资本结构对中国房地产上市公司财务绩效的影响

Proceedings of the 2021 International Conference on Enterprise Management and Economic Development (ICEMED 2021) Pub Date : 2021-06-02 DOI:10.2991/AEBMR.K.210601.062

Linqing, Zhouyun

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引用次数: 1

摘要

本研究以2015-2019年24家CLRECs为样本，检验了资本结构对财务绩效的影响。统计结果表明，短期负债率(STDR)、长期负债率(LTDR)和总负债率(TDR)对资产收益率(ROA)、净资产收益率(ROE)和每股收益(EPS)均有显著的负向影响。研究结论为破产理论提供了实证支持。因此，CLRECs需要优化CS，改变过高的负债率，减少对银行贷款的过度依赖，拓宽融资渠道和手段，从而提高绩效。

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Effect of Capital Structure (CS) on Financial Performance (FP) of Chinese Listed Real Estate Companies (CLRECs)

This research tests the effect of capital structure (CS) on financial performance (FP) based on a sample of 24 CLRECs during 2015-2019. Statistical results show that short-term debt ratio (STDR), long-term debt ratio (LTDR) and total debt ratio (TDR) all have significantly negative effect on return on assets (ROA), return on equity (ROE) and on earnings per share (EPS). The research conclusions offer empirical evidence supporting the bankruptcy theory. As such, CLRECs shall optimize CS, changing the over high debt ratio, reducing the over dependence on bank loans, and extending channels and means of financing, so as to improve performance.

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Proceedings of the 2021 International Conference on Enterprise Management and Economic Development (ICEMED 2021)

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