基于信号博弈的上市房地产公司负债率与市值关系研究

摘要

分析了基于信号传递理论和博弈论构建的信号博弈模型，选择了深沪两市110家上市房地产公司的数据作为研究对象，利用回归分析和聚类分析验证了负债率与上市房地产公司市值的关系，并进一步分析了负债类型对公司市值的影响，对信号博弈模型进行了验证。分析表明，上市房地产公司的市值与负债率正相关，长期负债率更能向投资者传递积极信号。分析结果验证了信号博弈模型对上市房地产公司在融资形式和融资结构方面的适用性。%This study is to analyze the signaling game model based on the signal transmission theory and game theory,the data of 110 listed real estate corporations is selected as samples. This paper uses regression analysis and cluster analysis to make the empirical research of signaling game model. It is concluded that the market capitalization of listed real estate corporation is positively correlated with debt ratio and long-term debt ratio is more likely to pass positive signal to investors,which verifies the applicability of the signaling game model.