An Empirical Study About The Impact Of The Capital Structure Of The Chinese Real Estate Listed Companies On The Corporate Performance

the real estate industry is developing rapidly in recent years and playing more and more important role in the national economy . compared with other industries, the real estate industry has many distinguishing features such as: the mount of the founds are very big,the flowing of the founds is irregular,and the debt ratio of the founds is very high.especially in recent years, to strenghten the supervision of the real estate Chinese financial supervision department formulated a series of regulatory policies on real estate loans, these policies have an impact on the financing channels of the real estate industry, thereby affecting their capital structure,these days more and more scholars begin to pay attention to the impact of the capital structure on the corporate performance ,the different opinions still exist in these questions such as:how the capital structure impact on the corporate performance,and what's the relationship between the capital structure and the corporate performance, and the recent empirical analysis has not yet come to unanimous conclusions on this issue.This paper first introduces the background of the topic, the research purpose, and the literature review both domestic and abroad, The paper also do some analyzes on both capital structure theory and the performance evaluation, the capital structure theory illustrated the traditional Western capital structure and the modern capital structure theory as well as the post-modern Capital Structure Theory. Secondly, the paper, contacting with the actual, analysis the capital structure from a financial point, and do some statistical analysis from both the debt structure and equity structure, to generalize the characteristics of the capital structure.Furhter more, During the empirical analysis, this article ,based on the Cobb Douglas function, introduced the concept of the "contribution rate", Through the method of multiple linear regression ,the paper analysis the impact of the capital structure on corporate performance.Finally, from the results of the empirical analysis the paper give some relevant policy recommendations such as :reducing the intervention of local government, improving the corporate governance structure, developing chinese corporate bond market, improving the efficiency of the capital .