The Optimization Of Listed Real Estate Company’s Capital Structure

With recent introduction of a series of stringent macroeconomic control policies in relevant national real estate industry, real estate companies with high asset-liability ratio is facing huge capital chain pressure. Many companies exist survival crisis, in this context, this paper will focus on the study of the capital structure of listed real estate companies to find measures to optimize the capital structure of listed companies, to broaden the financing channels, to ease the financial pressure of the real estate company out of crisis and provide a reference to other non-listed companies. Firstly, the paper will has given descriptive statistical analysis of the capital structure of listed real estate companies and found that the capital structure of listed companies exist some problem in common. And then combined with the related literature theory, a large amounts of data has been collected to an empirical analysis of factors influencing capital structure of listed companies. The results show that profitability, liquidity and capital structure are significantly negatively related to company size, the effective income tax rate, the value of asset-backed; state ownership and capital structure are significantly positively correlated. Ultimately the conclusion comes to the optimization of company solvency, expanding financing channels; the development of China’s capital market, completion of the equity division reform and enhance the profitability of the company, increase the proportion of internal financing optimize real estate and Improve the internal financing ratio to optimize the capital structure of listed real estate companies, thus a reference to the healthy development of the entire real estate market is provided.