基于部分调整模型的中国房地产上市公司最优资本结构测算与比较  

Caculation and comparative analyses of optimal capital structures of China's listed real estate companies based on a partial adjustment model

作　　者：杨飞[1] 张红[1] 李洋[1] 

机构地区：[1]清华大学建设管理系,北京100084

出　　处：《清华大学学报（自然科学版）》2013年第9期1261-1266,共6页Journal of Tsinghua University(Science and Technology)

基　　金：国家自然科学基金资助项目(71073096)

摘　　要：为考察中国房地产上市公司债务资本运营能力,以账面有息资产负债率和市场有息资产负债率作为资本结构的代表指标,选用部分调整模型,测算中国房地产上市公司最优资本结构并开展产业内外的对比分析。结果显示:1)2001—2011年,以账面和市场有息资产负债率衡量的中国房地产上市公司最优资本结构均值分别为0.203和0.290,高于指标均值的样本公司数量较多,指标均值年度变化较大;2)房地产上市公司的最优资本结构高于建筑业上市公司但低于制造业上市公司,不同所有权结构与不同地域的房地产上市公司的最优资本结构均值基本相同;不同主营业务方向的房地产上市公司最优资本结构均值差异较大。The ratios of the interest-bearing debt to total assets based on the book value and based on the market value are used to represent the capital structure of real estate companies. The partial adjustment model is used to determine the optimal capital structure of the real estate companies listed in China, and to conduct comparative analyses. The results indicate that during 2001 2011, the average values of the optimal capital structure measured by the ratios of the interest-bearing debt to the total assets based on book value was 0. 203 and based on the market value was 0. 290 with more companies having optimal capital structures higher than the average and with the average value of the optimal capital structure fluctuating over time. The results also show that the average value for the optimal capital structure of listed real estate companies was higher than for listed construction industry companies, but lower than for listed manufacturing industry companies. The average values of the optimal capital structure of listed real estate companies were almost the same for different ownership structures and in different regions. However, the average values of the optimal capital structure of listed real estate companies vary with their main businesses.

关 键 词：房地产上市公司 最优资本结构 部分调整模型 测算 比较 

分 类 号：F276.6[经济管理—企业管理]