Empirical Study Of Financing Stucture's Influence On Inrestment Behavior Of Listed Companies Of Real Estate

Financing and investment as the two basic modern enterprise financial activities, is the modern enterprise fund two indivisible aspects of the movement. Discussion of the relationship between investment and financing has become an important part of overall financial theory. Investment and Financing in China since gone through three evolution, from the government-led bank oriented and then to business-led, reflecting China's Investment and Financing Along with the changes in levels of economic development characterized by change. China's investment and financing mechanisms are presented:investment diversification, the investment behavior of the market, financing a variety of features. As the initial stage of China's basic national conditions and economic transition or transformation of the characteristics of capital and financial system struggling.Since 90's the economic and investment growth in China real estate investment has played an important role, particularly since 2003 the rapid development of China's real estate industry has become the pillar industry of China's economic growth, compared to other industries, real estate investment growth. Real Estate not only affects the level of economic development, it is a direct impact on the quality of life. This is not just an industry development, social stability is more likely a problem related to state real estate has become a focus of the industry at all levels. Therefore, the real estate investment and financing is worth our attention. Real estate financing needs a stable financing system specification also requires a wide range of financial, real estate investment needs rational system of constraints and policy guidance, but also need more sophisticated financial markets in the capital.However, as China joined the WTO, in-depth, constantly improve the mechanism of capital market investment and financing systems of gradually deepening, investment and financing real estate enterprises also have more opportunities and choices. Therefore, the real estate market research company on behalf of Capital structure and investment behavior relations on the one hand to improve the quality of listed companies, improve corporate governance have important theoretical significance, also for improving the efficiency of investment has important practical significance.This mature capital structure of Western theory, reviewed the relationship between investment and financing domestic and foreign scholars of empirical research, combining the current macroeconomic environment, real estate and capital market characteristics selected for 57 years, real estate 2006-2008 sample of 171 listed companies, the investment expenditure variable acts as an investment representative indicators, select the asset-liability ratio, source of financing outside the financial structure as a representation of the incremental index, and the introduction of an internal net operating cash flow, Tobin's Q value,Main business assets rate of return, growth opportunities and other control variables, a regression model, the six independent variable, regression analysis, the final conclusion that:in terms of high growth or low growth business enterprises, financial structure and investment spending there a high correlation. After testing the model of the amendments and proposed real estate investment and financing of listed companies the relevant recommendations.This article noted that the current real estate market companies lack the financing are reasonable structure, thereby affecting the real estate investment behavior of non-standard and not economical, Fang Dechan financial market imperfections;提出Le Dang Qian State shall strictly real estate in bank credit in the macro-economic Beijing under the relevant recommendations:optimize financing structure and the ownership structure; improve the development of financial markets, mainly referring to the proposed bond market, efforts to achieve diversity, such as financing the development of real estate securitization, real estate investment funds, real estate investment trust. In order to better achieve the sound development of China's real estate industry.