Research On Factors Of Influencing The Debt Maturity Structure Of Real Estate Listed Companies

For a long time, capital structure is always the concerns of enterprises, which is also one of the important standards of examining the company healthy degree. Real estate belongs to the capital-intensive industry, possesses industry characteristics of large demand for funds, long construction period, high financial leverage and great investment risk. China's financial system is not perfect, as well as the lagging bond market, which causes real estate enterprises in our country relying on a large number of debt management and facing higher financial risk. Due to the real estate industry is highly relevant to other industries, further research and analysis the influence factors of the debt maturity structure is of important practical significance to the enterprise itself and its stakeholders.Firstly, this thesis reviews the classical theory of debt maturity structure, and introduces research status of debt maturity structure theory and empirical study at home and abroad. By overall grasp the development trend of the real estate industry in recent years, the thesis analyzes the sources of funds and the debt financing situation of real estate listed companies .Secondly,this thesis analysis the internal structure of the debt structure of real estate listed companies and the change of time series. And then further analysis the risks and causes of short-term debt problems.What' s more, it analyzes the factors which may affect the debt maturity structure of real estate listed companies in China and puts forward the research hypothesis. The thesis selects China's Shanghai and Shenzhen A-share listed real estate companies from 2011 to 2015 as the research subjects, analyzing the influencing factors of the debt maturity structure of the sample company by constructing the unbalanced panel data model. The empirical results show that enterprise scale, ownership concentration,profitability, liquidity, financial leverage and asset maturity have significant influence on the debt maturity structure, and corporate growth and the actual tax rate has not been verified.The empirical results also indicate that the agent cost theory is partially supported, the signal transmission theory is well supported, the asset term theory is better supported, and the tax theory is not supported. Finally, the thesis summarizes the research results and then puts forward some suggestions for policy makers and business managers on the existing problems in the debt maturity structure of real estate listed companies in China.