摘 要房地产行业由于其资金需求量大，资金回收周期长的行业特点，属于典型的资金密集型行业，且大部分企业融资主要依靠银行贷款，导致企业财务杠杆偏高，资本结构存在很多不合理性。现如今我国房地产市场正处于去库存和转型升级的关键阶段，房地产行业又易受宏观调控的影响，国家政策的出台都会对企业绩效产生一定影响，因此探索其资本结构和经营绩效的相关性，不仅可以发现资本结构中的问题，还可以为改善经营绩效、促进房地产业的发展提供思路。本文基于房地产行业近十年的数据，采用财务分析方法，通过对资本结构与经营绩效相关性进行分析，发现企业通过负债融资以及提高短期负债比例，对企业绩效的改善有积极影响；股权结构中提高国有法人控股比例会提升企业绩效，但加强股权集中度对企业绩效的积极作用有限。此外，本文还通过对代表性房地产龙头企业的实证分析，发现近几年他们的资本结构具有负债水平过高，短期债务占比较大和股权相对集中的特点，说明这些资本结构特点对企业绩效是有积极作用的，因此本文结论部分结合这些资本结构特点及其对企业绩效的影响，提出了优化我国房地产企业资本结构的建议。关键词：房地产行业 资本结构 企业绩效 财务分析 AbstractThe real estate sector is a typical capital-intensive sector due to its high demand for capital and its long cycle of capital recovery. The bulk of corporate finance depends mainly on bank loans, which leads to high leverage and many unreasonable capital structures. Today, the Chinese real estate market is at a critical stage of destocking, transformation and modernization, and the real estate sector is vulnerable to macro-control. In today's increasingly competitive market environment, explore its The relevance of capital structure and operational performance can not only find problems in the capital structure, but also provide ideas for improving the operational performance of real estate companies, then promote the development of the real estate industry. Based on the data of China's real estate industry from 2008 to 2018, this paper uses financial analy...
