房地产上市公司融资结构优化研究——基于融资结构与企业价值互动关系的视角

采用沪深证券市场A股房地产上市公司2009年至2013年的数据，在融资结构与企业价值互动关系的基础上构建融资结构优化模型，并以企业价值最大化为目标求解最佳融资结构区间。对相关联立模型组运用广义矩估计法(GMM)进行回归的实证结果表明，融资结构与企业价值之间确实存在互动关系。同时，基于这一关系的优化模型实证结果显示，在企业价值达到最大时所对应的最优融资结构即资产负债率等于0.6918，所对应的优化融资结构区间为(0.6343, 0.7495)。

Financing Structure Optimization of Chinese Real Estate Listed Companies --A Perspective of Interactive Relationship between Enterprise Value and Financing Structure

By using the data of listed real estate companies from 2009 to 2013 in Shanghai and Shenzhen A-share stock market, this paper constructs an optimization model of financing structure based on the interactive relationship between financing structure and enterprise value, and searches for the best financing structure interval targeting on the maximization of enterprise value. The estimation result of Generalized Methods of Moments shows that the interactive relationship between financing structure and enterprise value does exist. Meanwhile, the optimization model based on the relationship indicates that when the enterprise achieves the optimization, the best financing structure represented by debt to asset ratio is 0.6918, and the optimal financing structure range is (0.6343, 0.7495).