A Study On The Influencing Factors Of Capital Structure Of Real Estate Listed Companies In China

The real estate industry is one of the pillar industry of national economy in our country, this industry can effectively promote the development of local economy and expand employment. In recent years, the number of real estate enterprises of our country is growing rapidly, under the background of the development of the society as a whole, the real estate enterprises are facing increasing pressure, want to stand in the competition in the industry, the real estate enterprises need good works, the stability of the financial support, and good capital structure in financial aspect.The capital structure theory is one of the important part of financial management theory, enterprise’s capital structure and corporate performance, and are an important objective of the capital structure of the research, optimize the structure of the company’s capital, in a more reasonable way for enterprise financing, make the enterprise stable operation. So far, a number of scholars from different methods, different aspects of the capital structure factors were studied, the choice of different industries on the influence of capital structure are also different. This article reviews the China and other country’s capital structure theory, analyzes the influencing factors of capital structure research present situation, and introduces the present situation of the capital structure of listed company of real estate in our country, found that real estate industry of the company’s debt ratio is high, cause the unreasonable debt structure, not conducive to the benign development of the industry, the enterprises are lack of the ability to resist the risk. In addition, the capital structure of enterprises affected by the country’s macroeconomic policies to some extent, so that the development of real estate enterprises are facing obstacles.In this paper, a combination of factors affecting capital structure of listed companies both at home and abroad research results, based on the theory of capital structure, and the real estate listed companies as the research object, put forward the measures of capital structure of listed company of real estate in our country and its influence factors, mainly including the 7 micro factors and 3 macro factors, selected the 2011-2013 interval of 2011 real estate listed company financial data as sample data,, the use of multiple regression analysis spss software, concluded as follows:at the micro level, the listed real estate companies is closely relative to the capital structure and firm size, profitability and negative correlation, negative correlation with growth ability, and is closely relative to the debt tax shield, and asset collateral value into positive correlation, negative correlation with the equity structure, and liquidity are negative correlation; At the macro level, and is closely relative to GDP growth, and negative correlation with the rate of inflation, present negative correlation with the actual lending rates.Finally, According to the research results, I put forward the optimization suggestions of the capital structure of the listed company of real estate in our country. Through the study of this article, aimed at reasonable capital structure of listed companies of our country estate can play a certain reference function is established.