Research Of Captial Structure's Impacts On Corporate Performance For Listed Real Estate Companies

With the development of China's economy,the real estate industry has become a pillar industry of China's economy.The real estate industry involves many industries,the development of the industry can promote the common development of other industries,and the industry plays an important role in expanding investment and stimulating domestic demand.Therefore,the sustained and healthy development of the real estate industry is closely related to the steady growth of China's economy.The real estate industry is a capital intensive industry,and it needs huge capital investment in the process of operation.The research shows that the financing channels of China's real estate industry are single,and tend to finance liabilities.The asset liability ratio in the industry is generally higher,and the dependence on banks is relatively high.The capital structure of enterprises has been a hot issue for scholars at home and abroad,since the MM theory,the academic circle has conducted extensive and in-depth research on the capital structure,but the problem is the ideal condition of capital structure and capital structure and their impact on corporate performance is still no unified conclusion.In view of the special economic status and capital structure of real estate industry,it is of theoretical and practical significance to study the relationship among capital structure,capital structure and firm performance of real estate listed companies.This paper first reviews the relevant literature and theoretical knowledge of capital structure and corporate performance,and then analyzes the status of the real estate industry,and accordingly puts forward the relevant assumptions.This paper selects the financial data of100 companies in the 2013-2015 years of China's real estate listed companies,analysis the comprehensive factor score values as quantitative indicators of corporate performance by factor regression model to construct the capital structure and corporate performance.This study found that: the largest shareholder is positively correlated with corporate performance;executive stock finally confirmed that no significant relationship with the performance of the company;asset liability ratio has negative correlation with corporate performance;current liabilities ratio,cash flow ratio,control variables of firm size is positively correlated with corporate performance.