A Study On The Factors Affecting The Capital Structure Of Listed Companies In China 's Real Estate Industry

As early as 2003,the leading position of China’s real estate industry in the economy seem to be established.The importance of the real estate sector in the national economy is affirmed, not only because of its direct contribution to GDP, but also because it can indirectly contribute to GDP growth by leading a number of associated enterprises and promoting the consumption.During the nine years from 2003 to 2011,real estate companies of Top 100 sales increased by almost 15 times,it was called the golden age of real estate industry.Meanwhile,the State Council issued a series of harsh measures to rein in property price rises and ensure the healthy development of the economy. After taking these severe policies,the real estate market slump in 2014, and real estate sales substantial declined, besides,real estate companies had problems with sales, excess inventory and capital chain,and so on.To solve these problems,the State Council issued many measures(such as,cancel the purchase,the real estate registration, relaxation of Fund loans, and the interest-rate cuts,and so on).Therefore,as a capital-intensive industry,the real estate industry must to reduce the cost of financing and optimize the capital structure.This paper focuses on factors which influence capital structure of real estate companies and hope to make suggestions for real estate companies to optimize the capital structure.In this paper, the writer looks into the status and progress of the capital structure and its factors, which domestic and foreign academic circles focuse on.and introduces the meaning of the capital structure and its influencing factors. Selected the real estate listed companies as the research object, combine the related literature and the theory of capital structure, and chose the influencing factors of real estate listed company capital structure. Through principal component analysis (pca) to find the main influence factors, the writer use regression analysis method analysis the relationship between the main influence factors and enterprise capital structure.Then, based on the analysis of factors, the author make suggestions to optimize the capital structure.