我国房地产上市公司非理性融资行为研究

Research on Irrational Financing Behavior of Real Estate Listed Companies in China

近年来,我国上市公司融资问题是业界研究的持续热点。既有学者从传统金融学理论探究,也有学者从行为金融学理论去探究此问题,他们研究方向主要集中在融资模式、融资风险、融资效率、融资结构对房地产公司绩效的影响方面,但对房地产上市公司非理性融资行为探讨不多。本文以2014—2018年房地产行业融资为研究对象,从非理性融资内部层面分析,提出扩大股权融资规模,优化股权结构等措施,从多个方面抑制房地产上市公司非理性融资行为的发生。

In recent years, the financing problem of China’s listed companies has been a hot topic in the industry. Some scholars explore this problem from the traditional financial theory, and some scholars explore this problem from the behavioral finance theory. Most of our research scholars listed real estate companies focused on financing mode, status of financing problems, financing risks, financing efficiency and financing structure of the real estate company’s performance in these areas, but there is little discussion on the irrational financing behavior of real estate listed companies. This paper takes the real estate industry financing from 2014 to 2018 as the research object, analyzes from the internal level of irrational financing, and proposes measures such as expanding the scale of equity financing, optimizing the equity structure and so on, in order to restrain the occurrence of irrational financing behavior of real estate listed companies from many aspects.