Analysis Of Chinese Listed Corporations’ Capital Structure And Comprehensive Performance-In The Case Of Real Estate Industry

Capital structure problem is a significant theoretical value and practical significance of research subject. Capital structure is the enterprise stakeholders rights and obligations of the concentrated reflection, it and corporate governance structure, the company’s market value and performance. There is a profound inner link between. Since the MM theory was founded in 1958, domestic and foreign scholars to the problem of capital structure was carried out extensive and in-depth research, in order to solve the "mystery" capital structure, but the results are not consistent. In recent years, the real estate industry has become the pillar industry of national economy in our country. Real estate capital structure of listed companies of our country has a high asset-liability ratio and single financing channel and over-reliance on bank credit and other characteristics, so from the guard against financial risks and improve company performance perspective, the optimization of corporate capital structure is necessary. In view of the real estate industry special economic status and capital structure, the real estate capital structure of listed companies and its influencing factors, the relationship between capital structure and corporate performance will have theoretical and practical significance.This article takes our country in 2010-2014 a-share listed companies of real estate as the research object. According to the "capital structure theory in this paper, the capital structure influence factors analysis of micro--listed on capital structure and corporate performance relationship analysis" the main line, by building a reasonable econometric model, analyzed the characteristics and macroeconomic regulation and control system to the influence of the capital structure, ownership structure and debt structure impact on corporate performance, try to determine the optimization direction of real estate capital structure of listed companies, in order to reasonable arrangement of capital structure of listed company of real estate to provide countermeasures and Suggestions to improve corporate performance.