The Empirical Analysis Of Factors Affecting Listed Real Estate Corporations In China

The companies want to last forever, never to decay, must be coordinated to improve the internal human resources, the optimal allocation of material resources, capital resources, brand resources, policies, and government resources and other resources. Which corporate capital resources is an important resource for sustainable development of enterprises, the real estate industry is capital-intensive industries play an increasingly important role in China’s economic development, research real estate listing company’s capital structure has significant land representative, This paper focuses on real estate listed companies in the capital structure.First of all, according to the context of the development of the capital structure of the theoretical and empirical literature review. Literature Survey is divided into traditional capital structure theory, the modern capital structure theory, the new capital structure theory in three stages; Demonstration An Empirical Analysis of Factors Affecting Capital Structure from both domestic and international research.Secondly, analyzed the current development of China’s real estate. Including the status of the development of real estate in general, the analysis of China’s real estate funding sources, capital structure analysis of real estate development companies in China.Finally, the data of2001-2010China’s21listed real estate companies track and analyze and test the selected sample rate of inflation, GDP growth, equity reform, company size, solvency, the tax rate21variables, and in accordance with China’s split share reform10years of data is divided into2001-2005and2006-2010equity split before and after the reform in two stages to examine the factors influencing capital structure.The share is set before the reform on the extraction of macro profitability, ability to repay, linear regression analysis of the ten principal component factors of company size, level of fixed assets, growth, and obtained a total of four factors and asset-liability ratio was significantly related. Fixed assets in accordance with the order of importance, were level, company size, ownership concentration, and operating cash flows.Split share structure reform, to extract the macro environment, ability to repay, the level of fixed assets, internal management, profitability, company size factor of ten principal component linear regression analysis, obtained seven factors and asset-liability ratio is significant related. In accordance with the order of importance were the ability to repay, company size, level of fixed assets, profitability, internal management, macroeconomic environment, the company equity concentration. The main innovation of this paper are:First, the literature on capital structure research, a more systematic review of mainly classified as traditional, capital structure, the modern capital structure, the three stages of the new capital structure theory, and theoretical and empirical organic combination of the empirical analysis of China’s real estate listing factors affecting the company’s capital structure.Secondly, the paper split share structure reform factors as influencing factors of the capital structure of listed real estate companies to analyze, mainly divided into two stages, namely,(2001-2005) before the split share structure reform (2006-2010) The split share structure reform.Third, the integration of comprehensive data on the annual report of listed real estate companies in2001-2010, the use of principal component analysis and multiple linear regression model to demonstrate analysis of the relevant factors.Fourth, the interest rate as the capital structure of one of the factors through multiple data weighted to their estimates, the more effective the indicators of capital structure.