The Study Of The Real Estate Company's Financing Structure Affecting The Business Performance

In recent years,with the rapid development of economy,the real estate enterpry is playing more and more important role in our country.It has gradually become the pillar industry of our national economy.Compared to other industries,the real estate industry falls into the typical capital-intensive enterprise with the feature of overdependence on bank lending,leading to financing structure unreasonable.Under the fierce market competition,the development of the real estate company is seriously restricted by the present situation of unreasonable financing structure.Based on the perspective of enterprise life-cycle,it has more important theoretical meaning and practical meaning to discuss the relationship of every stage between the financing structure and operating performance about the real estate.This paper gives a review about the relationship between the enterprise's financing structure and operating performance by using literature research from normative research method.Based on the perspective of enterprise life cycle,the paper explores the influences of the real estate company's financing structure on enterprise's performance by using case method of empirical analysis.The paper is divided into six chapters.In the first chapter,the author introduces the background,the meaning,the content and the research method of this discourse and defines the related concepts.At last,it proposes innovation of this text.In the second part,the author reviews the theory of enterprise life-cycle and the theory about the financing structure from the perspective of enterprise life-cycle as well as the relationship between financing structure and operating performance.In the third chapter,the author elaborates the theory about financing structure of the real estate company.It includes three aspects:the first part is the analysis of financing structure affecting the business performance;the second part is the characteristic of the financing structure of the real estate company;the third part is the real estate company's financing feature in different life-cycle stages.In the forth chapter,it Puts forward the research hypothesis and has a selection of variables,as well as sets up the model.Otherwise,it divides different life stages of the real estate company.In the fifth chapter,it has an empirical test about the relationship between financing structure and operating performance in different stages.At first,the author calculates the value of operating performance by using factor analysis.Then the Variables are analyzed by using linear regression method.At last,the empirical conclusions are obtained.In the last chapter,it summarizes the conclusion suggestion and insufficient.Through the research,we obtain the conclusion.Firstly,in the establishing period of the real estate company,the debt financing ratio and the equity financing ratio have a negative correlation to operating performance.Otherwise,there is a positive correlation between the internal financing ratio and operating performance.In the growing period of the real estate company,the equity financing ratio and the internal financing ratio have a positive correlation to operating performance.Otherwise,there is a negative correlation between the debt financing ratio and operating performance.In the mature period of the real estate company,the debt financing ratio and the internal financing ratio have a negative correlation to operating performance.Otherwise,there is a negative correlation between the equity financing ratio and operating performance.In the recessionary period of the real estate company,the debt financing ratio and the equity financing ratio have a negative correlation to operating performance.Otherwise,there is a positive correlation between the internal financing ratio and operating performance.