Dissertation > Excellent graduate degree dissertation topics show

Empirical Study of Financing Stucture’s Influence on Inrestment Behavior of Listed Companies of Real Estate

Author: HanFangYan
Tutor: ZhangXiaoYou
School: Southwestern University
Course: Accounting
Keywords: Financing structure Investment behavior Listed real estate companies Empirical Analysis
CLC: F293.3
Type: Master's thesis
Year: 2010
Downloads: 459
Quote: 0
Read: Download Dissertation

Abstract


Financing and investment as the two basic financial activities of the modern enterprise, the two inseparable aspects of the modern enterprise funds movement. Discussion of investment and financing relationship has become an important part of the overall financial theory. Since the founding of China's investment and financing mode has gone through three evolution led then to the bank from the government-led enterprise-oriented, reflecting the characteristics of China's investment and financing mode change with the changes in the level of national economic development. The principal investors in our country is diversified investment behavior presents a market-oriented financing presents a variety of features. Due to the characteristics of the primary stage in China's basic national conditions as well as economies in transition or transition period, investment and financing mechanism reform very difficult. Since the 1990s real estate investment in China's economic and investment growth has played an important role, especially since 2003, the rapid development of China's real estate industry has become a pillar industry of China's national economic growth, real estate investment growth was significantly higher than other industries, real estate the degree of development not only affects the level of socio-economic development, but also directly affect the quality of life of the people even more industry. It is not just a development of the industry, are more likely to be a problem of social stability, the real estate industry has become a key industries related to national levels. Therefore, the real estate investment and financing worthy of our attention. Real estate financing activities need stable specification financing system, also need a wide range of funds, real estate investment needs a rational institutional constraints and policy guidance, but also need more capital financial markets. However, with the deepening of China's accession to the WTO, the capital market mechanism will be more comprehensive and will gradually deepen the reform of the investment and financing system, whether it is from the point of view of financing channels or means of financing point of view, the real estate business, there will be more opportunities and choices. Therefore, on behalf of the financing structure and investment behavior relationship to the listed real estate companies on the one hand to improve the quality of listed companies, improve corporate governance has important theoretical significance, has important practical significance for improving the efficiency of investment. The mature Western theories of capital structure, domestic and foreign scholars for the empirical study of the relationship between investment and financing, combined with China's current macroeconomic environment, the real estate industry and capital market characteristics, selected 2006-2008 57 listed real estate companies 171 samples, investment spending variables as the representative of the investment behavior indicators, asset-liability ratio is selected, the external financing incremental financing structure as the representative indicators, and the introduction of an internal net operating cash flow, Tobin's Q, Main business return on assets, growth opportunities and other control variables, the establishment of the regression model, stepwise regression analysis of the six independent variables, the final conclusion: in terms of high-growth enterprises or low-growth enterprises, financing structure and investment spending A higher correlation. Model calibration and testing, the relevant recommendations of the investment and financing of real estate listed companies. This article pointed out that the existing listed real estate companies lack of reasonable arrangements for the financing structure, thus affecting the real estate investment behavior of non-standard and non-economic, real estate and financial market imperfections; relevant recommendations under strictly control the country's current macro-economic background of the real estate bank credit : optimize the financing structure, especially equity structure; improve financial market mainly refers to the development of the bond market; financing diversification efforts such as the development of the securitization of real estate assets, real estate investment funds, real estate investment trusts. In order to better achieve the sound development of China's real estate industry.

Related Dissertations

  1. Research on the Impact of Debt Financing Structure Upon Corporate Performance on Listed Pharmaceutical Company,F275
  2. Shanghai Urban Residents’ Minimum Living Subsidy of the Standard for Research,D631.2
  3. Family Education in Poor Rural Areas of Investment Behavior,G78
  4. Empirical Analysis on Influcencing Factors in Farmer’S Desire of Homestead Transfermation,F224
  5. Research on Industrialization Process of Anhui Province,F427
  6. An Empirical Study on the Relation of the Managerial Ownership and Corporate Performance,F276.6
  7. Mechanism and Empirical Analysis on International Education Services Imported and Its Effect on China’s High-Tech Products Export,F276.44
  8. Empirical studies of the financing structure of institutional investors holding listed companies,F224
  9. The Research on the Impact of the Financial Support for Technological Innovation,F124.3;F224
  10. The Evolution and Exploration of Case Guidance System in China,D926.2
  11. A Study on the Factors of Performance of Mergers and Acquisitions in Chinese Listed Companies,F271
  12. Der Eklektizismus in Der Multimedia-integrierten Didaktik,H319
  13. Based on the Perspective of currency mismatch Effectiveness of Monetary Policy,F224
  14. The Analysis on Financial Channels of Guangxi SMEs Based on Pecking Order Theory,F276.3
  15. Financial investment and financing of infrastructure Empirical Study,F283
  16. Optimize the structure of China's agricultural investment entities,F323.9
  17. Investor sentiment on corporate investment behavior research,F276.6
  18. Changes in corporate financing structure impact on earnings management Relationship,F275
  19. An Emprical Analysis on the Growth and Growing Environment of Sme Listed Enterprises,F832.51;F224
  20. The Economic Analysis and Suggestions for Improvement of Commitment System of Business Dealer,D922.294
  21. Urban Grassroots Direct Election of the Empirical Analysis,D921.2

CLC: > Economic > Economic planning and management > Urban and municipal economy > Urban Economics and Management > The real estate economy
© 2012 www.DissertationTopic.Net  Mobile