China's Real Estate Industry Capital Structure

In recent years, Real Estate has become a pillar industry of China's national economy, the degree of development of the Real Estate industry not only affect the socio-economic development level, but also have a direct impact on the people's life quality, its relevance to the development of the dozen or more industries to the development of the country, at all levels concern of a key industries. In recent years, the rapid development of Real Estate industry has made outstanding contributions for country's economic development. But many problems also exist, such as high debt ratio, projects started blindness, single means of financing etc. The state carried out a series of macro-control measures to regulate the industry, it has achieved notable results.Capital structure has a sixty-year evolution in the west, which had been divided three stages, the study of produces lots of classical theories such as MM Theorem, agent model, signal model and pecking model etc. These theories provide a theoretical framework for the analysis into the capital structure of Real Estate corporations in China.In this thesis our country's Real Estate current development status as the background. Firstly the writer introduces our country's Real Estate development process, and explains questions. Then the writer reviewed the capital structure of the development process, and systematically summarizes capital structure classical theory. Because Real Estate enterprises listed companies represent to some extent, and its' all kinds of data more transparent and complete. So the last part of this thesis will examine the listed Real Estate, offer a good chance to probe into the capital structure of Real Estate enterprise. It can guide enterprises to optimize the capital structure and to reasonably arrange financing.