An Empirical Study On The Factors Affecting The Financing Ability Of Listed Real State Companies In China

The real state is a typical capital intensive industry, with its features of long-term, high investment and so on which determines that its investment is mainly concentrated on the middle and later periods and the real state enterprises need abundant financial support in the early stage of exploitation。 Therefore, how to raise enough funds in the early period becomes a key step in real state business。At present, funds at the disposal of real state enterprise can hardly meet the needs of its development; and the enterprises have to solve this problem by broadening its financing channels and improving their financing capacity。Thus, the research on financing capacity of listed real state companies in China not only benefits the real state enterprises in its ability to raise capital, it can also provide advice for the investors to make investment and guarantee their interests。This thesis aims to analyze the factors which influence the financial ability of listed real state companies in China. It is make up of five parts。The first part is introduction and literature review of financial ability of listed real state company at home and abroad。It mainly expounds the research background and significance of this study, introduces the related works both domestic and foreign。The second section is an overview of the theory, which is mainly divided into financial theory and the financing of listed real state company。The former illustrates the conception of financing and refunding, and the connotation of funding including its influencing factors。The latter narrates the characteristics and modes of financing, the comparison of these modes, and the influencing factors in real state industry in China。The third part is the empirical analysis of the related factors concerning the financing ability of listed real state company in China.It mainly represents the sample collection, analyzing process, weight definition, and the comprehensive assessment for financing ability of listed real state company in China。This paper expounds from these six sides including expansion ability, debt paying ability, profit ability, operation ability, non-stock right long-term financing ability and growth ability。The principle component analytical method is adopted, with the aid of spss17.0software for statistical analysis.The fourth part is Summary。Through empirical analysis the weight of the six principal components in principal component comprehensive scoring function is obtained, which in descending order comes to equity expansion by34.89%, debt paying ability by20.36%, profit ability by15.54%, operation ability by12.87%, non-stock right long-term financing ability by8.49%, growth ability taking the smallest proportion by7.85%o By weight it is clear that the funding ability of the listed real state companies in China is mostly influenced by stock expansion ability, followed in sequence by debt paying ability, profit ability, operation ability, non-stock right long-term financing ability and growth ability。The last part is suggestion and expectation。Some effective advices to the present listed real state companies in funding and the prospect of further research are provided。...