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Research On The Impact Of Capital Structure Of Listed Companies On Corporate Performance

Posted on:2013-05-19Degree:MasterType:Thesis
Country:ChinaCandidate:H P ZongFull Text:PDF
GTID:2249330395484571Subject:Accounting
Abstract/Summary:PDF Full Text Request
The real estate industry as a important industry in national economic development strategy has the dual attributes of the business and livelihood.The good functioning of the real estate industry is of great significance for the smooth running of the national economy.This paper studies the relationship between capital structure and corporate performance of listed real estate companies,in order to provide positive on the guidance of real estate financing and make real estate industry more rational selection in the capital structure,thus improving China’s real estate operators’s rational knowledge in the capital operational aspects.The article is divided into five parts.The first part of this paper describes the importance and significance of capital structure and corporate performance of listed real estate companies,The second part describes the research profile of the domestic and international capital structure and corporate performance,with a comprehensive introduction to the theory of capital structure and corporate performance theory. theories of capital structure section focuses on the early theory of capital structure,the classical theory of capital structure and modern theory of capital structure, corporate performance,the theoretical part introduces the theory of a single indicator of company performance measurement theory and the use of multiple indicators of corporate performance as measured.The theoretical part of the corporate performance introduces the a single indicator of company performance measurement theory and the use of multiple indicators of corporate performance.The third part analysis the status and characteristics of capital structure and corporate performance of listed real estate companies.The fourth part is the core section of the article,with an empirical analysis of capital structure and operating performance.This part uses factor analysis derived from the total extraction factor for multiple indicators to measure corporate performance measure of corporate performance with99in Shanghai and Shenzhen A-share listed real estate companies from2008to2010three years of data for the sample study,using SPSS16.0to analyze the value and meaning of each factor.On this basis,this paper establish linear and nonlinear regression models,using EVIEWS5.0 analysising the debt structure,the relationship between ownership structure and corporate performance,and makes the following conclusions:(1)The asset-liability ratio was a significant negative correlation to the performance of the premises listed companies;(2)Long-term debt ratio and corporate performance was a significant quadratic relationship,short-term debt ratio does not exist a significant correlation between corporate performance;(3)the proportion of state-owned shares has a significant negative effect to company performance,so does the proportion of tradable shares and company performance;(4)there is not a significant correlation between the Top one Shareholders and Corporate Performance,so is the Top Ten Shareholders and Corporate Performance.Finally,this paper gaves some advices to optimize the capital structure and increase corporate’s performance of listed companies of the real estate industry,and pointed out the limitations of this article.
Keywords/Search Tags:listed real estate companies, Capital structure, corporateperformance
PDF Full Text Request
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