房地产企业议价能力与资本结构——基于上市公司面板数据的实证研究

Bargaining Power of Real Estate Companies and Capital Structure:Empirical study on panel data of listed companies

房地产行业是总资产负债率很高、融资渠道相对狭窄并且深受政府宏观调控政策影响的特殊行业,本文基于资本结构理论,选取我国沪深两市部分房地产上市公司样本2001-2009年的面板数据,运用F检验和Hausman检验构建了混合回归模型,对资本结构的各种影响因素进行多元回归实证分析。研究发现,房地产上市公司的资产负债率与公司资产结构、盈利能力及短期偿债能力负相关,与公司规模、议价能力、运营能力等因素正相关,与实际税率、成长性的关系不显著。

With a high rate of total assets and liabilities and relatively narrow financing channels,the real estate industry has been special deeply affected by the macro-control policies of government.This paper,based on capital structure theory,selects the part of listed real estate companies in Shanghai and Shenzhen as the sample,construct a mixed regression model on the various factors affecting the capital structure and make a multiple regression analysis by using the panel data from 2001 to 2009,F test and Hausman test.The study finds that asset-debt ratio of listed real estate companies is negatively correlated with the corporate assets structure,profitability and short-term liquidity,is positively correlated with firm size,bargaining power,operational ability and is not significant correlated with the real tax rate,firm growth.