Discussion On The Relationship Between Real Estate Debt Financing And Corporate Value

The real estate industry is an important pillar industry of our national economy,which drives many upstream and downstream industries and plays an important role in employment.China is steadily promoting urbanization,urbanization is inseparable from the real estate industry,real estate products is the daily necessities of national necessities,but also bear the investment properties.From the National Bureau of Statistics 2012 to 2016 published data,"real estate industry,fixed assets investment"accounted for the proportion of GDP was always higher than 18%,the real estate industry on China's economic impact is increasingly evident.In addition,according to the central bank and the China Banking Regulatory Commission on the country except Tibet,30 provinces(cities)survey data show that China's real estate development funding sources in 55%of the funds directly from the banking system,if the real estate market crash or substantial adjustment,real estate credit There may be a bad debt,there is the outbreak of financial system risk,serious words lead to financial crisis.It can be seen from the perspective of debt financing to study the value of the company to promote the healthy development of the real estate industry,improve the real estate listed companies have a better ability to guide the financing decision-making.On the basis of domestic and foreign theories,this paper takes 66 listed real estate companies in China as a sample,and deeply studies the impact of debt financing on corporate value through empirical analysis.To study how to make better use of debt financing to improve the value of the company and put forward effective measures.By analyzing the evolution of the capital structure and the value of the company,the relevant theories are analyzed,and the theory is based on the actual real estate listed companies in China.(1)Model 1 shows that the model of the A-share real estate listed companies(from the wind database)is analyzed by using the spss22 software to analyze the data from the wind database,and the empirical results are as follows:(1)There is a significant positive correlation between asset-liability ratio and company value(ROE).There is a negative correlation between overall asset-liability ratio and corporate value(Tobin Q value).(2)Model 2 shows a long-term debt ratio,short-term debt ratio and the company value(Tobin Q value)there is a negative correlation.(3)Model 3 shows that there is a negative correlation between commercial credit financing rate and corporate value(Tobin Q value),bank loan financing rate and corporate value(Tobin Q value)have a negative correlation;corporate bond financing rate and corporate value(ROE),and other types of financing rates were positively correlated with firm value(Tobin Q).Finally,on the basis of the above empirical results and analysis conclusions,combined with the actual situation of China's real estate industry,put forward to reduce the real estate listed companies in the overall level of debt financing,the establishment and perfection of the commercial credit system and debt guarantee mechanism,reducing the government advice on bank loans and intervention countermeasures.