结构不合理。负债的资金来源局限,过度依赖银行信贷,债券发行不足,缺乏如信托、房地产基金等其他资金来源方式。当政府采取紧缩的货币政策时,房地产上市公司将出现资金紧张的局面,影响公司的正常运营。同时上市公司偏向于通过转送股方式发行新股,由于流通股和国有控股因素,更容易产生委托代理问题。
回归分析得知:资产收益率(ROA)与资产负债率负相关,可以通过提高公司经营绩效,降低资产负债率;总资产与资产负债率正相关,企业权益与资产负债率负相关,但是公司规模和资产担保价值对资产负债率无影响;流通股比例与资产负债率负相关,国有控股比例与资产负债率正相关,可以通过提高流通股比例、降低国有控股比例,降低资产负债率。
房地产上市公司的对策有:提高公司经营绩效,降低资产负债率;选择多元化的资金来源,优化负债结构;深化国有资产管理体制改革,降低国有控股的比例。同时为完善我国金融市场,可以从改进银行贷款内部系统运作机理;大力发展债券市场;完善基金投资法律法规;发展房地产信托等方面改进。
The real estate industry is one of China's pillar industries,and it has high demand for capital. The company's capital structure determines the choiceof different funds -sources, while the different funds -sources will affect the capital structure. Therefore, a reasonable capital structure is importance to company’s operation. Through this analysis, in accordance with the relevant conclusions, combined with their own situation, the listed real estate companies could optimize their capital structure, which is important to the operation of the listed real estate companies.
Based on the financial data, the article will use the listed real estate companies of Shenzhen Stock Exchange as analysis objects, the asset-liability ratio as indicators of the capital structure. Firstly, analysis the capital structure, debt’s and equity’s specific composition; Then according to the determinants of capital structure theory, using the multiple linear regressions, analysis the asset-liability ratio’impact factors of listed real estate companies.Finally, according to the impact factors of capital structure and the company's own operation situation, give some suggestions for the listed real estate companies to choose the optimized capital structure.
This article analyzes the asset-liability ratio of the listed real estate companies. And according the accounts receivable/prepaymentsratio,the short/long-term loans ratio, the proportion of other payables and the long-term debt ratio to analyze the debt structure; through the proportion of tradable shares, the proportion of state-owned holding, the situation of issuing new shares and bonds in the last 3 years to analyze the equity structure.
Then this article using the return on assets (ROA) as the indicator of operating performance, the total assets as the indicator of company size, the corporate interests as the indicator of the asset-backed business value,the proportion of outstanding shares and the state-holding ratio as the indicators, the asset-liability ratio of capital structure Indicators, analyze the operating performance, firm size, collateral value of assets and equity’s effect on capital structure.
Based on the above analysis, we could have some concludes.
Firstly, the listed real estate company’s capital structure is irrational. The funds-source is limited. Excessive depending on bank credit, short instancing bond, lacking other funds-sources, once the government used the tighten monetary policy, the listed real estate companies would face financial strain, it would affect company’s operation. On the equity hand, companies prefer using share-transfer to issue new shares, and because of the non-tradable shares and the state-owned holding, the principal– agent problem would take place more.
ROA is negatively correlated with the asset-liability ratio, so we can reduce asset-liability ratio by improving business performance; the total assets is correlated with the asset-liability ratio, the corporate interests is negatively correlated with the asset-liability ratio, but the company size and the asset-backed business value have no affect on the asset-liability ratio; the tradable shares is correlated with the asset-liability ratio, the state-owned holding is negatively correlated with the asset-liability ratio, so we can reduce asset-liability ratio by improving the proportion of tradable shares, reducing the proportion of state-owned holding.
At the last, we give some corresponding suggestions. For the listed companies: improve business performance, reduce asset-liability ratio; Select a wide range of funding sources, optimization of the debt structure; deepen the state-owned assets management system, reducing the proportion of state-controlled. Meanwhile, to improve the financial market we suggest that: improve the operation mechanism of the internal system of bank loans; develop the bond market; improve the fund investment’s laws and regulations; develop the real estate trust market.
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