The Research On The Influences Of Listed Real Estate Capital Structure On Firm Value

In the constrained economic conditions of market economy, the development of company depends largely on the money, so it has great practical significant to research financing and financing structure, especially the research on the influences of listed real estate capital structure on firm value. Corporate financing structure is a combination of various financing methods. When the combination of corporate finance is optimal, the firm value will be maximized.In the case of perfect capital markets, corporate capital structure will affect the firm value. The theory has been confirmed by listed companies of developed countries. As China's capital market imperfection and there are differences between the economic system, the formation mechanism of corporate and capital structures between the western developed countries and China, it has theoretical and practical significance to research the influences of listed real estate capital structure on firm value. There are differences in financing between different listed companies in different industries; the thesis takes listed real estate as the research object to analyze the influences of listed real estate capital structure on firm value.The main contents of this thesis include:(1) First we research the current capital structure characteristic of listed real estate companies by statistical analysis, then find the financing and capital structure of real estate listed companies is not satisfactory, there are still many issues; (2) Secondly we comparison measure of firm value and analyze the impact factors, focusing on the influences of listed real estate capital structure on firm value.(3)Then we research the influences of listed real estate capital structure on firm value by. the way of gradually replaced through Eviews, which is different from the previous regression analysis directly through indicators gradually. The data source is the 34 real estate listed companies from 2004 to 2008 in the premises of Shanghai and Shenzhen. The study indicates that:the firm value is positively correlated with and long-term debt ratio, but is negatively correlated with short-term debt ratio; firm value is not significantly related to company size, but is negatively correlated with growth and profitability. (4) Combined with the results of descriptive analysis and empirical analysis, we put forward the recommendations and measures on improving the capital structure and enhancing enterprise value of listed real estate companies.