论文总字数：23132字

摘 要

房地产行业作为我国国民经济的支柱产业与其他许多行业都有非常紧密的联系。近年来，在宏观政策不断调整的情况下，房地产类上市公司对融资渠道的选择更加谨慎，企业资本结构开始发生改变，综合绩效水平也随之受到影响。本文希望通过研究房地产企业的资本结构与综合绩效的关系，提出优化资本结构的对策，进而帮助企业提高综合绩效，加大市场竞争力。

本文总结了房地产类上市公司资本结构与综合绩效的现状，阐明了企业资本结构与综合绩效的涵义。以LH公司为深入研究对象，基于历史数据的比较，以及与同行业企业之间的对比，从融资结构、负债结构分析了企业资本结构，从盈利能力、运营能力、偿债能力三个方面分析了企业绩效。通过进一步的研究可以得出，企业资本的合理性是相对的，往往与企业的经营战略选择息息相关；企业的综合绩效也不局限于以会计信息和历史信息为基础，也应该关注市场的价值与企业的预期收益。最后，本文对房地产企业如何控制债务水平，管理融资渠道、优化资本结构提出建议，认为在企业优化资本结构的过程中政府与金融机构和监管机构推动资本市场全面、健康的发展。

关键词：资本结构 综合绩效 房地产企业

REAIZTIONSHIP BETWEEN CAPITAL STRUCTURE AND COMPREHENSIVE PERFIEMANCE of REAL ESTATE ENTERPRISE：Take LH Corporation for example

Abstract

As a pillar industry of China"s national economy, the real estate industry has a very close relationship with many other industries. In recent years, under the condition of continuous adjustment of macro policies, listed real estate companies have become more cautious in the choice of financing channels, and the capital structure of enterprises has begun to change, thus affecting the overall performance level. By studying the relationship between the capital structure and the comprehensive performance of real estate enterprises, this paper hopes to put forward the countermeasures to optimize the capital structure, so as to help enterprises improve the comprehensive performance and increase the market competitiveness.

This paper summarizes the current situation of capital structure and comprehensive performance of real estate listed companies and clarifies the meaning of capital structure and comprehensive performance of enterprises. Taking LH Company as the in-depth research object, based on the comparison of historical data and enterprises in the same industry, this paper analyzes the capital structure of the enterprise from the perspectives of financing structure and debt structure. The enterprise performance is analyzed from three aspects: profitability, operation ability and debt paying ability. Through further research, it can be concluded that the rationality of enterprise capital is relative, which is closely related to the choice of business strategy. The comprehensive performance of an enterprise is not limited to the basis of accounting information and historical information, but should also pay attention to the market value and the expected earnings of the enterprise. Finally, this paper puts forward suggestions on how to control debt level, manage financing channels and optimize capital structure of real estate enterprises, and thinks that in the process of optimizing capital structure of enterprises, the government, financial institutions and regulators will promote the comprehensive and healthy development of capital market.

Keywords: Capital structure; Comprehensive performance; Real estate enterprise

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 1

1.4 论文框架 2

第二章 文献综述 3

2.1概念及相关理论 3

2.1.1资本结构 3

2.1.3 相关理论 3

2.2资本结构及其优化的相关研究 3

2.3企业综合绩效评价的相关研究 4

2.4资本结构与综合绩效的关系研究 4

2.5文献评述 5

第三章 房地产企业资本结构与综合绩效的现状分析 6

3.1 房地产行业的特征 6

3.2 房地产行业资本结构现状 6

3.2.1 融资结构现状分析 6

3.2.2 负债结构现状分析 7

3.3 房地产行业企业绩效现状 8

第四章 企业资本结构与综合绩效的实证分析 10

4.1研究假设 10

4.2模型构建 10

4.4样本的选取和描述性统计 11

4.4.1样本的选取 11

4.4.2描述性统计分析 11

4.5相关性分析 11

4.6回归结果分析 12

4.7 稳定性检验 13

第五章 LH地产的案例分析 14

5.1 案例概述 14

5.2 LH公司的资本结构 16

5.3 LH公司的综合绩效 17

5.3.1财务绩效 17

5.3.2经营绩效 17

5.4LH公司资本结构与企业综合绩效的关系 17

5.5与业内其他企业的对比分析 18

5.5.1与HD公司的对比分析 18

5.5.2 与YH公司的对比分析 20

结论 22

参考文献 24

致 谢 25

第一章 绪 论

1.1 研究背景

房地产行业作为我国国民经济体系中的支柱产业，为推动我国的经济增长作出了巨大的贡献。房地产行业逐步迈向了规模化与规范化并存的时代，但与其他行业相比，其负债比例仍处于较高水平。作为负债经营的代表行业，房地产企业有开发资金投入大、投资回收期长、投资风险高等特点，因而研究资本结构的合理性对房地产行业未来发展具有十分重要的现实意义。

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