Research On The Capital Structures Of Chinese Real Estate Listed Companies

For the survival and development of the enterprises, the safe and reasonable capitalstructure is the basic guarantee,and to maintain the sharp competitiveness and realize thevalue maximization for the enterprise, it is also the key. It has a significant meaning to theresearch on the capital structure optimization of the enterprise. The real estate industry, as oneof Chinese pillar industries, is the capital-intensive industry, and capital has always beenplaying an important role in influencing the enterprises’ survival and development, and can beconsidered as the lifeline of the project operation. Once the capital chain is broken, a huge riskcan be resulted in to the enterprise. The capital source of the real estate developmententerprise is mainly constituted of four parts including own fund, bank loan, advance capitalby the builder and presale fund. Generally speaking, the unreasonable capital structure, whichcan be illustrated by the high asset-liability ratio in the Chinese real estate industry, theirrational financing, single financing channel, the over relying on the bank loan, theexcessively low long-term debt ratio and the low internal financing ratio results in the abilityshortage to withstand the market risk and further jeopardizes the further development.The credit financing policies released by the government recently has raised thethreshold of the loan aid to the real estate enterprise and the own fund ratio of the loan of thereal estate enterprise. Therefore, it is especially curtail for the real estate enterprise to optimizethe capital structure, select the proper financing method and seek the new financing channels.This paper is to analyze and compare the current situation, quality and influencingfactors of the capital structure of the real estate listed companies by means of descriptiveanalysis, factor analysis and regression analysis based on the relevant theoretical analysis. Itaims to provide a optimization proposal based on this research, thus establishing a theoreticalreference for the optimization of the capital structure of the Chinese real estate listedcompanies.