| The real estate industry plays an important role in the national economy development. As high investment, high risk, high income, the industry has gained more and more attention. Because the real estate industry is a kind of intensive industry, raising money capital has became the top priority, but we also should not ignore the risk control and prevention of the company, only in this way, the large amounts of capital which the enterprise inverse into can achieve profit, the company can survival and development well. At present the studies about the company's risk measurement are rich, in this paper we select financing structure as perspective to analysis financial risk of the companies. We defined the company financial risk is company capitalization of various risks performance, is a complex concept. Financing structure directly affects the financing cost and corporate governance effect, and then determines the company's financial risk. Therefore, to study the relationship between the financing structure and the Chinese real estate industry financial risk, can be optimized to reduce risks and improve company values and promote the healthy development of real estate industry. In addition, because the regional characteristics of real estate industry and the imbalance of economic development in our country, we also analyzed financial risk based on the regional differences of economic development, is in the hope of financing risk analysis of some deeper. The main content of the full schedule is as follows:Chapter 1, financing structure, financial risk as well as other related concepts were defined. Also, the research significance, research structure were introduced.Chapter 2, introduced the main financing channels of Chinese real estate, and analyzed the characteristics of financing structure about the current real estate listed companies in China, found some financing problems in the real estate. Such as financing channel single, preference equity financing, leverage on the high side, equity structural imbalances and so on.Chapter 3, first, the regional economic differences influence on corporate financial risk was analyzed. Then, on the basis of financing structure theory, separately from the financing cost and corporate governance angles to analyzes the mechanism of financial risk. Irrational financing structure will increase the company's financing costs and lead to corporate governance of confusion, increase the company's financial risk. Chapter 4, with China's real estate listed company as the research object, distinguished between east, middle and west three regions, studied the financing structure and corporate financial risk empirically. Research shows that:first, different regions of the listed company, real estate equity structure and its financial risks in financing risk and operational risk relationship is different; Second, the creditor proportion is negatively related to company financial risk in three areas, and in the eastern region is negatively related to business risk factors, in the central region is positive related business risk factors, in the western regions is positive related business risk factors but not significant; Therefore the eastern region better balanced control risk and leverage effect, keep risk while adding to its value; The central region only good at low risk; without very good income. Western regions leverage is high; the attention on risk is not enough.Chapter 5, based on the results of the study, puts forward some proposals to optimize financing structure and reduce the risk of company finance. Pay attention to the industry characteristics of region and imbalance of development, to make careful judgment; Adjust equity structure, increase legal person share holding ratio; To maintain a reasonable debt ratio, to broaden the financing channels; Perfect our internal shareholding system; To speed up the development of enterprise bond market, strengthen construction of failure debt service mechanism. |
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