An Empirical Study On The Financial Factors Influencing Capital Structure Of China’s Real Estate Listing Corporation

The real estate industry began to rise from the1980s, in the past forty years, it hasgradually become one of the pillar industries of the national economy. The developmentof the real estate industry have a huge impact on the promotion of the development ofour national economy, improve people’s living standards, and guide rational investment,strengthen the stability of society. Therefore, the study of the real estate industry hasalso attracted a large number of scholars. Especially in the current market environmentand the macro-control policies, how to ensure the real estate industry continue developstably, how to establish the most suitable capital structure, whether in theory or practicehave a strong practical significance.In order to obtain a valid research results, this paper used the following methods:the1stis literature analysis method. In the theory of capital structure based on the theoryof capital structure review different schools, the theoretical basis for this research; the2ndis regression analysis. Combined with the actual situation of China’s real estate listedcompanies, select Variables studied comprehensive; the3rdis empirical research basedon econometric methods. In this paper, the static panel data model appropriateeconometric analysis, statistical analysis software process conducting empirical analysisused mainly is Excel2007, SPSS statistical analysis software, R statistical analysissoftware.The main content of this article has three parts:The1st, the background of therelevant capital structure review and research, the main contents of the theory of capitalstructure review, is the theoretical support overall.The2nd,collect financial data of listedreal estate companies from2004to2013disclosed in the annual report, the financialimpact of capital structure empirical research analysis, the basic situation of CapitalStructure in all real estate companies listed in Shanghai and Shenzhen and then infer thebasic situation of China’s real estate company’s capital structure. The3rdpart of thestudy is main findings and recommendations, the main content is how China’s realestate listed companies to optimize the capital structure, the status quo of China’s realestate capital structure, combined with the results of empirical analysis, to find our realestate capital structure optimization the most reasonable way.Through the acquisition between2004to2013on the basis of the data listed realestate companies empirical research findings show: listed real estate company’s capital structure and company size, profitability, solvency and other financial indicators showeda positive correlation; and its ability to grow a certain degree of correlation, which totalasset growth was positively correlated with the net asset growth was negativelycorrelated; its operating capacity was a certain negative correlation; but the relationshipbetween the company and the level of risk is not significant.