Study On The Relationship Between The Real Estate Listing Corporation Capital Structure And The Value Of Enterprise

In recent years, China's real estate development speed very quickly. The real estate industry's healthy development can influence on the quality of life of people, but also related to the overall development of our national economy. However, the process of development in the real estate industry also exposed many problems, especially in the allocation of funds and financing. At present, China's real estate industry funds benign total capital ratio less, the lack of internal accumulation, resulting in China's real estate industry, the high rate of assets and liabilities. Among them, the short-term debt ratio is high especially, the long-term debt rate is relatively low, and leading to the enterprise finance risk is too large. In order to improve the efficiency of enterprise financing activities, enterprises should make the adjustment in the capital structure.A good capital structure can not only reduce the financial risk, reduce the cost of financing, but also can improve the solvency of enterprises so that enterprises gain more income. Therefore, domestic and foreign scholars have been the problems about capital structure and deep research on the strong concern. The question of research. Statistical analysis of the capital structure an denterprise value to research the relationship between scholars that roughly three conclusions: first, the capital structure and the enterprise value are negatively correlated; second, third, capital structure and enterprise value for the curve relationship. This paper introduces the development and the scale of the enterprise, in the study of the different growth and the different enterprise scale. From inception to the developmentof enterprises to expand, at various stages of growth, corporate demand for funds is not the same. An enterprise should stand in the development trend of itself, the choice suits its capital structure, in order to promote the value of enterprises.This paper studies a sample taking listed real estate enterprises, selecte d 118 listed real estate companies 2006-2013 data, and a total of 944 sample. Through the establishment of panel threshold model to establish the threshold of the two growth in the value, respectively is-0.649, 0.091.Based on the threshold value will be our real estate listing corporation in accordance with the growth of different points in order to low growth, moderate growth and high growth of three types. Also through the establishment of panel threshold model to establish two threshold on the different scale of the real estate listing corporation, respectively is 19.805, 21.526, according to the threshold will be divided into enterprise in small scale, medium scale and large-scale three types. Through the test draws the following conclusion: in the low growth companies, capital structure and corporate value is positive, but had a negative impact of secondary growth and high growth firm's capital structure and enterprise value. In addition, for the small enterprise capital structure and corporate value is positive correlation, medium enterprises and large-scale enterprise capital structure on enterprise value, also had a negative impact. Finally, this paper started with actual situation of China's listed companies in real estate, the conclusions are explained, and put forward countermeasures to improve the capital structure according to the research results, further improve the capital structure of enterprises, improve the enterprise value, so as to promote the long-term healthy development of economy.