摘要
选取中国A股沪深两市房地产上市公司近两年相关面板数据为研究样本,基于固定效应模型探索宏观和微观经济因素对房地产上市企业资本结构的影响。实证分析结果表明:宏观经济因素对地产企业资产负债率及流动负债率影响显著;微观经济因素对地产企业长期负债率影响显著。为了实现股东利益和企业价值最大化,针对房地产企业资产负债率较高、融资渠道单一、重流动负债、轻长期负债等问题提出合理的建议。
The paper selected the related panel data between 2016 and 2017 of two real estate listed companies from China’s A share in Shanghai and Shenzhen as samples and explored the impact of macro and micro economic factors on the capital structure of real estate listed companies,based on the fixed effect model.The results show that macroeconomic factors have a significant impact on the asset liability ratio and current liabilities ratio of the real estate enterprises,and the microeconomic factors have a significant impact on the long-term debt ratio of the real estate enterprises.In order to maximize shareholders’value and maximize corporate value,the author put forward suggestions for real estate enterprises to avoid the problems such as high asset liability ratio,single financing channel,heavy current liabilities and long term liabilities.
出处
《漳州职业技术学院学报》
2019年第4期89-95,共7页
Journal of Zhangzhou Institute of Technology
基金
全国中国特色社会主义政治经济学研究中心(福建师范大学)(Z201801)
