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

The study of capital structure is an important topic of corporate finance. Both corporate performance and the realization of the corporate value are related to capital structure.They are interactional and complementary. It’s an important part to improve an enterprise’s capital structure and to make a more effective way for financingThere are many different aspect research about the influence factors of capital structure choice made by domestic and oversea scholars,meanwhile the capital structure choice is also different for different industries. Under the influence of the country’s overall plan, this article researches the influence factors of capital structurereal estate. As an important pillar industry of China, real estate industry needs massive financing. Therefore, its capital structure has obvious features and is highly influenced by the characteristics of corporate level. The influence factors of the capital structure of real estate enterprise are studied to help optimize the capital structure theoretically.Then better development of real estate industry is achieved.The conclusion of this article:firstly,The negative asset rate of real estate listed corporations is much lower than their unlisted counterparts. The bank credit dependence level is much lower than the average standard. The stock financing brings capital. Secondly,The study of total liability level of real estate listed corporationsshowsthat corporate size,actual tax burden level,growth capacity,profitability and asset collateral capacity have important influences on asset collateral value. Corporate size,actual collateral value,increasing capacity are positively correlated to it,while profitability and asset collateral value are inversely proportional to it.Thirdly,Real estate listed corporate size and asset collateral value have decisive influence on the amount of bank loans. Profitability and asset collateral value is inversely proportional to it.Finally, corporate stock concentration does not significantly influence the capital structure choice of real estate listed corporations, and actual tax burden level does not highly influence the corporate bank loans rates.