Empirical Study Of The Capital Structure Of Listed Real Estate Companies On The Profitability Impact

The real estate industry has played a positive role in stimulating economic growth, expanding employment, for the economic development of China. In recent years, China’s real estate industry presents the asset-liability ratio is higher, the problem such as single financing channel, countries strengthen the macroeconomic regulation and control to a certain extent, also reflect the irrationality of the industry capital structure, which is bound to affect the profitability of the industry. Previous research did not consider the macro factors, therefore, under the new situation to study the effect of capital structure on profitability of the industry, can enrich the theory of capital structure, capital structure optimization of real estate industry, and improve its profitability.This paper adopts the normative analysis and empirical analysis, factor analysis and regression analysis method of combining the, first of all, define the concept of capital structure and profitability, capital structure theory and analyzes the present situation of the real estate capital structure and profitability of listed companies; Secondly, from the selection of both equity and debt capital structure indicators as independent variable, with factor analysis as the dependent variable, it is concluded that the profitability of the comprehensive evaluation in 97 listed real estate companies in China in 2009-2013 data as samples, build the model for empirical research. Research results indicate that: the real estate listed companies from 2011 to 2013, the profit level is declining trend, indeed is affected by the macroeconomic regulation and control, the market is moving towards equilibrium; Liabilities structure indicators of real estate listed company profit ability have a negative impact; Equity structure index of real estate has a significant impact the profitability of listed companies, it also suggests that the real estate listed companies to reduce the debt ratio, appropriate increase the proportion of equity financing.Finally, according to the empirical study conclusion, this article from two aspects of the government and the real estate industry puts forward related Suggestions. On the one hand, the government should strengthen the macroeconomic regulation and control of and control on the real estate industry; To control the scale of debt, on the other hand, the real estate industry, increase the proportion of direct financing, etc.