Research On The Impact Of Debt Structure On The Real Estate Listed Company’s Growth

The business cycle of real estate industry is relatively long, Funding more intensive than other industries.Real estate industry and other industry correlation degree is high,big impact on the upstream and downstream enterprises,at the same time, the real estate industry are greatly influenced by national policy and macroeconomic.In the real estate industry development process,primarily funded by debt financing, financing channel is relatively single,mainly bank loans.Therefore, from reducing financial risk and improve the company’s growth,real estate listed companies must attach great importance to the optimization of the debt structure.Based on the real estate listed companies as a starting point,this paper studies the effects listed real estate company’s debt structure of the company’s growth.Not only to the real estate listed companies choose the financing way, optimize the debt structure is of greater help, but also for the future growth of real estate listed companies is of greater help.In this paper, on the basis of existing research results at home and abroad combining with the signal transmission theory,agency theory, growth theory an d related theory,selection 2012-2014 of China’s market in Shanghai and Shenzh en A-share listed real estate companies as the research object,Through the empi rical analysis to investigate the debt structure’s impact on real estate listed com pany growth.First introduced background and significance of this study, the mai n contents and methods,innovation points and deficiencies,And the scholars rese arch literature at home and abroad were reviewed and summarized,then define the relevant concepts, introduce the relevant theories,then to define the real esta te industry, analyze the present situation and main problems of the real estate i ndustry growth.Secondly,from different angles, selected 12 reaction growth of c ompany’s financial indicators,exponential factor analysis to extract common fact or,concluded that the index of growth,then using the regression analysis from t hree dimensions liabilities total level of debt structure,debt maturity structure an d debt sources structure(commercial credit,bank loans)respectively were analyzed .The empirical results show that:Debt total level of structure is negatively relat ed to the growth,debt maturity structure is negatively related to the growth,and debt sources structure in the positive correlation between growth and commerc ial credit,bank loan is negatively related to the company’s growth.Finally,the opt imization for the debts of the real estate listed companies and countries how t o through the macroeconomic regulation and control to ensure that the compan y long-term development put forward reasonable suggestions.