| The real estate industry has played an important role in Chinese economic system. Thus whether it will keep a healthy and sustainable development has become the focus of attention. As a capital-intensive industry, asset-liability ratio is higher, the real estate industry capital source mainly bank loans, and short-term borrowing more than long-term borrowing. Along with our country’s macroeconomic regulation and control policy of real estate industry, enterprises how to reasonably adjust the debt financing structure, better performance for enterprises to create is a topic of concern to interested parties. This paper studies the debt financing structure of listed company of real estate in our country’s relationship with performance.Firstly, this paper makes a definition about company’s debt financing and performance. Based on theories about financing structure and performance evaluation, I analyze about the spatial distribution and time distribution character of real estate, the change and influence of Chinese policy to real estate and the current situations of debt financing and performance. Secondly, by choosing the second season financing data of 58 listed real estate companies from year 2010 to 2014, I make a linear regression about debt financing structure and performance of real estate listed company. As a result, the total asset-liability rate is significant to performance, long term asset-liability rate is only significant to rate of return on total assets. What’s more, I set up quadratic and cubic equation about long term asset-liability rate and performance, achieve the optimal debt financing section by curve fitting analysis. By empirical analysis, I achieve that there is an optimal debt financing structure existing in Chinese real estate listed company. They are 32.91% of long term asset-liability rate and [5.5%, 32.91%] of the optimal debt financing section. Last but not least, I come up with some relative suggestion based on the analysis results. |
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