房地产上市公司资本结构与公司绩效研究——基于供给侧结构性改革

Study on the Capital Structure and Corporate Performance of Real Estate Listed Companies——Based on Supply-side Structural Reform

近年来,房地产业已经日渐成为我国国民经济的支柱性产业,2017年中央经济工作会议虽然没有明确提出房地产税,但提出用财税的手段六大新政来规范房地产市场,新政必然会对房地产上市公司的资本结构产生影响。本文利用实证分析的方法研究127家房地产上市公司股权结构(股权集中度)、债权结构(资产负债率)、公司规模与公司绩效的关系,就目前该行业的相关问题研究结论给出相应对策、建议,以优化公司资本结构,提高企业的综合实力。

In recent years, the real estate industry has become a pillar industry of our national economy. Although the central economic work conference in 2017 does not make clear the real estate tax, it introduces six new policies to regulate the real estate market, and the New Deal will have an impact on the capital structure of the listed compahies. Based on empirical analysis, this paper studies the shareholding structure （equity concentration）, debt structure （ asset - liability ratio） and the relation of corporate scale and corporate performance, then gives a series of suggestions to the related problems in the industry ,in order to optimize the company＇s capital structure and improve the comprehensive strength of the enterprise.