A Study On The Impact Of China 'S Real Estate Listed Companies' Debt Financing On Corporate Performance

The real estate industry is China's basic industry,is an important engine of economic development.Real estate industry,the size of large capital requirements and the high level of debt determines the high risk of the real estate industry,a good financing structure is an enterprise can survive and develop an important influencing factor,China's real estate industry is more preferred debt financing,so the analysis of real estate The impact of the debt financing structure of listed companies on the performance of the company is of great significance.Through the analysis of the financial data of China 's real estate listed companies from 2011 to 2015,this paper makes an empirical study on the relationship between debt financing structure and corporate performance.Firstly,based on the theory of relevant capital,this paper analyzes the impact of debt financing on corporate performance on the basis of summarizing the impact of debt financing on corporate performance both at home and abroad.Secondly,through the statistical description of the real estate listed companies in China's current state of debt financing analysis and found that China's real estate listed companies currently have a high level of overall debt financing,debt financing unreasonable,a single source of debt financing drawbacks.Thirdly,the financial data of 61 real estate companies listed in China's A-share market were selected from 2011 to 2015,and the correlation between debt financing and corporate performance of real estate listed companies was studied by multiple regression method.The results show that the overall level of debt financing is significantly negatively correlated with corporate performance.Short-term debt financing is significantly positively correlated with firm performance.Long-term debt financing is significantly negatively correlated with corporate performance.Bank loan financing is significantly negatively correlated with firm performance,commercial credit loan financing and corporate Performance is positively correlated.Finally,according to China's real estate listed companies debt financing status and the problems faced by the relevant recommendations:to reduce the proportion of debt financing,increase the internal financing and equity financing,reduce asset-liability ratio;adjust the maturity structure of debt financing,rational allocation of short-term debt financing and The proportion of long-term debt financing;adjust the source structure of debt financing,strengthen the binding of bank loans,improve the commercial credit system,and promote the application of corporate bonds,actively promote the real estate trust investment fund pilot,improve the real estate listed companies financing sources diversified.