[摘　要]　本文通过logit模型，考察企业绩效特征如何影响房地产上市公司股权再融资的方式选择。实证表明：资产负债率、资产净利率、存货周转率等绩效特征指标对股权再融资方式选择作用显著，资产负债率低、资产净利率高、存货周转率高的房地产上市公司往往选择配股方式，而资产负债率高、资产净利率低、存货周转率低的房地产上市公司往往选择增发方式。

[关键词]　房地产上市公司；股权再融资；增发；配股；绩效特征

Abstract: This paper is an empirical study to find out how the performance characteristics of listed real estate companies have affected their seasoned equity offering methods choices based on logit mode. The empirical results show that the asset-liability ratio, the return on total assets and the inventory turnover have great importance to seasoned equity offering methods choices. And those with lower asset-liability ratio, higher return on total assets and higher inventory turnover, are likely to choose the way of rights offering, while those with higher asset-liability ratio, lower return on total assets and lower inventory turnover, are likely to choose the way of new issuance.

Key words:  listed real estate companies; seasoned equity offering; new issuance; rights offering; performance characteristic

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建筑经济，2009（2）：106-109