The Empirical Analysis On Influencing Factors Of Financial Leverage In The Real Estate Listed Companies

Financial leverage is a tool that affects corporate value through the use of debt financing.It can not only bring the benefits to the company,but also the financial risks.Therefore,it is important to the company that how to use the financial leverage efficiently.For a long time,the financial leverage of the real estate industry has been generally high.With the proposed policies such as “Three go,one drop,one supplement”,the problem of high leverage in real estate has gradually emerged.By studying the influencing factors of financial leverage of listed companies in real estate industry,this article has a guiding role in the use of financial leverage in the real estate industry.First of all,through the reading of domestic and foreign references,this paper finds that foreign research on financial leverage is relatively early,and theoretical research is more comprehensive than in China.With the development of society,China's research on financial leverage has gradually changed from the initial interpretation of foreign research to the study of China's national conditions.However,most of them only discuss the level of financial leverage or the relationship between financial leverage and financial risk.There are still many deficiencies in the study of the factors that influence the financial leverage of the real estate industry.Secondly,this article expounds the related concepts such as real estate,financial leverage and financial risks,and introduces the relevant theories of capital structure such as MM theory to provide a certain theoretical basis effectively.On this basis,it analyzes the present situation of the development of China's real estate industry and the use of financial leverage,and has certain practical significance for the study of selected industries in this paper.In addition,this article selects data from China's 171 real estate listed companies for the period of 2011-2016 to statistically analyze the overall situation of China's real estate industry's financial leverage.It also analyze the influence of financial leverage coefficients and asset compensation for different leverage levels.In view of this,the impact factors of China's financial leverage were analyzed empirically using Eviews to construct the panel data model.The research showed that: the impact of factors such as asset structure,company size and financial Leverage has a significant impact;Growth,asset structure and company size are positively correlated with financial leverage,and the other factors are negatively correlated.Finally,according to the empirical results,it is proposed to strengthen the management's attention to financial leverage,to adopt different financial leverage decisions for companies with different operating conditions,and to make effective use of financial leverage recommendations based on the factors of financial leverage.This paper hope to make a certain contribution to the development of the real estate industry.