资本结构对企业绩效影响的实证研究——以我国房地产行业为例  

作　　者：贺晋[1] 张晓峰[1] 丁洪[1] 

机构地区：[1]广东工业大学管理学院

出　　处：《企业经济》2012年第6期37-40,共4页Enterprise Economy

摘　　要：作为我国的支柱产业,房地产行业在我国国民经济中起着非常重要的作用。近年来,我国房价持续高涨,对社会的稳定发展造成一定影响。对此,政府出台了一系列法案条例来规范房地产市场。本文基于资本结构与公司绩效关系基本理论,结合我国房地产市场的特点,深入分析房地产行业资本结构与公司绩效的关系。研究结果显示,股东权益报酬率同资本结构正相关,而Tobin’Q同资本结构负相关。The real estate industry, as the pillar industry, plays an important role in China＇ s national economy. The government has issued a series of legal bills and regulations to standardize this industry based on the historical background of high housing price threatening the social harmony. This paper analyzes the relationship between capital structure and performance according to the basic theory and the fundamental characteristics of the real estate industry. Research results show that ROE has a positive correlation with capital structure, while Tobin＇Q has a negative correlation with capital structure.

关 键 词：资本结构 绩效 股东权益报酬率 Tobin’Q 

分 类 号：F275[经济管理—企业管理] F224.0[经济管理—国民经济]