房地产上市公司债务融资的治理效应的实证研究

An Empirical Analysis on Debt Financing on Effect of Real Estate Listed Companys' Governance

以2003—2007年的中国A股房地产类上市公司的数据为样本,共398个观测值,以理论与实证相结合的方法研究房地产类上市公司的债务融资的治理效应。通过描述性统计得出房地产类上市公司的债务融资与其他类型的大部分上市公司的不同之处;通过回归分析得出与以往研究不同的结论即对于房地产类上市公司而言,总体上债务融资有加强公司治理,提高公司绩效的作用,而且负债中的短期贷款和长期负债都有正的公司治理效应,只是强度不同而已。

A sample of real estate listed company data from 2003--2007 are selected, a total of 398 observations. Combinging theoretical and empirical method, The governance effects of debt financing on real estate listed company is focused. Through descriptive statistics, the differences in debt financing between real estate listed copmpany and other types listed is found. Through regression analysis, different conclusions are obtained from previous studies which are in real estate listed companies, debt financing has positive corporate governance efficency, and the short-term loans and long-term liabilities also have positive effect on corporate governance with different intensity.