| 宏观经济政策对房地产上市公司资本结构的影响 |
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| 引用本文： | 曹岚 等. 宏观经济政策对房地产上市公司资本结构的影响[J]. 价值工程, 2014, 0(23): 5-8 |
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| 作者姓名： | 曹岚 等 |
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| 作者单位： | [1]江苏省财会教育中心,南京210000; [2]南京市财政局,南京210000; [3]南京大学会计与财务研究院,南京210000; [4]南京市审计学院,南京210000 |
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| 摘 要： | 上市房地产公司由于其特殊的经济地位和所占据的重要社会地位,导致了它毫无疑问地成为了政府进行宏观调控的焦点。本文在阐述宏观经济要素对资本结构影响理论的基础上,利用多元线性回归模型实证分析了房地产行业的资本结构。实证表明:资产负债率与通货膨胀率呈反向变化,而与实际贷款利率呈同向变化,与GDP增长率和市盈率关系不显著。进而探讨了房地产上市公司资本结构的优化策略。
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| 关 键 词： | 宏观经济政策 房地产业 资本结构 |
Impact of Macroeconomic Policy on Capital Structure of Real Estate Listed Corporation |
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| Affiliation: | CAO Lan,HE Shi-wen,QIAN Xiao-Li (1. Accounting Education Center in Jiangsu Province, Nanjing 210000, China,2.Nanjing Finance Bureau, Nanjing 210000,China,3.Research Institute of Accounting and Finance, Nanjing University,Nanjing 210000,China,4.Nanjing Audit University,Nanjing 210000,China ) |
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| Abstract: | Real estate listed corporation has undoubtedly become the focus of the governmental macroeconomic regulation and control due to its special economic status and the occupying important social status. This paper analyzes the capital structure of real estate industry using the multiple linear regression mould on the basis of stating the theory on macroeconomic factors affecting the capital structure.Empirical evidence indicates that the asset liability ratio changes inversely with the rate of inflation,but with the interest rate of the actual loan changes in the same direction. The relationship among asset liability ratio,GDP growth rate and price earnings ratio is not significant.Then the capital structure optimization strategy of the real estate listed corporation is discussed. |
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| Keywords: | macroeconomic policy the real estate industry the capital structure |
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