股权分置完成后房地产上市公司资本结构与绩效关系研究

Real estate industry listed company capital structure and performance relation research after shared division reform

本文以2006～2010年沪深股市已完成股权分置改革的72家房地产上市公司为研究样本,采用主成分分析法和多元线性回归方法分析资本结构与公司绩效的相关关系。实证研究结果表明:股权分置改革完成后,房地产上市公司绩效与负债结构负相关;国家股比例越大,政策倾斜使公司绩效越高;短期内,流通股比例与公司绩效相关性不大;股权集中度与公司绩效正相关。

This article is made the 72 Real-Estate listed companies which finished the non -tradable shares reform for the research samples, used the principal component analysis and multiple linear regression to analyze the correlationship between the capital structure and company performance. The empirical results show that when non-tradable shares reform finished, Real -Estate listed company performance were negatively related to debt structure, company performance were incresed with the increased national stock proportion. The proportion of shares in circulation and company performance were not related in short time, ownership concentration is positively correlated with corporate performance.