上市公司资本结构对绩效的影响上市房地产公司的实证分析
上市公司资本结构与公司绩效的研究是经济发展的必然产物。随着我国市场经济的不断完善，公司制度的不断规范，公司资本结构的合理性探讨成为了理论界和实务界的研究热点。本文选择房地产行业作为研究样本是因为房地产行业同时大幅影响其他众多行业，例如：水泥、运输、钢铁、建材、建筑机械、物业管理等；且房地产行业产值巨大，占国民经济比重较大，是当前我国经济的重要组成部分。4264
关键词： 资本结构；上市公司；绩效分析；房地产公司4264
The capital structure of listed companies in the impact analysis for performance
Abstract：Capital structure is a problem of great theoretical and practical significance of the research topic, it not only affects the company's cost of capital and corporate performance, but also affects the company's governance structure (the stakeholders trade-offs contractual relationship).It is an important issue for the companies at the time of their finance practice to make reasonable arrangements for the capital structure of listed companies in order to make optimal level of performance. Capital Structure in the West has formed a relatively mature theory of corporate finance practice provides useful guidance. However, foreign capital structure theory to corporate governance structure better, capital diversification, adequate and stable sources of funding as a prerequisite, and developed commodity-based economy, whose main objective is the economic and financial system established under the Capital Structure Research optimization method.
Capital Structure and Corporate Performance study is the inevitable product of economic development. As China's market economy continues to improve, companies continue to regulate the system, the company's capital structure Rationality of theory and practice has become the hot spot. Select the real estate industry as a research paper sample is because the real estate industry significantly affects many other industries, such as: cement, transportation, steel, building materials, construction machinery, property management, etc.; great value and the real estate industry, accounting for a larger proportion of the national economy, is the current an important part of our economy
Key Words：Capital structure; listed companies; Performance analysis；property company
目录
引言： 2
一 资本结构以及公司绩效理论概述 3
（一）资本结构的概念 3
（二）资本结构理论发展 3
1、早期资本结构理论 3
2、经典资本结构理论 4
3、现代资本结构理论 5
（三）企业经营绩效与融资结构关系 5
1、企业经营绩效 5
2、企业经营绩效与融资结构关系 5
二、我国上市公司资本结构的不足 6
（一）融资结构不合理，偏好股权融资 6
1、外部融资比重大，内部融资比例小 6