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| 财务杠杆的运用对公司业绩的影响——以房地产行业为例
摘 要
在中国的房地产行业是我国重要的国民经济主体，在经济发展中起到了至关重要的作用。由于房地产行业的特点是资金需求量大、产业之间的关联度高和高负债，资金对于我国的房地产行业的发展是至关重要的。因此研究房地产行业的财务杠杆水平对于企业的经营效益的影响效果，可以帮助我国房地产企业结构进行优化和调整，同时找到影响房地产行业的财务风险，有助于房地产企业的经营发展。
本文以前人的研究理论为基础，从早期资本理论、代理成本理论和MM理论入手，分析财务杠杆的激励效应以及税盾作用，选取了2010年至2019年我国80家上市房产公司，从周转性、发展性和营利性三方面入手构建相关项财务指标，从企业的财务杠杆水平和不同的财务杠杆债务期限对企业经营绩效影响进行分析，得出我国房地产企业的财务杠杆水平与经营绩效之间是负相关的关系。在最后本文根据实证研究的结论对于房地产企业的财务杠杆使用策略提出了相关建议。
关键词：房地产企业；财务杠杆；企业经营绩效
Abstract
The real estate industry in China is the basic carrier of China's economy and plays a crucial role in economic development.The real estate industry is characterized by large capital demand, high correlation between industries and high liabilities.Capital is crucial to the real estate industry in China.Therefore, studying the effect of the financial leverage level of the real estate industry on the operating efficiency of enterprises can help the real estate enterprise structure in China to be optimized and adjusted,and find the financial risks affecting the real estate industry, which is conducive to the operation and development of real estate enterprises and the steady development of the national economy.
Based on the previous research theory,this paper analyzes the incentive effect and tax shield effect of financialleverage from the perspective of early capital theory, agency cost theory and MM theory, selecting 100 listed real estate companies in China from 2,010 to 2,019, and basic financial indicators from 3 aspects of turnover, development and profitability,starting with financial leverage of enterprises.The paper analyzes the influence of the financial leverage level and differentfinancial leverage debt period on the business performance of the enterprise. The paper concludes that the financial leverage level of real estate enterprises in China is negatively related to the performance of operation. Finally, the paper puts forward some suggestions on the strategy of using financial leverage of real estate enterprises according to the conclusion of empirical research.
Key Words: Real Estate Enterprises; Financial Leverage; Business performance
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