The Study Of The Relationship Between Listed Companies' Real Estate Value And Capital Structure In China

The real estate industry is China's pillar industry,which plays an important role in the development of the national economy,and has been the focus of attention.In recent years,its rapid development led a series of the rapid development of related industries and pours the dynamic into the national GDP growth.As a result of the operation of their own long-term,capital-intensive,high rates of assets and liabilities,the real estate industry can bring the country to the benefit,but the ties of financial institutions and the real estate industry bring financial risk.In order to avoid risks,the state issued a series of policy on regulating the financing situation of the real estate industry,was for the purpose of establishing a rational capital structure,and proceed to realize the enterprises' maximum value.However,based on the goal of maximizing corporates' value,what are the problems of our present capital structure of real estate industry? What are these issues and what are the key factors?For answers to these questions,there are a number of related studies,but the research methods often analyze indicators based on the experience and in the curing way, so they are lack of adjustment,as well as the analysis of deep-seated.This article is based on the financing situation of listed companies in the real estate industry and combing enterprise value and capital structure's theory,uses the panel data and sets up key indicators which can replace the variables.In the empirical analysis,with the orderly process of adjustment,I begin the progressive proof in order to achieve the optimal combination of variables and obtain more accurate and more realistic conclusions.Thesis of specific conclusions are as follows:The first chapter studies the background and overall thinking.This chapter introduces the related ideal,the theoretical background of the study,the reality background and overall thinking.ChapterⅡis the synthesis of capital structure theory.This chapter introduces the authority of the foreign capital structure theory,including traditional capital structure theory and modern capital structure theory.By combing these theories,we can get a comprehensive review about the basic factors of the capital structure and the correlation between enterprise value and capital structure.ChapterⅢis the correlative analysis of listed companies' value and capital structure in China's real estate industry.This chapter mainly chooses all A-share listed companies in China's real estate industry for the study between 2004 and 2006 year,and is to reveal the real relevance of the two by the mode of financing and the relevant indicators' statistical analysis of its enterprise value and capital structure. ChapterⅣis the empirical analysis of listed companies' value and capital structure in China's real estate industry.This chapter has three parts,and the first section explains the main variables and the dependent variables,and introduces the interpretation of data and sources.SectionⅡis to determine the random variables' model.SectionⅢis the descriptively statistical analysis to variables and the progressive regression analysis in the replacement of variables,then analyzes the results of empirical analysis.ChapterⅤproposes the conclusions and recommendations.According to the results of empirical analysis,we draw relevant conclusions which combine with the reality,and then propose the conclusions or a whole to the concept of good faith or recommendations from the perspective of creditors,the government's perspective and a business perspective.