中国房地产公司股权收益与资本回报率、债务利率关系  

The Relationship of the Return on Equity,Return on Capital and Debt Interest Rate of Real Estate Companies in China

作　　者：赵国庆[1] 金文辉[2] 张维[1,2] 周彬[1] 熊熊[1] 

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

出　　处：《财经论丛》2011年第3期71-77,共7页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(70603021)

摘　　要：本文结合中国房地产公司的动态资本结构特征,建立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实验,研究中国房地产公司资本结构对股权收益的影响情况。研究发现股权收益率随着资本回报率标准差增长,呈现出骤降后平稳上升一定水平的规律,并且资产负债率档位越高,收益率水平越不稳定;而当资产负债率处于较低水平时,债务利率水平的差异并不会对股权收益率造成较为明显的区别,而随着资产负债率水平的提高,股权收益率开始随着债务利率水平的差异而产生不同,在盈利能力相等时,股权收益率均随债务成本的增大而降低。Considering the features of real estate companies＇ dynamic capital structure,we established a dynamic capital structure model of real estate companies,and used the model to do a data simulation,to study the effect of the capital structure of Chinese real estate companies on the return on equity.It is found that the return on equity shows a dramatic decline and then steady increase in a certain level with the rate of return of capital growth,and the higher debt ratio stallis,the more unstable the level of the return on equityis.When the asset-liabilityis at a low level,there is little difference in the return on equity with the different level of the debt ratio.But there is a clear difference in the return on equity with the growth of the debt ratio level and different asset-liability ratios.The return on equity may increase with the cost of debt reduced for the same profitability.

关 键 词：动态资本结构模型 债务利率 资本回报 股权收益率 

分 类 号：F832.45[经济管理—金融学]