| In recent years, along with the real estate industry has become China’s GDP contribution to the largest industry sectors for the development of China’s real estate industry is also getting attention. With the growth of the current after 70,80,90, real estate obviously this generation of young people has become the focus of most concern, therefore, all the people talking about the room seems to have become an identity of this era with the pronoun. However, behind all the people talking about the real estate, and its existence is necessarily contemporary distress, the real estate industry with a big step forward with the pace of the economy and development, and the development of the real estate industry has also brought high prices. Just 10 years ago. hundreds of pieces of a square house now, the fear is also more than ten times the price. Now. the people continue to lament the high prices, but also should be noted that China’s real estate companies are lacing great challenges.As a capital-intensive real estate industry, the real estate development process, a lot of money flow is constantly running through them. From the initial investment to buy land, to after sales levy, which is not without each link requires a lot of capital investment. Therefore, the money come from to become the biggest problem currently facing the real estate industry. Sources of money, necessarily have to take into account the company’s financial structure and capital structure of a problem. In China’s real estate industry, represent an important proportion of debt financing and more prominent feature in all of the liabilities, of about 70% from bank loans. The salient features of the real estate industry and the banks, in fact, with no small negative impact. Partial financing of the real estate industry a single structure to make it very easy to fall into a passive, unable to repay once expired, will be directly facing bankruptcy this is one. Second, along with the high profits of the real estate industry and the rapid development of high-risk is not a secret. Therefore, banks have invested a lot of money into the real estate sector, which also makes the banking system saddled with enormous risk. With the real estate market in recent years, high fever phenomenon, the industry is now more than foam also repeatedly. Therefore, the state issued a series of macro-control policies to control this rapid development of the real estate industry as well as prices continue to soar. Among them, for strictly real estate credit, it makes a lot of over-reliance on bank borrowings liquidity of real estate companies fail. has the brink of bankruptcy. And after the financial crisis. a significant measure of macro-control policy is to let the real estate industry felt like a roller coaster ride of thrilling. The state has adopted a series of macro-control means, although on the one hand to the real estate business is indeed brought great crises and challenges, however, with the macro means to force the real estate industry to get rid of more single debt financing, fundamentally it makes the real estate trade financing structure is more reasonable to optimize financing structure can effectively reduce financing costs and improve the ability to resist risks of real estate industry, which is fundamentally more conducive to enhance the company’s operating performance and makes the healthy development of the industry. So. how to make China’s real estate industry in the macro environment situation is so grim survival and development, as well as the real estate industry is the problem the country must pay attention.Therefore, we anchored for the debt financing of the real estate industry in listed companies conduct research, and to unite with the corporate governance performance, find their relevance, in order to find the desired breakthrough. This article will first need to study and discuss the issues and the purpose and significance of this question raised. Secondly, the theory of debt financing and corporate governance performance of their mutual relations and foreign research results are described, and their cost and agency theory, free cash flow effect and the tax shield effect linked analysis. Again, the empirical analysis of the Debt Financing and Corporate Governance Performance of China’s listed companies in the real estate industry has been studied, in order to balance the level of correlation between the empirical analysis of sources of debt maturity structure and debt structure and corporate governance performance. This paper selected in 2009 and 2013 of 100 real estate companies, as empirical analysis study. From the empirical results can be seen:(1) presented between the assets and liabilities of the real estate industry and corporate governance performance negatively correlated asset-liability ratio is higher, then lower the corporate governance performance. Although debt financing has a tax shield effect, however, when liabilities exceed a certain level, when companies are saddled with a corresponding increasing risks. Therefore, we empirically found that the high proportion of debt financing risks posed would weaken the role of the tax shield effect, which will reduce the performance of corporate governance. (2) Short-term debt ratio of China’s real estate industry is higher, then lower the corporate governance performance, on the contrary, when the long-term debt ratio, the higher the time, the company’s governance performance was higher, which indicates that China’s real estate industry, the short-term debt ratio and corporate governance performance is negatively related, and long-term debt rate and corporate governance performance is positively correlated. (3) From the source to see the structure of the debt, and corporate governance performance of China’s real estate industry was positively related to the source of the debt is bank loans and advances and construction companies, however, and corporate governance performance of the real estate industry was negatively correlated with the pre-payment of housing. Finally, based on the results of empirical research on the real estate companies put forward relevant proposals. |
PDF Full Text Request