| 中国房地产公司股权收益与资本回报率、债务利率关系 |
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| 引用本文： | 赵国庆,金文辉,张维,周彬,熊熊.中国房地产公司股权收益与资本回报率、债务利率关系[J].财经论丛,2011(3):71-77. |
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| 作者姓名： | 赵国庆 金文辉 张维 周彬 熊熊 |
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| 作者单位： | 天津大学管理与经济学部;天津财经大学经济学院; |
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| 基金项目： | 国家自然科学基金资助项目(70603021) |
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| 摘 要： | 本文结合中国房地产公司的动态资本结构特征,建立房地产公司动态资本结构模型,利用该模型进行了数据仿真实验,研究中国房地产公司资本结构对股权收益的影响情况。研究发现股权收益率随着资本回报率标准差增长,呈现出骤降后平稳上升一定水平的规律,并且资产负债率档位越高,收益率水平越不稳定;而当资产负债率处于较低水平时,债务利率水平的差异并不会对股权收益率造成较为明显的区别,而随着资产负债率水平的提高,股权收益率开始随着债务利率水平的差异而产生不同,在盈利能力相等时,股权收益率均随债务成本的增大而降低。
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| 关 键 词： | 动态资本结构模型 债务利率 资本回报 股权收益率 |
The Relationship of the Return on Equity,Return on Capital and Debt Interest Rate of Real Estate Companies in China |
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| ZHAO Guo-qing,JIN Wen-hui,ZHANG Wei,ZHOU Bin,XIONG Xiong.The Relationship of the Return on Equity,Return on Capital and Debt Interest Rate of Real Estate Companies in China[J].Collected Essays On Finance and Economics,2011(3):71-77. |
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| Authors: | ZHAO Guo-qing JIN Wen-hui ZHANG Wei ZHOU Bin XIONG Xiong |
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| Institution: | ZHAO Guo-qing1,JIN Wen-hui2,ZHANG Wei1,2,ZHOU Bin1,XIONG Xiong1(1.College of Management and Economics,Tianjin University,Tianjin 300072,China,2.Economics School,Tianjin University of Finance and Economics,Tianjin 300222,China) |
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| Abstract: | Considering the features of real estate companies' dynamic capital structure,we established a dynamic capital structure model of real estate companies,and used the model to do a data simulation,to study the effect of the capital structure of Chinese real estate companies on the return on equity.It is found that the return on equity shows a dramatic decline and then steady increase in a certain level with the rate of return of capital growth,and the higher debt ratio stallis,the more unstable the level of th... |
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| Keywords: | dynamic capital structure model debt interest rate return on capital return on equity |
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