金融危机前后房地产业债务融资对经营绩效的影响

摘要

As one of the most important pillar industry,the real estate industry operation performance is closely related to bank credit funds. This paper selects 83 real estate data in Shanghai and Shenzhen A-share listed companies from 2004 to 2014,regarding the financial crisis of 2008 as node,analyzes the impact on the operation performance of real estate industry debt financing before and after the financial crisis by panel data. The results show that debt financing and ROE showed a positive correlation before the financial crisis and they showed a negative correlation after the financial crisis. This paper also tries to make a reasonable explanation for the results of the analysis.%房地产业作为中国经济的支柱产业之一,其经营绩效与银行信贷资金息息相关.本文选取2004~2014年沪、深两市A股上市的83家房地产企业数据,以金融危机发生的2008年为节点,分析金融危机前后房地产业债务融资对经营绩效的影响,得出结论:金融危机前,债务融资与净资产收益率呈正相关关系;金融危机后,债务融资与净资产收益率则呈负相关关系.最后,对分析结果进行合理解释.