An Empirical Analysis Of The Equity Structure And Financing Constraints Of Chinese Real Estate Listed Companies

The real estate industry as a pillar industry in China,has great influence on the development of the national economy,since the implementation of housing allocation monetization,housing consumption,the real estate industry is developing rapidly,the role in the national economic development is particularly prominent,and the entire real estate industry encountered more and more problems,not only affects the development of the industry also affects the development of national economy.The real estate industry is very capital intensive industry,demand for funds is particularly large,"after the 2008 global financial crisis,the Chinese government policy adjustment in the real estate industry is very frequent,the market economy is not ideal,monetary policy and investment environment factors not conducive to real estate financing of listed companies,due to financing constraints and then affect the development of the company.Since December 2009,the regulation policy of the real estate industry has been introduced,from the January 2010 introduction of the "eleven states" in April to "ten","9-September 29 new deal",plus at the end of 2009,just to catch up with the country's "four trillion plan",after the monetary policy tightening,to cut interest rates in the country to raise interest rates.All kinds of regulation led to real estate listed companies investment project sales slowed down,the profit space narrowing down the Real Estate Company financing capacity at the same time,the internal funds shortage,financing constraints are relatively high.In real capital markets,because of asymmetric information,principal-agent and the influence of internal and external financing transaction costs,companies use internal funds and external funds cost differences,resulting in internal and external financing can not completely replace the company,investment can not achieve the optimization of investment decision over reliance on internal funds problems,resulting in the financing constraint the problem.This paper selects 116 listed companies in China's Shanghai and Shenzhen A shares as the research object,taking 2009-2015 company's financial data as samples.First of all,we select two variables to group the sample: the high probability group and the low probability group.Secondly,select the rate of return on net assets,liquidity ratio,main business income,asset liability ratio,the financial indicators of financial slack as explanatory variables,constructs the financing constraint equation,calculate the financing constraint index,with a comprehensive consideration of the company received the degree of financing constraints,the influence degree of explanatory variables on the financing constraints.Finally,analysis of the stock information and characteristics of the real estate listed companies,to analyze the financing constraints of China's real estate listed companies through the perspective of ownership structure,the proportion of the first largest shareholder and the top ten equity stake as explanatory variables;the internal cash flow,asset liability ratio,asset returns,company age and the size of the company as the control variables,the models established equity structure and financing constraints,through the panel regression analysis to obtain the relationship between ownership structure and financing constraints.Finally,the conclusions are as follows: 1.During the research period,the listed companies in our country are more and more restricted by financing.In 2010,the most serious,then decreased year after year.2,analysis of real estate from the annual financial data perspective of listed companies,the rate of return on net assets,liquidity ratio,main business income,asset liability ratio,financial slack variables 5indicators to measure the real estate financing constraints of listed companies is significant,can reflect the financing constraints of listed real estate companies facing which has a certain reference value in constructing the company's internal financial index model and index of the.3,when the first major shareholders of listed real estate companies shareholding ratio is lower than 52.03%,the proportion of the first shareholder is higher,financing constraints facing the company is higher,when more than 52.03%,the proportion of the first shareholder is higher,the financing constraints faced by the company is small.When the top ten shareholders of listed real estate companies have a positive correlation with the financing constraints,that is,the higher the proportion of the top ten shareholders,the higher the financing constraintsfaced by the company.