财务与金融
財務與金融
재무여금융
ACCOUNTING AND FINANCE
2015年
2期
22-27
,共6页
房地产%债务融资结构%财务绩效
房地產%債務融資結構%財務績效
방지산%채무융자결구%재무적효
Listed Real Estate Companies%Debt Financing Structures%Financial Performance
目前我国房地产上市公司资产负债率的均值介于[64%~67%]之间，如此高的资产负债率对公司财务绩效有很大的影响。从债务融资结构角度出发，结合当前我国房地产上市公司的实际，实证分析的结果为：我国房地产上市公司最优的短期借款率介于[17.8%~24.9%]之间，长期借款率与财务绩效并不存在显著的线性、二次、三次方关系，最优的房屋预售款率应介于[30.7%~41.9%]之间，商业信用率应控制在[0~42.8%]之间，同时，财务绩效与企业债券率呈正相关。因此，优化房地产上市公司债务融资结构应该合理协调债务融资结构中各个指标的比率，充分利用房贷政策及时调整融资手段、积极发行中期票据，适当运用税务筹划手段，建立适应政府宏观调控和市场变化的内部融资机制。
目前我國房地產上市公司資產負債率的均值介于[64%~67%]之間，如此高的資產負債率對公司財務績效有很大的影響。從債務融資結構角度齣髮，結閤噹前我國房地產上市公司的實際，實證分析的結果為：我國房地產上市公司最優的短期藉款率介于[17.8%~24.9%]之間，長期藉款率與財務績效併不存在顯著的線性、二次、三次方關繫，最優的房屋預售款率應介于[30.7%~41.9%]之間，商業信用率應控製在[0~42.8%]之間，同時，財務績效與企業債券率呈正相關。因此，優化房地產上市公司債務融資結構應該閤理協調債務融資結構中各箇指標的比率，充分利用房貸政策及時調整融資手段、積極髮行中期票據，適噹運用稅務籌劃手段，建立適應政府宏觀調控和市場變化的內部融資機製。
목전아국방지산상시공사자산부채솔적균치개우[64%~67%]지간，여차고적자산부채솔대공사재무적효유흔대적영향。종채무융자결구각도출발，결합당전아국방지산상시공사적실제，실증분석적결과위：아국방지산상시공사최우적단기차관솔개우[17.8%~24.9%]지간，장기차관솔여재무적효병불존재현저적선성、이차、삼차방관계，최우적방옥예수관솔응개우[30.7%~41.9%]지간，상업신용솔응공제재[0~42.8%]지간，동시，재무적효여기업채권솔정정상관。인차，우화방지산상시공사채무융자결구응해합리협조채무융자결구중각개지표적비솔，충분이용방대정책급시조정융자수단、적겁발행중기표거，괄당운용세무주화수단，건립괄응정부굉관조공화시장변화적내부융자궤제。
At present, China's real estate listed company asset-liability ratio of average is between [64% ~ 67% ], such a high asset-liability ratio has a great influence on the companies' financial performance. From the Angle of the debt financing structure, according to the reality of the current our country real estate listed companies, the empirical analysis of the results as follows: the listed company of real estate in China the most optimal short-term borrowing rate is between [17.8% ~ 24.9%], long-term borrowing rates and financial performance is not significant linear, quadratic and third power relation, ratio of house opens to booking a paragraph should be between [30.7% ~ 41.9% ], commercial credit rate should be controlled be-tween [0 ~ 42.8%], and at the same time, financial performance and corporate bond rates were positively correlated. Optimiza-tion of real estate debt financing structure of listed companies should, therefore, reasonable to coordinate the ratio of debt fi-nancing structure of each index, make full use of the mortgage policy adjust financing means, positive issue medium-term notes, the proper use of means of tax planning, set up to adapt to changes in the government macroeconomic regulation and control and the market mechanism of internal financing.
