Analysis On The Influencing Factors Of Capital Structure In The Listed Real Estate Corporate

Capital structure is one of those critical issues among corporate finance theory, closely related to corporate achievement and firm value. How to decide the capital structure has become the "capital structure puzzles" baffling modern economists. Factors which affect capital structure, closely related to the classification of industries, have been widely researched and proven by the academe. In the research area of real estate industry which is governed by country policy, the factors from the company level affect capital structure evidently. In China, real estate industry is capital-intensive and could put important influence on other industries, which-brings practical significance to study its leverage.With the references of other articles and circumstance the real estate industry facing to, the essay pay attention to the issue that relationship between company factors and the capital structure. In this essay, Panel Data model has been used for analysis. The essay would study the influencing factors which affect capital structure with FGLS from the financial statistic examples of30listed real estate corporations.This essay mainly includes the following conclusions:(1) the debt ratio of the listed real estate corporation is lower than the ratio of the real estate industry, and the listed corporations are not too much relied on bank loans compared with others because of the capital from the stock market.(2) the debt ratio of the listed real estate firms in China is obviously related with company size, real tax, profitability, growth potential and asset collateral value, which profitability and asset collateral value have negative correlation.(3) the bank loan level of the listed real estate firms is influenced by company size, profitability, growth potential and asset collateral value, which profitability and asset collateral value have negative impact on it as well.(4) Majority shareholding has no obvious impact on the capital structure of the real estate industry, and there is no significant relationship between real tax and the bank loans in the listed corporation..