摘要
本文以2003～2007年我国房地产上市公司的数据为研究样本,研究了房地产企业融资能力、经营效率与企业价值之间的关系。研究发现,无论是采用Tobin's Q还是BHAR(买入并持有超额回报)来衡量企业价值,房地产企业融资能力、经营效率与企业价值均存在正相关关系。这说明,房地产企业可以通过提高自身的融资能力和经营管理水平来提高企业价值。
Financing ability and operation efficiency arc important to the real estate businesses for that the financing amounts are huge and the development projects usually last long. This paper studies on the financing ability, operation ef- ficiency and business value, sampling date of year 2003 to 2007 from the listed real estate companies of China. It is re- vealed that the business value is positively correlated to the financing ability and operation efficiency, either counted the business value with Tobin＇s Q or BHAR. In other words, the stronger the financing ability and the higher the operation ef- ficiency is, the bigger the business value is and the higher the long term return to the stakeholders. The conclusion is that the real estate corporate can raise the business value by enhancing its financing ability and operation efficiency.
出处
《经济与管理研究》
CSSCI
北大核心
2010年第8期43-50,共8页
Research on Economics and Management
基金
国家自然科学基金青年项目(70902024)“产权、政治关系与企业资源配置”
教育部人文社会科学研究专项任务(08JD790004)资助
关键词
房地产企业
融资能力
经营效率
企业价值
Real Estate Businesses
Financing Ability
Operating Efficiency
Company Value
