Research On The Peer Effects Of Capital Structure's Impact On Corporate Performance For Listed Real Estate Companies In China

The level of corporate capital structure decision-making is directly related to the competitiveness of enterprises and capacity for sustainable development.Therefore,in the crucial period when the real estate enterprises are faced with the change,it is necessary to examine the relationship between the capital structure and firm performance of the real estate enterprises and adjust the capital structure according to the corporate performance so as to make the real estate enterprises grow healthier and faster.The capital structure of real estate enterprises is affected not only by the common factors and the characteristics of the enterprises,but also by the characteristics and behaviors of the counterparts.How do the peer enterprises affect the capital structure decision-making of the real estate enterprises and how does corporate performance affect enterprise performance are the starting points of this article.Therefore,this article will be based on the previous scholars on the basis of empirical tests and research.Through the study of this paper,it provides some theoretical guidance and basis for real estate company managers to make decisions on capital structure and the government's real estate macro-control decision-making.This paper first introduces the research background,the rapid development of the real estate market makes the capital structure of real estate companies appear to move closer to the industry average and rise year by year in recent years,and theoretically analyzes the connotation,existing mechanism and mechanism of the capital group structure of real estate companies And the impact on corporate performance.Then,by examining the existence of the peer effects of capital structure on the financial indicators of listed real estate companies in China,empirical analysis is made on the mechanism that may cause the capital structure to work with the same group effect.Finally,research on the change of enterprise performance under the influence of group effect.The results show that the capital structure of listed real estate companies in China has the same group effect,the capital structure decision of the company will be affected by peer capital structure,and the capital structure decision of the industry leading companies will have more significant influence on other companies.Corporate performance is inverted U-shaped relationship,that is,within a reasonable range of capital structure closer to the average value can bring better business returns.In this paper,we combine the theory with the evidence,and study the real estate company in our country from the perspective of the same group effect,the capital structure behavior characteristics and its impact on business performance,and draw the corresponding reasonable conclusion.When making decisions on the capital structure,real estate companies should combine their own practical considerations of the impact of the same group effect and improve their decision-making ability.When the state controls the real estate macroeconomic policies,it is necessary to consider the impact brought by the financing channels and avoid the negative impact caused by excessively high debt-to-asset ratio,thus providing some reference for real estate investment in different regions.