Study On The Impact Of Capital Structure Of Real Estate Development Enterprises On Enterprise Performance And Its Optimization

As the current China's economy is in a critical period of transformation and upgrading,market selection and survival of the fittest is bound to become the future trend.The real estate development enterprises as the third industry is capital intensive,high asset liability ratio,high risk characteristics,strong policy direction,so the reasonable capital structure is very important.A good capital structure is benefit to the development of the real estate enterprises and promotes the improvement of corporate performance.Therefore,it is very necessary that real estate development enterprises as the research object is selected,the relationship between capital structure and corporate performance is analyzed,and based on the maximum corporate performance,how to optimize the capital structure of the real estate development enterprises is research.On the basis of previous research achievements and related theories,the current capital structure of real estate development enterprises and corporate performance are explored,and based on the enterprise performance,the capital structure of real estate development enterprises as the main line is optimized.First of all,capital structure and corporate performance relationship at home and abroad are dictated,influence of the capital structure of real estate enterprise on enterprise performance is analyzed.The related literatures and the optimization of capital structure are reviewed.The capital structure optimization theory and the effect mechanism of capital structure of real estate development enterprises on corporate performance are analyzed.secondly,the status of China's real estate development enterprise capital structure and the enterprise performance are analyzed based on the theory.Then,in order to find out main influencing factors of the debt structure,ownership concentration and equity characteristics on the performance of enterprises,the capital structure of the enterprise performance by empirical is analyzed,and a detailed comparative study on the relationship between capital structure and corporate performance from two aspects of different scale and different regions are made.Thirdly,the relationship between capital structure and corporate performance function is determined by using the method of curve fitting model parameters and find the optimal capital structure interval.Finally,combining the theoretical and empirical research part,reasonable suggestions to optimize the capital structure of China's real estate development enterprises are put forward.The results of this study show that the balance of China's real estate development enterprises rate is too high,and corporate performance are negatively related.Long-term debt rate is low,and it is positive correlation with corporate performance.The proportion of the first shareholder and managerial ownership are positively related with corporate performance.The results also show that the impact of capital structure and enterprise scale of enterprises is different,because of the scale effect,the greater the size of the enterprise self-adjustment and management ability.As the country promotes employment and economic growth,implement preferential policies for large scale enterprises will be taken,which is conducive to the improvement of business performance.Real estate development enterprises due to external the financing environment is different in the east,west and middle areas.Western asset liability rate has not reached a high value compared to the middle and east areas,which has less side effects on the performance of enterprises.In addition,different regions of the corporate governance structure and management level are different.The Eastern real estate development enterprises use equity incentive and supervision effect to reduce agency costs to bring more profit to the enterprise.According to study on the optimization of capital structure in the optimal range of real estate development enterprise debt,asset ratio is [56.77%,60.82%].When the asset liability ratio is below this interval,increasing the debt ratio can improve corporate performance.Above this range,the increase in the debt ratio will reduce the enterprise performance.The proportion of the first largest shareholder,the proportion of managerial ownership and corporate performance are not significant at Linear function,Quadratic function,Cubic function.