Research On The Impact Of Stock Disasters On The Capital Structure Of China's Listed Real Estate Companies

After decades of development,China's real estate industry has moved from a government allocation in the planned economy era to a free trade under the market economy.Generally speaking,the real estate industry refers to a comprehensive industry that integrates various economic activities,which are based on land and buildings and engaged in real estate development,construction,management,management,maintenance,decoration and service.Through this definition,we can find that the comprehensive nature of the real estate industry enables it to drive related industries such as construction,building materials,and even the banking industry.According to the latest data in 2017,real estate mortgages account for about 45% of new mortgages,and land transfer income accounts for about 50% of local government revenue.The important position of the real estate industry in our economy is self-evident.The need for huge capital investment in the construction and operation of real estate is the most significant feature of the real estate industry.The real estate industry is capital-intensive in terms of industry type.The characteristics of the real estate industry lead to a long return period,and it is difficult to recover funds.It is extremely difficult for many real estate companies to rely on the company's internal funds to maintain the entire operation from development to operation.Therefore,whether real estate companies can maintain their own good.Operation depends on whether the company can raise a large amount of funds from various channels.As an important direct financing channel,the stock market has always played an important role in alleviating the financing problems of entities and supporting the development of the real economy.However,financial risks have increased in recent years,especially at the beginning of 2018,in the past year,the “structure bull market” Under the influence of the regulatory authorities in the investigation of financial “mines” and the slump in the US stock market,China's stock market also experienced a sharp decline,which seriously hit investors' confidence.In this context,the important financing channel of the stock market is bound to reduce its role,and thus affect the financing activities of real estate and other entities.This paper selects 75 listed real estate companies as research objects.By studying the listed real estate enterprises and industry data from 2002 to 2016,it is found that China's real estate enterprises are in the transition stage of financing methods at this stage,and enterprises gradually get rid of the excessive dependence on bank deposits and banks in the past.The way of credit financing has turned to other emerging financing forms such as equity financing.However,because of the particularity of emerging financing methods,it will inevitably be affected by the prosperity of the capital market.The violent fluctuation of the capital market will have a certain impact on the financing costs and financing channels of real estate enterprises.If you do not pay attention to this aspect,the risk control will be due to financing.Changes in the way to increase the risk of the company.Therefore,it is very important to study the impact of stock market disasters on the capital structure of real estate enterprises.Through research,it is found that the quantitative relationship between the factors of corporate capital structure during the period of stock market crash has changed significantly,indicating that stock market disaster may directly or indirectly affect the capital structure of enterprises.Specifically,stock market disaster has a positive impact on the capital structure of listed real estate companies.During the stock market,the liabilities of enterprises will increase relatively.