我国房地产上市公司资本结构变化特征研究——基于最优资本结构的视角  

Variation Characteristics of Capital Structure in China's Real Estate Listed Companies: Based on Optimal Capital Structure

作　　者：张红[1] 杨飞[1] 张志峰 

机构地区：[1]清华大学建设管理系,北京100084 [2]连云港市城乡建设局,江苏连云港222003

出　　处：《审计与经济研究》2014年第1期77-85,共9页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71073096)

摘　　要：基于最优资本结构探讨我国房地产上市公司资本结构变化特征。结合2000—2011年沪深A股91家房地产上市公司的财务数据以及宏观经济数据,利用部分调整模型测算最优资本结构。将实际资本结构变化分解为实际资本结构相对最优水平的变化、最优资本结构变化和趋势性运动三部分。研究结果表明:资本结构具有向最优水平的自我回复能力;最优资本结构的变化可能引起现实资本结构发生同向变化;实际资本结构的趋势性变化规律并不显著;各类房地产上市公司资本结构遵循相同的变化规律。Variation characteristics of capital structure in China＇s real estate hsted companies are studied on the basis of optimal structure. The partial adjustment model is introduced to ealeutate the optimal capital structure, with the financial data of 91 real estate listed companies in A-share as well as some c data over the period of 2000 -2011. The variation of actual capital structure is deposed into the change of actual capital structure relative to its optimal level, the variation of op- timal structure and the change in trend. The results indicate that the actual capital structure is capable of reverting towards its optimal level; the actual capital structure change in the same direction of the optimal capital structure; the variation trend in actual capital structure is not significant; all kinds of real estate listed companies share the same variation characteristics of capital structure.

关 键 词：房地产上市公司 资本结构 变化特征 最优资本结构 融资决策 企业价值 实际资本结构 

分 类 号：F276.6[经济管理—企业管理]