Research Of Capital Structure And Corporate Performance Of Listed Real Estate Companies

Capital structure reflects the rights and obligations of the stakeholders on centralization,which affects corporate' capital cost capital,and closely relates to the corporate governance Structure and operating performance.Since Miller and Modigliani proposed the MM Theory,Both Chinese and Western scholars have deeply and extensively researched on capital structure in the past few decades.However,there is no consensus on the composition of optimal capital structure,and how capital structure influence corporate performance etc.,which the puzzle of capital structure needs to be explored continually.Real estate industry has become pillar industry during the past 2decades in China,since the implementation of reform.Compared with other industries,the financial leverage in real estate industry is relatively high,because the main channel of developing funds is bank credit,leading to the risk of frangible financial chain.In recent years,the irrational expansion of capital structure in real estate industry is serious,which make the cash chain of the real estate enterprises extremely fragile.With the aggravating problem of surplus and inventory overstocking,as well as with a series of macro-control policies,the operating performance of real estate enterprises is ups and downs,and even the voice of China real estate bubble will certainly crash is overwhelming.Therefore,studying the impact of capital structure on corporate performance of the real estate listed corporations has profound implications in theory and practice under the period of reform of real estate industry.This thesis firstly systematically summarizes some related researches on the influence of corporate performance on capital structure,and then distinguishes and defines the concepts of capital structure and corporate performance.Next,it will raise hypothesis and empirically analyze the relationship between the real estate listed companies capital structure and corporate performance,with the support of theories.In the empirical parts,this thesis will take samples of Chinese real estate companies listed in a share market from 2012 to 2016,adopt panel data regression model to analyze the effects of capital structure on the corporate performance from two dimensions of ownership structure and debt structure and debt structure.Lastly,gibe recommendations on the basis of empirical analysis.