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摘要资本结构对公司绩效的影响已经基本成为理论共识。房地产行业是国民经济的支柱型产业，又是典型的资本密集型产业。关于房地产行业资本结构影响其经营绩效的大量研究也已经证实了资本结构对其经济绩效的重要性。但是，房地产企业资本结构本身的变化离不开国家宏观经济政策，不同的宏观经济政策必将引发房地产企业选择不同的资本结构，并最终影响其经济绩效。那么，近年来国家宏观经济政策的变迁下，房地产企业是如何调整其资本结构，以及这种调整对其经营绩效产生了什么样的影响呢？30216
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本文基于近年来政府对房地产行业的宏观调控政策，应用比较分析、实证回归分析等方法，对房地产上市企业经营绩效与其资本结构进行实证分析，发现房地产上市企业资本结构对经营绩效影响作用明显，其中流动负债率、流通股比率分别与经营绩效呈正相关关系；资产负债率一定程度上促进经营绩效；资产规模对经营绩效影响较小。根据回归结果，说明房地产上市企业应根据经济大环境和宏观经济政策相应降低负债水平，调整负债结构，增加融资途径。
关键词：房地产上市企业 宏观调控 资本结构 经营绩效
毕业论文外文摘要
Capital Structure and Performance of real estate companies listed under the government's macro-economic control
Abstract
The impact of capital structure on corporate performance has basically become the consensus theory. The real estate industry is the pillar industry of the national economy, is a typical capital-intensive industries. Numerous studies on the real estate industry capital structure affect its operating performance has confirmed the importance of the capital structure of its economic performance. However, changes in the real estate business capital structure itself is inseparable from the country's macroeconomic policies, macroeconomic policies will lead to different real estate companies choose different capital structure and ultimately affect its economic performance. So, in recent years under the state's macroeconomic policy changes, the real estate business is how to adjust its capital structure, and this adjustment produces a kind of effect on the business performance of it?
Based on the real estate industry in recent years, the government's macro-control policy, the application of comparative analysis, empirical methods such as regression analysis, business performance of listed real estate capital structure empirical analysis found that the capital structure of the listed real estate companies to significantly influence business performance, which current liabilities ratio, the ratio of outstanding shares and operating performance are positively correlated; promote business performance to some extent, asset-liability ratio; asset size has little effect on operating performance. According to the regression results, indicating that the real estate listed companies should be reduced debt levels based on the economic environment and macroeconomic policy, debt structure adjustment, increase financing channels.
Keywords：real estate listed companies macro-control capital structure
Operating Performance
目 录
1 引言 1
1.1 研究背景 1
1.2 研究目的及意义1
1.3 文献综述2
2 理论分析5
2.1政府关于房地产行业的宏观调控政策6
2.2 政府宏观调控对房地产企业的资本结构的影响6
2.3 资本结构与经营绩效概述7
3 房地产企业资本结构与经营绩效现状10
3.2 资本结构现状 10
3.3 经营绩效现状 12
4 房地产上市企业资本结构与经营绩效的实证研究14
4.1 研究变量和样本选取14