Empirical Research On Capital Structure On Corporate Performance

Capital structure plays a fundamental role in the development of company,small to the company’s financing ability and the effect of capital operation,big to the whole company’s performance level,will be affected by the capital structure.Especially after the financial crisis,economic fluctuation is serious,the imbalance of the industries,regions and enterprises increasingly highlight.Therefore,it is very necessary to study the influence of capital structure on corporate performance.Nowadays,the importance of the real estate industry in the national economy increasingly prominent,and gradually developed into a pillar industry,the healthy and stable development of national economy is inseparable from its sound development.The real estate listed companies as representatives of the outstanding enterprises in real estate industry,studying them will have important reference value to the entire real estate industry.Therefore,the selection of the real estate listed companies as the research object has a theoretical and realistic significance.Real estate industry,the hot problems about the relationship between capital structure and corporate performance of listed companies,although there are a lot of domestic and foreign scholars have done extensive and varied for the problem,but because the difference of the selected time period,sample data and the variables,lead to the bigger difference of the research conclusion.Therefore,this paper is based on the real estate industry after the financial crisis,through the two kinds of method of literature research and empirical research study the impact of capital structure on corporate performance.The first part of this article introduced the background of selected topic and research significance,in view of the domestic and foreign research,the relationship between capital structure and corporate performance were summarized,introduced the main content of research and the research methods,finally explained the innovation points and insufficient of this paper.The second part,introduced the concept of capital structure and corporate performance and its related theory,illustrated the our country’s real estate listed companies had the characteristics of capital structure after the financial crisis,and from two aspects of debt structure and ownership structureaffected corporate performance were analyzed in theory.The third part,selected 68a-share listed real estate companies listed on the Shanghai and Shenzhen two city from 2011-2015,designed empirical research and defined variable.The fourth part,through the empirical analysis,four research hypotheses proposed in this paper,namely the relation between asset-liability ratio and corporate performance was negatively related,the relation between long-term debt ratio and corporate performance was negatively related,the relation between proportion of state-owned shares and corporate performance was negatively related,the top 10 shareholders ownership and corporate performance was positively related.The fifth part,summarized the theoretical and empirical research of the paper and put forward some relevant suggestions,hope I can provide the reference for the real estate listed companies after the financial crisis and the relevant government departments.