Real Estate Listed Company Capital Structure And Enterprise Value Research

Since the housing system reform, which is mainly composed of housing accumulation fund from physical distribution to monetary distribution, the real estate industry in the recent less than 20 years of rapid development, the development of the real estate industry contribution to the development of national economy in China is huge, in some areas and some provinces and cities, the real estate industry is the pillar industry of the region and the development of the real estate industry is not only involved to upstream raw materials such as steel, cement, construction industry development, is also directly pull the decoration materials, household appliances industry, etc. and the development of downstream industries. But in the past five years, especially at the end of 2012, the real estate market prices rising too fast in some cities, especially in a line of central city, therefore, in order to remedy the situation of the state council issued a series of administrative intervention, aims to bring back into the real estate industry orderly and steady development orbit, and hit the market speculation, the real estate prices steady regression.However, this policy will inevitably lead to commercial Banks for individuals to purchase commodity house raise loan threshold, as well as lending for real estate enterprise to carry on the tighter credit audit, so much so that in the first half of 2012 to 2014, the real estate enterprises difficult to financing to short-term loans from the bank. And most of the real estate enterprise financing source is continuously through to commercial Banks for the flow of short-term debt to maintain business and project development. Therefore, commercial Banks tighten lending for real estate enterprise financing is very bad.Aimed at this situation, this paper is to real estate research on capital structure of listed companies and corporate value, from the current status of the real estate enterprise financing, through the analysis of sample data, find out the current real estate industry enterprises related factors of capital structure on corporate value, through empirical assumptions and analysis, find the factors influencing the capital structure of the enterprise value maximization. And through the analysis of the real estate industry of find the enterprise value maximization problems of enterprise capital structure, and in view of the problem, put forward the policy in the adverse circumstances, how to optimize capital structure, perfect the corporate governance, improve enterprise value of the policy recommendations.This thesis includes six chapters all together, Chapter one is the introduction part, mainly expounds the research background of this paper, the research status about the capital structure and corporate value at home and abroad, research contents and methods of this paper, and the research route of innovations and research frame of this paper.The second chapter is the related theory of capital structure and enterprise value analysis, in this chapter, this article mainly through to the related theory, the derivation of clear and definite in qualitative way this paper expounds the relationship between capital structure and enterprise value.The third chapter is the source of real estate listed company financing channels and capital structure present situation analysis, in this chapter, through to the real estate industry financing situation of the latest data analysis, reveals the current real estate enterprise financing channel and the present situation of the capital structure, further clarified the commercial Banks to tighten lending quotas, on the real estate industry enterprises to carry out the actual situation of different loans.The fourth chapter is the real estate enterprise value and capital structure of listed companies, empirical analysis in this chapter, according to the qualitative analysis of chapter 2 and chapter 3 of the present situation of the real estate market to corporate capital structure, puts forward the four empirical assumptions, and by collecting relevant data of 80 listed real estate companies, using the regression statistical software, the empirical analysis results.The fifth chapter is the real estate capital structure of listed companies and cause analysis of existing problems, through the empirical analysis, finding out the restriction enterprise value maximization goal of the problems existing in the capital structure, and made in-depth analysis of these problems and find the causes of the formation of these problems.Sixth chapter is to optimize the real estate policy Suggestions on the capital structure of listed companies, this chapter is on the fifth chapter reveal problems, put forward the corresponding policy recommendations, this chapter also through the innovation of financing, in view of the real estate industry enterprises to improve the governance structure, has carried on the beneficial exploration.Through the whole narrative six chapters, this paper expounds on the current macro environment, real estate enterprises to adjust capital structure, some strategies to improve enterprise value, from the Angle of enterprise management, the development of real estate enterprise has made the beneficial theory research.