中国房地产公司动态资本结构研究  

Dynamic Capital Structure of the Real Estate Companies in China

作　　者：金文辉[1] 张维[1,2] 周彬[2] 熊熊[2] 

机构地区：[1]天津财经大学经济管理,天津300222 [2]天津大学管理与经济学部,天津300072

出　　处：《财经理论与实践》2010年第6期67-71,共5页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目(70603021)

摘　　要：通过一般公司动态资本结构模型研究,结合我国房地产公司运行特性,对房地产公司资产负债特性进行了分析:即将公司负债分为金融性负债和经营性负债。建立了房地产公司动态资本结构模型,利用该模型进行了数据仿真分析。研究发现,当房地产公司盈利能力较强且比较稳定时,通过增加经营性负债和金融性负债均可使股权收益率得到较大的提高,且经营性负债率对其影响较大;当房地产公司盈利能力较弱且波动性较强时,通过增加经营性负债可以提高股权收益率,但提高的幅度非常小。Based on the study about the model of dynamic capital structure of the general companies and the operational features of the real estate companies in China,analysis has been done to the characteristics of asset and debt of the real estate companies.The debt is divided into financial debt and operating debt.A dynamic capital structure model is established and stimulation is done with the model.It is found that when the profitability of the real estate company is high and stable,increase of the operating debt or financial debt will obviously improve the return of equity,and the influence of operating debt to the return of equity is obvious.When the profitability of the real estate company is poor and highly fluctuant,increase of operating debt will enhance the return of equity,but the extent is very small.

关 键 词：资本结构 动态资本结构 房地产金融 风险管理 仿真 

分 类 号：F293.3[经济管理—国民经济]