我国房地产上市公司有息负债结构与绩效关系研究

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房地产上市公司业绩的好坏,不仅仅对证券市场产生很深的影响,也关联中国的金融、经济、以及社会稳定。房地产资金需求大,更多是依靠贷款。财务杠杆是双刃剑,一方面给企业带来更高的效益,另一方面也带来更多的风险,导致绩效的下降。以往国内外学者对房地产资本结构与企业绩效之间关系研究较多,本文考虑到房地产行业会计核算的特殊性以及有息负债自身特点,结合目前国家对房地产“三条红线”的调控,在对房地产企业有息负债结构和绩效现状分析基础上,拟以2009年-2019年我国A股房地产上市公司作为研究对象,研究房地产公司有息负债结构与企业绩效之间的关系。提出并验证了7个假设:我国房地产上市公司净负债率与经营绩效呈倒U形相关关系;有息负债短期借债比与经营绩效呈倒U形相关关系;有息负债长期借债比与经营绩效呈倒U形相关关系;银行贷款占比与经营绩效呈倒U形相关关系;上市非国有房地产企业的净负债率对经营绩效的倒U形关系比国有企业更显著;严格的土地政策下,上市房地产企业的净负债率对经营绩效的倒U形关系比从宽的土地政策下更显著;严格的货币政策下,上市房地产企业的净负债率对经营绩效的倒U形关系比从宽的货币政策下更显著。本文建立模型进行基本回归,然后进行了稳健性检验,再进一步计算出极值点,寻找最优的有息负债结构。最后结合房地产行业未来趋势,研究通过哪些途径优化企业有息负债结构,并提出了需要进一步解决的问题,为后续研究指明了方向。
Date Created
2022
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Genome Sequence of Rhodoferax Antarcticus ANT.BRT; A Psychrophilic Purple Nonsulfur Bacterium From an Antarctic Microbial Mat

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Description

Rhodoferax antarcticus is an Antarctic purple nonsulfur bacterium and the only characterized anoxygenic phototroph that grows best below 20 °C. We present here a high-quality draft genome of Rfx. antarcticus strain ANT.BRT, isolated from an Antarctic microbial mat. The circular

Rhodoferax antarcticus is an Antarctic purple nonsulfur bacterium and the only characterized anoxygenic phototroph that grows best below 20 °C. We present here a high-quality draft genome of Rfx. antarcticus strain ANT.BRT, isolated from an Antarctic microbial mat. The circular chromosome (3.8 Mbp) of Rfx. antarcticus has a 59.1% guanine + cytosine (GC) content and contains 4036 open reading frames. In addition, the bacterium contains a sizable plasmid (198.6 kbp, 48.4% GC with 226 open reading frames) that comprises about 5% of the total genetic content. Surprisingly, genes encoding light-harvesting complexes 1 and 3 (LH1 and LH3), but not light-harvesting complex 2 (LH2), were identified in the photosynthesis gene cluster of the Rfx. antarcticus genome, a feature that is unique among purple phototrophs. Consistent with physiological studies that showed a strong capacity for nitrogen fixation in Rfx. antarcticus, a nitrogen fixation gene cluster encoding a molybdenum-type nitrogenase was present, but no alternative nitrogenases were identified despite the cold-active phenotype of this phototroph. Genes encoding two forms of ribulose 1,5-bisphosphate carboxylase/oxygenase were present in the Rfx. antarcticus genome, a feature that likely provides autotrophic flexibility under varying environmental conditions. Lastly, genes for assembly of both type IV pili and flagella are present, with the latter showing an unusual degree of clustering. This report represents the first genomic analysis of a psychrophilic anoxygenic phototroph and provides a glimpse of the genetic basis for maintaining a phototrophic lifestyle in a permanently cold, yet highly variable, environment.

Date Created
2017-02-21
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