Financial Leverage Influencing Factors Of Listed Real Estate Company Research

In the past,real estate companies rely on housing reform,GDP growth,loose monetary policy and rapid process of urbanization and local government finances are highly dependent on the land and other factors,led to the rapid growth of the real estate industry profit margins,far more than the average profit level of other industries.As the State Department "new national eight" and the introduction of policies,real estate companies rely on the possibility of obtaining high-margin land value is reduced,the real estate industry profit level will gradually return to the market average profit level of the industry,profits era will cease to exist.With the increase of the national macro-control efforts,increasing market competition,the survival of the real estate business has become increasingly complex environment,business decision-makers have begun to apply leverage to manage risk and generate revenue in the process of management buyouts and mergers and acquisitions in using leverage capital operation is also very common.Rational use of financial leverage,increase revenue,optimize the capital structure and control financial risks is the goal of corporate financial management,whereby research listed real estate companies leverage the application of the entire capital market development and perfection has an extremely important theoretical and practical significance.In this paper,the industrial structure and capital characteristics of China’s real estate industry,real estate listed companies ’financial leverage for a special study to assess the reasonable scope of real estate listed companies’ financial leverage from the quantization point of view,according to the real estate industry characteristics.Data of Shanghai and Shenzhen of annual financial statements listed more than five years of continuous real estate company disclosed for the study from 2013--2015.By sorting these data,analysis,and further define the explanatory variables and the dependent variable,and build multiple linear regression model in this based on a descriptive analysis of real estate listed companies overall level of financial leverage,measured by the real estate company listed on the overall level of financial leverage and financial leverage,financial leverage effect degree of financial leverage that is classified.From a different level of financial leverage,with different degrees of financial leverage effect on the EBIT margin,return on equity and other indicators of descriptive statistical analysis,summarized the listed real estate companies use financial leverage situation.Pearson correlation analysis utilizing research data to verify whether the linear regression conditions are met,then the factors listed real estate company’s financial leverage multiple linear regression analysis,draw conclusions.Finally,we conducted arobust test,multiple linear regression analysis confirmed the conclusion that the level of financial leverage real estate companies and the role of the degree of financial leverage,growth,capital structure and company size ratio was positively correlated with earnings capacity in the non-positive correlation.