Research Of Capital Structure’s Impact On Corporate Performance For Listed Real Estate Companies

Real estate industry correlation degree is high,involving many upstream and downstream industries,to boost domestic demand,expand investment and stimulate the growth of the national economy,is the pillar industry of the national economy.A few years ago, due to speculative real estate prices rising,the goverment to curb excessive speculative real estate industry,developed the control measures in different phase.The price cut,the sales revenue;Inventory increase,take up fund,increase the enterprise cost of capital,a direct impact on the real estate enterprise sales revenue and speed of capital turnover.At the present stage,our country real estate industry financing channel is unitary,the capital market is imperfect,and tend to debt financing,asset-liability ratio is generally on the high side,the degree of dependence on bank is very high,once they can’t borrow money from Banks,real estate enterprises could be in the crisis of capital chain rupture, leading to the capital structure is not reasonable, may cause the company falls into the financial crisis, influence corporate performance directly.Research on listed real estate enterprise’s capital structure and its impact on corporate performance,can help to find a way to optimize the real estate enterprise capital structure,to adjust the debt structure,broaden the financing channels,improve business performance,the sustained and healthy development of real estate industry.In this paper the influence of the real estate capital structure on corporate performance of listed companies as the research object,from two angles of its theoretical and empirical to analysis.Review the papers related theory of capital structure and mechanism of the influence of capital structure on corporate performance,and about the present situation of the real estate capital structure and corporate performance of listed companies is analyzed,then put forward the real estate on the impact of capital structure on corporate performance of listed companies related assumptions,and establish the model.Model to 111 a-share listed real estate companies in 2008-2013 financial data as sample,using factor analysis method to draw the comprehensive factor score value as the quantitative indicators of performance,building of the capital structure of the two aspects,namely the ownership structure and debt structure and corporate performance indicators,the regression model between the run data after the empirical analysis results show that, equity relative concentration increased, the proportion of state-owned and actively equity incentive policy has promotion effect to corporate performance; Short-term debt ratio increases, will also improve corporate performance, but the asset-liability ratio increases, will reduce the corporate performance. Finally, in order to better cope with complex economic environment home and abroad, this paper puts forward the optimization according to the results of the empirical analysis of real estate capital structure of listed companies.