The Research On Effects Of The Government Property Regulation Of Real Estate Enterprise Financing Structure

The healthy development of real estate is crucial for people’s livelihood, also is the backbone of the national economy industry. However, in the present the financing channel of real estate enterprise is single, the development of real estate project financing mainly depending on the support system of commercial bank, meanwhile the bank system separately taking the real estate industry management risk and market risk, leading the instability of the economy. In recent years, our country introduced relevant policies in regulating the real estate market, making direct important effect on real estate enterprises.In view of the real estate enterprise’s capital structure, the paper analysis the real estate macroeconomic regulation and control policy impact on real estate enterprise financing structure having important significance.The capital structure of listed real estate companies as the research object, introduces the government regulating macro variables, subdivids the macroeconomic regulation and control policy with the company’s capital structure,respectively, according to the enterprise financing structure of domestic and foreign literature review, the macroeconomic regulation and control the capital structure, financing do qualitative analysis, the influence of macroeconomic regulation and control for a quantitative analysis of financing structure, combining macro-control and financing structure, establishing a reasonable model, systematic analysis of the government the impact on the financing of the capital structure of the real estate regulation policy to determine which policy can work more effectively, so as to provide the corresponding reference.The study of this paper can get the government’s macro-control policies to adjust the capital structure of listed real estate company. The results show that in 2008-2013 the government macroeconomic regulation and control policy for the impact of financing structure of listed real estate company was significantly different.In response to the dramatic changes of macroeconomic regulation and control policy and the change of economic environment, the traditional long-term debt financing from banks becoming more difficult, listed real estate companies increasing short-term loans, resulting in instability of company capital chain.The adjustment of real estate enterprise financing structure affected the strategy of the policy, in the point of the whole industry, the debt financing of the real estate industry is increasing,and is proportional to the strict macroeconomic regulation and control policy,which came from bank debt ratio is inversely proportional to the strict macroeconomic regulation and control policy. Equity financing is inversely proportional to the strict macroeconomic regulation and control,when the macroeconomic regulation and control strictly investors is wait-and-see attitude. In recent years, due to the country to overseas capital into the real estate industry having carried on the strict limit, on using ratio on overseas capital into a downward trend year by year, but on the whole it is positively correlated with strict macroeconomic regulation and control policy.