The Influences Of Shares-Listed Real Estate Enterprises Debt Maturity Structure On Enterprise Value

The overall situation of development of national economy is influenced by the development of Real Estate Enterprises. At the same time, the Real Estate Industry belongs to Capital-intensive Industry, so it needs a large amount of funds. Therefore, it is necessary to study the capital-related contents when we discuss the healthy development of Real Estate Enterprises.This paper used the Shares-listed Real Estate Enterprises'data from 2010 to 2015 in our country as samples, through regression equation, to discover the influences of Shares-listed Real Estate Enterprises'debt maturity structure to enterprise value. This paper found that currently, the financing of Shares-listed Real Estate Enterprises in our currently mainly depended on debt finance and the asset-liability ratio was above 74% from 2010 to 2015 continuously, and the trend was upward as a whole. At the same time, the ratio of debt with interest was going up from 2010 to 2016 which added the financial risk. Meanwhile, the debt financing of Shares-listed Real Estate Enterprises in our country depended on source of long-term financing, the debt maturity structures of Shares-listed Real Estate Enterprises in our country from 2010 to 2015 were always above 75%. The bank loans of Shares-listed Real Estate Enterprises in our country took up a third of all the debt financing of these enterprises. In spite of some fluctuations, it always ranked above 24% and takes up a third of all the debt, indicating its important place. Through regression analysis, this paper found that the low the debt maturity structure of Shares-listed Real Estate Enterprises in our country, the high the enterprise value. Through regression analysis, this paper also found raising the borrowing maturity structure would reduce the value of Shares-listed Real Estate Enterprises in our country obviously.Finally, this paper put forward some policy recommendations from creating a healthy equity financing market jointly, strengthening the protections to creditors' rights, maintaining the dynamic optimal debt maturity structure, developing the bond market and trying to reduce the borrowing maturity structure in order to reduce the debt maturity structure of Shares-listed Real Estate Enterprises in our country and the borrowing maturity structure so that Shares-listed Real Estate Enterprises in our country could add value.