| With the rapid development of economy, the real estate industry also achieved in the decades it has become the goal of the pillar industries of national economy, and it has its particularity in all industries, investment is basically all the biggest industry in the industry, the highest correlation with other industries, the financial indicators of the multiplier effect is also very strong, and so on. From the system of housing reform after the start of1994, the high-speed development of the real estate industry led to a series of and its associated industries, has to continue to grow this year, China’s total economic made great contributions to promote China’s GDP growth. But due to the risk of the current international financial crisis has not yet subsided, and again and again to domestic related aspects of real estate macroeconomic regulation and control policy restricted the rapid development of real estate industry, making the real estate industry is facing the severe external environment; In addition, the real estate industry’s own characteristics of periodic, capital intensive make the industry more vulnerable to the impact of the external environment, thus improve the sound, good internal financial system is to ensure that real estate enterprises favorable response to the external environment risk, improve enterprise’s profit ability, eventually improve the root of the enterprise value. All but, at present our country real estate enterprise is facing the risk of high asset-liability ratio at the same time, the increase of debt while bring enterprises a certain amount of tax shields, but the asset-liability ratio remained at such a height, will greatly increase the financial risk of the enterprise and the cost of bankruptcy, the external environment changes, the enterprise first, the many small real estate enterprisein our country is gradually disappearing in the best interest of the certificate. Therefore, in order to give the real estate enterprise keep reasonable capital structure to maximize the enterprise value aspects put forward effective countermeasure and the suggestion, this paper first to domestic and foreign research study on the relationship between the capital structure and enterprise value of the related literature, and the comprehensive elaboration, find out some problems in present research in order to in the research of this paper was improved, and combing the development of modern capital structure theory, and widely used in recent years, the definition of the enterprise value of do theoretical foil for the empirical analysis of this article; Second, to the status quo of capital structure in the process of real estate industry development in our country and comprehensive analysis, found that it is real problem, for further study and put forward the targeted problem; Finally, this article introduces Dupont analysis system, using the adjusted financial indicators of Dupont analysis system to the enterprise capital structure and the change of the enterprise value to make a comprehensive analysis, and selected the60listed companies between2008and2012financial data to carry on the empirical analysis, draw the conclusion:long-term debt for equity net interest rate is negative, the company size is positive to the influence that the net interest rate of the rights and interests... |
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