Empirical Research On Real Estate Industry Listed Company's Capital Structure And Its Influence On Company's Performance

The influence of capital structure on company's performance is always a problem debated at home and abroad in the field of finance management. So, the research on this subject has important theoretical and realistic significance.The real estate whose sustained development is directly related to the steady growth of the national economy is supporting industry of the national economy, and its. Real estate is a typical capital-intensive industry, which needs huge input of funds to support its running, and also the healthy capital market as its strong support. So whether real estate enterprises have good financial channels influences the sustained development of real estate. Recently, the financial watchdog has made a series restricted polices to limit the loan to the industry ,which influences the financing channel of real estate trade and then has influenced their capital structure .So the relationship of the capital structure and the company performance has become the focus of many people's study, 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.This thesis includes six parts, and the research thinking is described as follows:The first part is foreword, points out the research task, background and meaning of this thesis, content, thoughts and method of research, and so on.. It generally gives us a whole view of the research.In the second part, the paper reviews capital structure theory and company performance theory, and introduces the define of capital structure and company performance, and some of there evaluation index, and it takes a foreword analyze of these index.In the third part, the paper analyzes the status and characteristics of capital structure and its performance of the real estate industry listed company through comparative analysis and statistical analysis methods. Meanwhile, the paper summarizes the characteristics of the capital structure of the real estate industry listed company.In the fourth part, the relationship between capital structure and corporate performance of real estate industry listed company was analyzed with the multivariate regression analysis method. The research takes asset earning rate, the rate of remuneration of the total assets and the net profits ratio as dependent variable and takes asset-liability ratio as independent variable to established simple linear regression model and multivariate regression model by using Spss for windows V16.0. The research takes some financial dates from the year of 2007 to 2009, which come from 34 real estate industry listed companies as sample to apply the regression.In the fifth part, based on the empirical research, the paper comes to a conclusion that there is a negative correlation between capital structure of the real estate industry listed company and its performance. Furthermore, the paper puts forward some advice and policy suggestion to resolve some problems of the capital structure, such as high asset-liability ratio, unitary financial resource, aiming to promote the performance of the company.In the last part, the paper analyzes some shortcomings of the research and its future prospect...