Research On The Impact Of Debt Sources Structure On Over-investment Of A-shares Real Estate Listed Companies

Real estate industry is an important part of China's economy.In the past twenty years,real estate had made a positive contribution to China's rapid economic development,urbanization and employment.From the development trend of China's real estate,China's real estate generally experienced warming up and cooling.After 2001,China accelerated the proceeding of urbanization,that stimulated the rigid demand of city housing.Most of our city's real estate prices ruled high,creating a good opportunity for the real estate investment earnings,breeding a speculative demand of real estate.In 2010,the government practiced macro policies to curb the real estate investment craze.In 2014,due to the economic slowdown,the real estate rigid demand was weak,and accompanied by the decline in real estate prices that speculative demand had gradually withdrawn.At present,China's real estate industry is in a critical period of structural change,through practicing macro-control policies,the contradiction between supply and demand gradually bring alleviation,the first-tier cities and the second-tier cities through higher land prices to curb real estate investment overheating,the third-tier cities and the fourth-tier cities has been making vigorous efforts to decrease inventories.Because of the development of real estate industry affects the development of the national economy,so the research of investment in the current real estate enterprise has significant meaning,it has become a hot topic in the current academic communities.China's real estate industry is a capital intensive industry,the scale of debt and debt ratio is very high,which making the industry faces a higher risk of bankruptcy,debt financing is in contact with investment behavior of enterprises,it need to a further study whether debt financing can curb over-investment behavior of enterprises,or part of debt can curb over-investment behavior of enterprises.At present,the academic communities most of the researches are the impact of debt or debt maturities structure on over-investment behavior,there is little research on the impact of debt sources structure on over-investment behavior.So this paper selects real estate listed companies as the research object,from debt sources structure perspective,debt sources structure can be divided into bank loans,commercial credit,and commercial credit can be divided into account payable and prepayment,research on the impact of debt sources on over-investment of real estate listed companies respectively.This paper reviews the related literature at home and abroad on over-investment,provides with over-investment's reasons,and the relation of debt and over-investment.Also,this paper sums up the related theories,combining with the characteristics of investment and the representations of over-investment in real estate.and put forward the hypothesis.This paper selects 116 A-shares real estate listed companies in 2012-2016 data for the study sample,and uses expected investment model which proposed by Richardson to test the existence of over-investment in the real estate listed companies in China.And the commercial credit can cause the inhibition of over-investment,but bank deposits cannot cause the inhibition of over-investment.Finally,according to the above analysis and results,we put forward that we should perfect the debt sources structure in real estate companies,strengthen the governance effect of debt financing,so as to realize the healthy development of the real estate investment.