| In the first half of 2014 China’s Yangtze river delta region of the real estate company bankruptcy boom. Today, China’s real estate company has many problems, such as high debt, capital structure is unreasonable, high financial risk. This led to our country real estate market bubble, heightened the risk of financial market in China. Our country through the operation of the monetary policy regulation real estate market continuously, to guide the healthy development of national economy. Based on this, the purpose of this paper is to study China’s monetary policy can effectively influence the real estate company’s capital structure.This paper first generalizes the literatures at home and abroad. Then, this paper introduces on the impact of monetary policy on real estate companies capital structure theory analysis.From the basis of the monetary policy and corporate capital structure theory, monetary policy and corporate capital structure adjustment of static research as well as the monetary policy and corporate capital structure adjustment of dynamic study three aspects has carried on the induction summary. Monetary policy transmission mechanism theory is divided into interest rate channel and assets price channel, credit channel in three aspects. In the third part,this article has analyzed our country monetary policy and the present condition of the real estate company capital structure, combing the monetary policy in recent years in our country and analyzes the basic situation and influence factors of the capital structure of the real estate company. In the fourth part,the article to our country monetary policy and real estate company has carried on the empirical research on capital structure adjustment. Conclusion showed a significant negative correlation in monetary policy and capital structure. Short-term loans compared to supply long-term loan supply more influence on capital structure, because the bank credit more important to a large extent the short-term operating conditions of the company. The company size and capital structure has a significant positive correlation, because big companies have stronger ability of credit. Profitability and capital structure has significant negative correlation relationship, because when corporate profitability strong preference for internal financing. Asset tangibility and asset-liability ratio shows a significant negative correlation relationship, the company the more tangible assets the asset-liability ratio is higher. Long-term loan interest rates than short-term interest rates are more significant impact on capital structure, because the real estate companies operating cycle is long, long-term loan company preference. Short-term borrowing rate have significant negative correlation relationship with monetary policy, because along with the increase of monetary policy strength, the real estate listed companies in the form of bank liquidity loans for real estate development loans difficulty bigger. Long-term borrowing rates and monetary policy are related but not significant. Monetary policy and trade payables ratio has significant negative correlation relationship. Medium and long-term loans interest-bearing debt ratio and a significant negative correlation relationship. Monetary policy and the listed company’s capital reserve ratio has significant negative correlation relationship. At the end of the paper puts forward the corresponding policy recommendations. China should formulate reasonable money supply, strengthen the supervision of bank credit and promote the marketization of interest rate, make interest rate play a role of lever to adjust, actively guide the benign development of the real estate company, and encourage innovation management. |
