An Empirical Analysis Of The Impact Of Capital Structure On The Performance Of Real Estate Listed Companies

The topic of capital structure on firm performance is an important subject of theoretical studies in domestic and international financial research. The research on this issue is of great theoretical and practical significance.The real estate industry is the pillar of the national economy. It is directly related to the steady development of the economy. Meanwhile real estate is a typical capital-intensive industry, which needs large funds input to support its running, which means it needs effective capital market as strong supports of fund sources. Therefore, whether real estate firms have well financial channels will influence the sustained development of real estate industry. Recently, the macroeconomic level has made some restricted polices to limit the loan to the industry, which influences the financing channel of real estate trade and then will have impact on their capital structure. So, the relationship between capital structure and corporate performance has become the focus of many researches. However, there exist a lot of different points of view on the problem of how capital structure affects corporate performance. A general conclusion can’t be got concern this problem even after many empirical analysis.This paper is divided into six parts, research ideas are as follows:The first chapter, put forward which problem to study, point out the background and significance, research content and ideas, research methods, data sources, study characteristics and shortcomings, carry out a general description of the study at a whole view.The second chapter, a review and summary of domestic and foreign capital structure theory and performance theory literature. This chapter will also clarify the definition and evaluation of corporate performance, and have a further analysis for these indicators.In the third chapter, by using comparative analysis, descriptive analysis, analyze the listed real estate company’s capital structure and performance status and characteristics.In the fourth chapter, issue the empirical research of the influence from capital structure of listed real estate firms on the corporate performance, make the net return on assets, net profit margin as the dependent variables, and debt to asset ratio, long-term debt to asset ratio and short-term debt to asset ratio as independent variables, build simple and multivariate regression models by using EXCEL software, samples of the2009-2011financial data of the40listed real estate firms and make the regression analysis and inspection.In the fifth chapter, combined with the empirical research result, put forward conclusions and related recommendations to improve the performance of listed real estate firms.In the sixth chapter, issue some shortcomings in the study and future research directions and prospects.