房地产上市公司债务融资成本与财务绩效实证分析

An Empirical Analysis of the Debt Financing Cost and Financial Performance of Listed Real Estate Companies

为了研究债务融资成本与企业财务绩效之间的关系及产权性质不同所产生的影响,以我国房地产上市公司为研究对象,收集样本公司2010—2019年的财务数据进行实证研究。结果表明,房地产上市公司的债务融资成本和财务绩效呈负相关关系;进一步按照产权性质分组分析发现,相比国有背景,非国有房地产上市公司债务融资成本与财务绩效的负相关程度更高。经稳健性检验后,上述结论仍然成立。据此,对我国房地产上市公司未来发展提出合理建议。

In order to study the relationship between debt financing costs and corporate financial performance and the impact of different property rights,we take listed real estate companies as the research object,collect financial data of sample companies from 2010 to 2019,and conduct empirical research.The results show that the debt financing cost and financial performance of listed real estate companies are negatively correlated;further grouping analysis according to the nature of property rights find that compared with the state-owned background,the debt financing cost of non-state-owned real estate listed companies has a higher degree of negative correlation with financial performance.After the robustness test,the above conclusion is still valid.Accordingly,reasonable suggestions are made for the future development of listed real estate companies in China.