CAJ | 학술논문

中国房地产行业作为国民经济的支柱产业，资金密集是其显著的行业特征，同时中国的资本市场起步较迟，架构尚不规范，影响资本结构的因素纷繁复杂。这就决定了对中国房地产行业融资行为进行研究具有重要的理论与现实意义。文章采用面板回归的方法，选取了2000-2012年以来上市的22家中国房地产公司的年度数据，对中国房地产行业的资本结构进行了实证检验。结果表明，融资优序理论对中国房地产的融资行为有更好的解释力。房地产行业的资产负债率与盈利能力、有形资产率和成长性均负相关；与企业的规模、抵押能力正相关。
중국방지산행업작위국민경제적지주산업，자금밀집시기현저적행업특정，동시중국적자본시장기보교지，가구상불규범，영향자본결구적인소분번복잡。저취결정료대중국방지산행업융자행위진행연구구유중요적이론여현실의의。문장채용면판회귀적방법，선취료2000-2012년이래상시적22가중국방지산공사적년도수거，대중국방지산행업적자본결구진행료실증검험。결과표명，융자우서이론대중국방지산적융자행위유경호적해석력。방지산행업적자산부채솔여영리능력、유형자산솔화성장성균부상관；여기업적규모、저압능력정상관。
Chinese real estate industry is the pillar industry of the national economy, and it＇s also a capital-intensive industry. However, China＇s capital market starts relatively late and does not have a standardized architecture. Therefore, of is important and meaningful to study the financing behavior in Chinese real estate industry. The static tradeoff and pecking order models are tested on a sample data of 22 real estate firms for 2000-2012. Empirical results prove that pecking model has greater explanatory power than static tradeoff model. The result shows negative correlations between firm leverage and profitability, tangible assets ratio and growth, and a positive correlation between firm leverage and size and mortgage ability.