Demonstration On Debt Structure Of Real Estate Corporations In Chinese Stock Market In 2004

The relationship between corporation capital structure and corporation value is the eternal topic of the theory of capital structure. The debt structure is an important aspect to figure a company's capital structure, and plays a fatal part in corporation governance, corporation value and so on. Especially in China debt is companies' most important means to collect money, so it makes great sense to research debt structure to improve the corporation governance and corporation value.This paper demonstrates the relationship between debt structure and corporation's value, taking the Real Estate corporations as the example.In theory this paper creates 6 independent variables to figure a corporation's debt structure by the generalized concept of capital structure with floating debt. Taking the improved Tobin's Q as the explained variable, this paper works out 4 expressions after regression estimation. According to 3 conclusions above, finally it gives 4 pieces of advice to solve the problems of Chinese Real Estate Corporation's debt structure.