Research On The Impact Of Macro-control Policies To The Real Estate Listed Company’s Capital Structure

The topic of macro control to the real estate industry is always the focus among all around. The real estate industry is a capital intensive industry. Compared with other industries, the asset-liability ratio of the real estate industry is higher, and financing risk is larger. Among the research on capital structure of listed real estate companies, few scholars study the influence of macro-control policies on the capital structure of real estate enterprise. Macroeconomic regulation has distinct Chinese characteristics. Through the study of the effect of macro-control policies on the real estate enterprise’s capital structure, it will be helpful to the financing behavior of real estate industry, and it is important to enrich the financing channels during macro-control policies regulation. At the same time, it is also useful to promote capital market operate stable, guide the government to develop macro-control policies in innovate ways, and make sure the real estate market in our country develop healthful.This paper based on capital structure theory, make summary and review to the research on the capital structure of real estate enterprise. This paper also review the means of regulation and control directions of monetary policy, fiscal policy and land policy to the real estate market in the period of 2003 to 2013. This paper analyze the capital composition in real estate enterprises, and explain the effect of macro conditions on the real estate market in the view of supply and demand, and further explain the effect to the real estate enterprise’capital structure, and use the way of data analysis. At the end of this paper, it put forward suggestions to optimize capital structure of listed real estate companies and for the relevant government departments on making macro-control policies.Through the combination of qualitative and quantitative analysis, this paper comes to the conclusion that the macro-control policies are important factors affecting the capital structure of real estate enterprises. The capital structure of China’s real estate listing Corporation changes consistent with the pecking order theory. After the macro-control, loan term changes significantly, the proportion of long-term loans increase and the proportion of short-term loans decrease. Trade payables ratio increase. The influence of macro-control policies to the ownership structure of real estate enterprise is not significant. The real estate listing corporation has no significant preference to equity financing.