The Positive Analysis Of The Capital Structure And Company Performance Of The List Companies In Real Estate Industry

Since the end of the 50s of last century, the relationship of the capital structure and the company performance has become the focus of many people's study. During the half-century, overseas economists have had further study on the subject and made some achievement. However, there are still many different views on the problems of how capital structure affects company performance and the relationship of capital structure and company performance. They cannot get a general conclusion on this problem even after plenty of positive analysis.The real estate industry is developing rapidly and plays a more and more important part in our economy. Besides, compared with other industries, the real estate industry has obvious capital structure. With the characteristics of large capital flow, irregular flow and high liability rate, the capital structure in theory plays an important part in the company performance. Especially recently, the financial watchdog has made a series restricted polices to limit the loans to the industry, which influences the financing channel of real estate trade and then has influenced their capital structure. So industry pays close attention to the impact that the structure of the capital acts on company's achievement again.The essay includes four parts:The first part is the background and train of thoughts of the research. This part mainly introduces the background of research, object choice , retrospection on fruits gained , innovative points and overall thoughts of the research.The second part is the analysis of the theory on capital structure. This part mainly introduces western theory on capital structure, which includes traditional theory on capital structure and modern theory on capital structure. Thereinto.traditional theory on capital structure includes Net Income- Theory, Net Working Income- Theory, Traditional-Theory.The third part is the positive analysis of the capital structure and company performance of the list companies in real estate industry. This part mainly adopts linear regression, selects the current liabilities ratio and the long-term liabilities ratio , interest liabilities ratio and no- interest liabilities ratio , long-term credit ratio and short-term ratio credit to be regarded as the scale index of capital structure. Meanwhile, regards all-asset contribution ratio and all-asset profit ratio as the scale index of company performance. The research result makes know that as a while, the relativity of each index is no markedness. But thinking of all indexes, relevant inclination is still obvious. This text combining the actual conditions of the real estate trade in our country, analyses this positive result from real estate stage characteristic, policy influence and Company administration structure separately.The fourth part is the advice on how to improve the listed company performance in our real estate industry. Combining with positive result, this text brings forward some advices to improve the company performance mainly by eliminating government's policy influence, perfecting company fathering structure, optimizing capital structure, developing company ticket market.