A Research On The Influence On Financial Performance Of Debt Financing Structure Of The Listed Real Estate Companies In China

The financing structure, financing and financial performance of company have beena hot spot problem in financial educational research, and relevant theories are alsoincreasingly rich. Most of the study on the capital structure is prefer to equity financing,and in which the empirical research on debt financing is relatively few, however theempirical studies on the impact of the debt structure on financial performance in the realestate industry is even fewer.As a basis to support the development of the national economy industry, thedevelopment of the real estate industry is related to today’s economic development andsocial stability. Because the real estate is capital-intensive industry, raising the money isthe first the problem for real estate enterprise. But many real estate enterprises ignore thecost of capital, financial leverage, risk and so on, and these problems about financingstructure are closely related to the enterprise value. Therefore, with55A-share listed realestate companies as the object of this paper, to analyze the structural characteristics ofdebt financing, to study the impact of the debt structure on financial performance fromboth theoretical and empirical, to get research results and put forward countermeasuresand suggestions. At the same time, this paper provides some thinking and support forthe real estate listed companies in our country to optimize the financing structure.There are five sections in this article, and the main contents of each part are asfollows:In the first part, this thesis expounds the research background and significance,summarizes and analyzes the related literature at home and abroad, and explains theinnovation of this article.In the second part, according to the needs of research, this thesis introduces thetheory related to debt financing structure. Introduced the theory, will focus on debtfinancing structure is linked to financial performance, to provide theoretical basis forfollow-up study.In the fourth part, the article selects the55in the a-share listed real estate companiesfor research. According to the public financial data from2007to2011, beginning withthe overall level of debt, debt maturity structure and debt type structure three aspects, using descriptive statistics analysis, and establishing multiple regression model, from theaspects of the empirical study analyze how the property of the company’s financialperformance is affected by the debt financing structure. Get to the conclusion that thereal estate industry’s short-term liabilities and long-term liabilities of listed companies allhave a negative effect on financial performance and commercial credit impact onfinancial performance is uncertainty, bank loan has a negative effect on financialperformance. And analyze the causes of the above conclusion.In the fifth part, combined with the status quo analysis and the empirical analysis ofthe results, this thesis puts forward policy recommendations for the real estate industrylisted company. When making financing company should pay attention to optimizestructure, expand the channels, and this thesis also puts forward some opinions andsuggestions about increasing company profitability.