Study On The Debt Structure And Performance Of The Real Estate Listed Company In China

The real estate industry in our country belongs to capital-intensive industry. Debt scale and ratio are both quite high. Bank credit is an important financing channel of real estate enterprises. How does the real estate enterprise debt structure affect performance in different bank credit policy? This in-depth research will has certain theoretical and practical significance.First of all, this paper reviews the past bank credit policy in our country and analysis the policy adjustment. We believe that credit policy in2008-2009belongs to the loose phase,2010-2011belongs to the tighten phase and2012-2013belongs to tight pine phase. Secondly, based on the monetary transmission mechanism theory, traditional finance theory and combing the literature, we analysis the impact on the performance of the real estate enterprise debt structure in different credit policy phase. We believe that the relationship of debt structure and performance will change under different credit policy. Finally, this paper takes A-share listed companies of real estate in2008-2011of our country as samples and introduces virtual credit policy variables, using multiple linear regression method, to do the empirical analysis how the real estate enterprises affects the performance under the loose and tight credit policy debt structure. This paper mainly discusses the term debt structure and interest-free interest-bearing debt structure. Then, we get the following conclusions:(1) because of the influence of bank credit policy adjustment, the relationships of interest-free asset-liability ratio and short-term debt ratio between performance change. Tighter credit policy can strengthen positive impact of interest-free ratio on the performance effect and dampen negative impact of short-term ratio on performance effect.(2) interest-bearing debt ratio correlate with performance negatively and long-term debt ratio has no significant correlation with performance. At the same time, the relation between both of them and performance is not big by the influence of bank credit policy adjustment.The conclusion of this paper reveals that the influence of relationship between debt structure and performance of real estate enterprises in our country based on the real bank credit policy changed from loose to tight. Real estate enterprises can adjust the debt structure according to the influence of the relationship between debt structure and performance in different stages of the bank credit policy. In this paper, the conclusion can provide corresponding financing decision basis for real estate business operators and also provide reterence for policy makers.