资本结构理论对我国房地产行业融资决策的验证  

Investigating the Financing Decision-making in China’s Real Estate Industry Based on Capital Structure Theory

作　　者：龙天炜 石云峰 LONG Tian-wei;SHI Yun-feng(College of Economics and Management,Tianjin Chengjian Univeisity,Tianjin 300380,China)

机构地区：[1]天津城建大学经济与管理学院,天津300380

出　　处：《工程管理学报》2021年第3期141-146,共6页Journal of Engineering Management

摘　　要：为优化房地产企业内部融资决策,探寻一条可以遵循的房地产企业融资标准,利用Heckman两阶段模型检验了资本结构理论解释我国房地产上市公司融资决策的能力.对我国50家房地产上市公司在2008~2018年所做的融资决策进行分析,发现影响公司内外融资方式选择和债股发行规模的因素支持优序融资理论的预测,较高的内部资金减少公司使用外部资金的倾向,而较高的资本支出增加公司使用外部资金的倾向.而且,随着股票价格上涨企业会发行更多股票,这与市场时机理论描述一致,但权衡理论的预测并没有得到足够的支持.To optimize the internal financing decision-making of real estate enterprises and identify a financing standard for real estate enterprises,this article uses the heckman two-stage model to test the application of the capital structure theory in explaining the financing decision-making of listed real estate companies in China.Via analyzing the financing decisions made by 50 listed real estate companies in China from 2008 to 2018,this article found that the factors affecting the selection of internal and external financing methods and the scale of bond issuance support the effectiveness of the optimal financing theory.If higher internal funds are reduced,then the company tends to use external funds.Additionally,higher capital expenditures increase the company’s tendency to use external funds.This article also found that as stock prices rise,companies will issue more stocks,which is consistent with the description of market timing theory,but the prediction of the trade-off theory did not get enough support in the research results of the article.

关 键 词：房地产 融资决策 Heckman两阶段模型 

分 类 号：F293.3[经济管理—国民经济]