存货投资、财务杠杆与公司绩效——基于房地产上市公司的经验证据  

Inventory Investment, Financial Leverage and Firm Performance—Evidence from Chinese Listed Companies of Real Estate

作　　者：黄硕 张雪娇 胡盛昌 

机构地区：[1]福州大学经济与管理学院,福建福州350108 [2]南京财经大学会计学院,江苏南京210023 [3]福建工程学院管理学院,福建福州350118

出　　处：《河北地质大学学报》2017年第5期97-103,共7页Journal of Hebei Geo University

基　　金：国家自然科学基金面上项目"异质性内部控制的缺陷及其经济后果"(71572038)

摘　　要：库存量大和杠杆率高是中国经济面临的严重问题,在房地产企业中表现得尤为突出。在中央大力推进"三去一降一补"政策的背景下,论文以2007年—2015年中国A股房地产上市公司为样本,建立了财务绩效模型和市场绩效模型,探讨了存货投资、财务杠杆与公司绩效三者之间的内在联系。研究发现,总体而言,存货增加会导致房地产企业盈利能力和市值下降;存货投资不能有效地提高样本公司的绩效;高财务杠杆对房地产企业的绩效会产生显著的负面影响。这些结果表明,"去库存""去杠杆"总体上有助于提升房地产上市公司的财务绩效和市场绩效。Large inventories and high leverage are serious problems that China＇s economy faces, which are particularly prominent in real estate companies. On the background of the policy of ＂Capacity reduction, Destocking, Deleveraging, Cost reduction, Improving underdeveloped areas＂ which are vigorously promoted by the central government, we took samples of 2007-2015 Chinese listed companies of real estate and established financial performance model and market performance model to probe into the relationship among inventory investment, financial leverage and corporate performance. The findings show that the increase in inventories might lead to a decline in the profitability and market value of real estate companies in general; inventory investment could not effectively improve the performance of sample companies; high financial leverage has a significant negative impact on the corporate performance of real estate. These results show that ＂de-stocking＂ and ＂deleveraging＂ are generally helpful in improving the financial performance and market performance of real estate listed companies.

关 键 词：存货投资 总负债 财务杠杆 财务绩效 市场绩效 

分 类 号：F275.5[经济管理—企业管理]