上市房地产企业各生命周期阶段资本结构研究

Research on Capital Structure of each Life Cycle Stage in Listed Real Estate Companies

依据国内上市房地产企业的数据资料,采用实证分析与比较分析等研究方法,以连续5年销售增长率为标准,将房地产上市公司按照企业生命周期发展规律划分为成长期(或复兴期)、成熟期和衰退期,研究各个发展阶段的资本结构特点。认为资本结构是由不同融资渠道的长时间融资活动积累而成。并以2010年数据为例,分阶段研究了不同融资方式对资本结构的影响,得出在不同发展阶段企业对资金的需求量以及盈利能力影响到融资方式的选择,在股权融资和债权融资比例不断变化的作用下,资产负债率在成长期达到最高,衰退期达到最低。

According to the data information, using the sales growth rate for five consecutive years as the stand- ard, the listed real estate companies＇ life cycle development law is divided into growth （or renaissance period）, maturation and decline. Then we make the comparative of the capital structure characteristics of each group. That the capital structure is a long - term accumulation of financing activities by different financing sources, therefore u- sing the data of 2010 obtained at different stages of the development, analyzing how the different stages of financing affect on the capital structure. Finally, we find that the demand for funds and the profitability both impact on the fi- nancing options. With equity financing and debt financing changing proportion of function, the asset - liability ratio in the growth reaches the highest, and the recession is the minimum.