摘 要

近年来，随着国民的关注和政府政策的扶持，房地产行业作为支柱性产业的特点越来越明显，其内部运行机制和相关体制在不断趋于完善，行业地位也越来越突出，对于关联性企业的发展也起着非常重要的作用。随着我国资本市场的不断完善，资本结构和经营绩效的相关课题也越来越受相关学者的关注，因此该课题的相关研究对我国房地产行业的进步与发展起着不可忽视的作用。

我国房地产行业虽发展迅猛但仍不够成熟，鉴于其行业特性，房地产行业的周期性较强，资金需求量大，易受国家政策导向，除此，还具有融资渠道单一、资产负债率高、绩效不稳等特点。

为了研究我国房地产企业资本结构对经营绩效的影响，并优化资本结构，提高经营绩效，为我国房地产企业的长远健康发展提供有利依据，本文首先对国内外的参考文献进行综述，继而对资本结构和经营绩效的相关理论进行研究，并以8家房地产上市公司2011-2015年的年报数据为研究对象，分析行业的资本结构和经营绩效，提出相关假设并建立模型。以WK公司为例，采用其2011-2015年的年报数据用spss17.0软件进行回归分析，得出WK公司的资产负债率与经营绩效成正比，短期负债比率与经营绩效成反比，长期负债比率与经营绩效的关系不显著，第一大股东持股比例与经营绩效成反比的结论，找出WK公司存在的问题并提出合理意见。最后，依据全文的研究结果，对全文进行总结并提出研究展望。

关键字：房地产企业；资本结构；经营绩效；回归分析

Abstract

In recent years, with the attention of nation and the support of government policy, the characteristics of the real estate industry as a pillar industry is becoming more and more obvious. Its internal operating mechanism and the relevant system is tending to be perfect. Besides its industry status is becoming more and more prominent. And it plays a very important role in the development of the correlation enterprises. With the improvement of China's capital market, relevant scholars are playing more attention to the related subjects about capital structure and company performance. Therefore, the research of this topic has played an important role in the development of China's real estate industry.

The real estate industries in China have been developing rapidly but still not mature enough. In view of its industry characteristics, the real estate industry has strong periodicity, large capital demand and vulnerable policy guidance. In addition, it also has the single financing channel, high asset-liability ratio, unstable performance etc.

In order to study the influence of capital structure on company performance in real estate enterprise, optimize the capital structure, improve the company performance, and provide beneficial basis for the long-term healthy development of real estate enterprises in our country. First this article reviews the domestic and foreign references, then studies the relevant theories of capital structure and company performance and takes the data in 2011-2015 annual report of 8 listed real estate companies as the research object to analyze the industry's capital structure and company performance, finally put forward relevant assumptions and establish the model. Based on this background, the 2011-2015 annual report data in WK Company is adopted to establish the model of regression analysis by spss17.0 software. At last, we draw a conclusion that it has positive correlation between asset-liability ratio and the operating performance, negative correlation between short-term debt ratio and the operating performance in WK Company. The relationship between long-term debt ratio and operating performance was not significant, the first big shareholder shareholding is inversely proportional to the operating performance, then find out the problems of WK Company and put forward some reasonable suggestions to improve it. Finally, based on the results of the full paper, summarizes the full paper and puts forward the research prospects.

Keywords：real estate enterprise；capital structure；company performance；regression analysis

目 录

第1章 绪论 1

1.1 研究的目的和意义 1

1.1.1 研究的目的 1

1.1.2 研究的意义 1

1.2 国内外研究现状综述 2

1.2.1 国外研究现状综述 2

1.2.2 国内研究现状综述 2

1.3 研究内容和研究方法 4

1.3.1 研究内容 4

1.3.2 研究方法 4

第2章 房地产企业资本结构与经营绩效的相关理论 6

2.1 房地产企业的界定 6

2.1.1 房地产企业的定义 6

2.1.2 房地产企业的特征 6

2.1.3 房地产企业对国民经济的作用 7

2.2 房地产企业资本结构及其分析 7

2.2.1 资本结构的含义及其意义 7

2.2.2 房地产企业的债务结构分析 8

2.2.3 房地产企业的股权结构分析 9

2.3 房地产企业经营绩效及其分析 10

2.3.1 经营绩效的含义及其意义 10

2.3.2 房地产企业经营绩效分析 10

第3章 房地产企业资本结构与经营绩效评价模型构建 12

3.1 研究假设 12

3.1.1 债务结构与公司经营绩效 12

3.1.2 股权结构与公司经营绩效 12

3.2 变量选取 13

3.2.1 经营绩效变量 13

3.2.2 资本结构变量 13

3.2.3 控制变量 14

3.3 模型设计 14

第4 章 实证分析 15

4.1 WK公司简介 15

4.2 实证结果分析 15

4.3 WK公司存在的问题及解决的对策 17

4.3.1 WK公司存在的问题 17