Study On China's Real Estate Financing Costs Of Listed Companies Influencing Factors

China's securities market has gone through 19 years of glorious history, as development in the context of China's securities market, the financing behavior of listed companies represent a strong motivation for corporate finance, representing China's capital special phenomenon, also represent China's economic development.Therefore, the impact on the financing preference factors enormous significance.In this paper,China's real estate financing cost factors listed companies as a reacher object.The discussions on financing the cost impact of factors related to concepts,theories,based on the publicly listed companies.According to China's real estate disclosure of financial information,from both theoretical and empirical aspects of our real estate financing preference of listed companies influencing factors were analyzed.In this paper,I find many levels of the factors that affect the cost of equity financing to conduct theoretical analysis, summarized the cost of equity financing at home and abroad Research, research methodology and research model. On this basis, from the micro level that may affect China's listed companies, real estate equity financing the cost of an empirical study on the factors.An Empirical Analysis of the selected 12 factors, both domestic and international impact of common concern, such as reflect the status of a listed company operating profitability, as set-liability management capabilities, financial solvency, etc. indicators, another empirical study of the current rarely taken into account a number of factors, such as the B value reflects the market factors. Empirical study the use of multi-factor model of the theoretical framework, combined with cross-sectional regression method and econometric testing means.In December 200612,20082 years in March of China's Shanghai and Shenzhen stock market listed real estate companies were analyzed.This article first analyses 19 real estate under the Shanghai and Shenzhen listed companies, then reviewes the financing costs at home and abroad on the theoretical research.China's real estate re-financing behavior of listed companies made an analysis of the characteristics described, and then I find out the impact of the formation and financing of China's real estate listed companies within the internal factors, and using statistical analysis software, do empirical analysis real estate that can be quantified financing preference of listed companies factors.Finally, make the summary conclusion of the study,and point out that at present China's real estate financing preference of listed companies factors affecting the performance, and how to optimize China's real estate financing preference of listed companies factor.This paper is divided into five chapters, the chapters briefly described below: The first part of Chapter Introduction.This paper studies the motives and research background, and the purpose and significance of this research and make notes to determine the starting point for research. Elaborated on China's real estate market factors affecting the cost of corporate finance research background and research significance, and how research ideas and the main contribution.ChapterⅡ, summed up China's financing costs related to the impact of factors literature and literature on the cost of financing in order, as a development theory and research design of the article based on the the oretical foundation and a bunch of sub-factors theory overview section describes the two theoretical literature. Analysis China's real estate financing models listed company status quo. Analysis of real estate finance factors. Mainly based on elected in 19 of China's real estate listed companies, conduct descriptive statistical analysis, reflect China's real estate listed companies,and reflect the general characteristics of financing costs.ChapterⅢ, from the theoretical analysis of what factors affect our financing costs listed real estate companies. First, review the relevant theoretical research cost of financing-domestic and international capital structure theory study of history and current status.And then, we have our real estate listing factors affecting the cost of corporate finance and put forward their own point of view.ChapterⅣdescribe China's real estate company financing costs.First introduce the status of foreign real estate corporate finance, later China's real estate company's development and the sources of China's real estate research firm.Chapter V tests and empirical analysis. Main research hypothesis, then the sample selection, variable definitions and model of the basic structural design. Listed Companies of China's real estate equity financing costs, factors affecting the empirical analysis. Primarily on the basis of data availability, set conditions for the establishment of models come to the conclusion conclusion of the study. Use SPSS statistical software, the sample data to describe the relationship between statistical regression analysis of the first off and eventually arrive at model, the last is the evaluation and testing.Chapter VI is the basic conclusion of this study, in dealing with China's real estate listed companies, while the sample corporate finance empirical examination of factors affecting the cost of the process, and empirical results are analyzed and explained. And to optimize the financing cost of comments and make suggestions on how to optimize China's real estate equity financing preference of listed companies,also explain the impact of the elements to make some suggestions. And studies on the limitations and prospects for further research are explained. Make relevant policy recommendations, note the the innovation and weaknesses on this research.Compared with the previous studies, this paper studies a different perspective and research methods mainly in the reach object and data:in this paper,from 2003 to 2008 real eatate listings and company reacher sample,collected data extended the data reacher time.In this paper, there are some shortcomings and deficiencies to be studied later on improvement:(1) This sample size is too small, so that it weakens the representation of research findings, statistical effect is not strong.(2) Due to the lack of experience and knowledge of the limited impact of main factors of this article draw on previous academic research, using descriptive statistical methods. Using the statistical method is limited.(3) The information on a number of factors is not available, it is inevitable omissions that may exist without being recognized the potential impact of factors that have led study did not address these factors.With the continuous development of China's securities market and increasingly standardized, affecting the real estate financing behavior of listed companies and equity financing costs of the factors that are constantly changing and increasingly complex,a correct understanding of China's stock market listed real estate companies factors affecting the cost of equity financing will establish a sound operational mechanism of stock markets to improve the quality of listed companies and improve their own financiers financing decision-making and provide a reliable basis and scientific guidance to the rational allocation of resources for the promotion of securities markets has far-reaching significance.