- 上一篇：信用评级对企业债券收益率的影响
- 下一篇：欧洲银行业系统性金融风险测度研究
摘要由于股权融资的现行成本低，容易控制股权结构、对应的收益率更高等因素，使得股权融资成为我国上市公司的首选。所以，探究我国上市公司股权融资效率就显得尤为重要。本文选取我国房地产上市企业汇总的代表性企业，通过DEA模型，选取适当的指标用DEAP软件进行投入产出数据的分析发现：大部分企业是产出不足投入冗余，主要表现在：第一部分企业有投入冗余的现象；第二部分企业有产出不足现象；第三有些企业既有投入冗余也有产出不足的现象。这说明房地产企业的资金投入并未产出最大效率，资金并未得到有效利用，在资金融入受限的情况下，企业的资金还未充分发挥最佳效用。因此，企业可以主要从以下方面提高股权融资效率： 第一合理的政策指引与完善的金融制度。第二，优化股权结构第三，与国外平均水平相比较，我国上市公司的资产负债率普遍偏低，国外的大多公司都是通过债权进行融资的，而我国上市公司情况正好相反，我国应该好好结合股权、债权多种方式的的融资途径一起进行，增加融资效率。第四，优化我国房地产公司的整体治理，我国房地产公司更应好好注重内部的治理，调整内部结构，优化企业的品牌，使其内部的核心竞争力增强。第五，增加公司的运行效率，使资金的利用更加有效率。63983
关键词 房地产上市公司 股权融资 DEA模型 效率评价
毕业论文 外 文 摘 要
Title： Evaluation of the financing efficiency of China's real estate listing Corporation equity
Abstract Because of the low cost of equity financing, higher factor is easy to control the ownership structure, corresponding to the rate of return, the equity financing has become China's listing Corporation preferred. Therefore, it is particularly important to explore the financing efficiency of Chinese listing Corporation equity. This paper selects a representative enterprise in China's real estate listed enterprise summary, through the DEA model, select the appropriate indicators of Deap software is used to input output data analysis found that: most of the enterprises is the low output input redundancy, mainly displays in: the first part enterprises have invested redundant phenomenon; second part of enterprise output deficiency....... Third; some enterprises not only have the input redundancy and output deficiency........ This shows that the real estate enterprise funds did not produce the maximum efficiency, the funds have not been effectively utilized, in the capital in limited circumstances, the enterprise funds are not fully play the best utility. Therefore, enterprises can improve the efficiency of equity financing from the following aspects: first, reasonable policy guidance and perfect financial system. Second, optimize the equity structure of third, compared with the foreign average level, China's listing Corporation's asset-liability ratio is generally low, mostly foreign companies are financing by creditor’s rights, and the listing Corporation in China is just on the contrary, China should take combination of equity, debt financing way right in many ways together, increase financing efficiency. Fourth, the overall governance optimization of China's Real Estate Company, Real Estate Company in China should be paid attention to internal management, adjust the internal structure, optimize the brand enterprises, the core competitiveness of the internal enhancement. Fifth, increase the company's operating efficiency, make capital utilization more efficient.
Keywords The real estate listing Corporation Equity financing DEA model Efficiency evaluation