The Empirical Study Of The Relationship Between Capital Structure And Business Performance About China's Real Estate Listed Companies

The capital structure of listed companies is an important aspect to measure the financial condition and operating capabilities. Corporate capital structure is reasonable or not directly related to the production and management activities carried out smoothly, related to the corporate earnings situation, related to the enterprise's survival and development. A growing number of listed companies has become our economy's"barometer". The theme of this paper is that the relationship of China's real estate capital structure of listed companies and business performance.This paper first outlines the theory of capital structure, including the MM theory, equilibrium theory, the new capital structure theory, the new pecking order theory, agency cost theory, signaling theory. Then, combined with China's actual conditions, analyzed and summarized China's real estate listing company's capital structure and operating performance of the status. Through the study of the capital structure of listed companies in China found that listed companies in China have the following problems: debt structure is irrational, high levels of current liabilities; a strong preference for equity financing; ignore the bond financing; endogenous financing rate is less.In this paper, I used empirical study to analyze the real estate listed companies' capital structure and operating performance, and found that net rates with endogenous financing ratio was positively correlated; with the first largest shareholder equity ratio was positively correlated; with the equity ratio was positive correlation; and with the proportion of the outstanding shares was negative correlation; with asset-liability ratio showed negative correlation.Finally, the paper made recommendations to optimize capital structure of listed companies: cultivate institutional investors; reforming and improving the financial system; strengthen the equity capital accounts; focus on the company's industry characteristics; focus on the company's profitability.