An Empirical Study On The Relationship Between Debt Structure And Corporate Performance Of Real Estate Listed Companies

The real estate industry is an industry that conducts real estate investment,development,management and services.The real estate industry is a new growth point for domestic economic growth and also makes an important contribution to national economic growth.In particular,real estate is related to people's family placement and economic expenditure,which is closely related to daily life.The source of funds is also the focus of the real estate industry.The funds have internal sources and external sources.For the real estate industry,the external funding sources have a relatively large proportion.Debt financing is an important source of funds,and an important factor in judging corporate value and risk prevention capabilities,and also helps the real estate industry to improve corporate performance.Due to the impact of the real estate industry's debt structure on performance,domestic and foreign scholars failed to reach the same conclusion,and there are many studies on equity financing.There is relatively little research on debt financing,and there are few in the real estate industry.So the study of the impact of the debt structure on the performance of the real estate industry is very important.This paper selects the financial data of 66 real estate companies of A-shares from 2013 to 2017 for the research sample,analyzes the data with spass software and Excel software,studies the research status at home and abroad,refers to relevant theories,and uses empirical research methods to study The overall level of debt of real estate listed companies,debt maturity structure,and the impact of debt instrument structure on company performance.The paper is divided into six parts.This paper first studies the background and significance of the impact of the real estate industry's debt structure on corporate performance,the results of research conducted by domestic scholars,the analytical methods and ideas used in the paper,and the innovations of this paper.Secondly,the introduction of the concept of debt structure and the concept of corporate performance,the types of performance evaluation,and the relevant theories on which this paper is based.Finally,the hypothesis is put forward,the model is established,the relevant variables are designed,and empirical research is carried out through descriptive statistics,correlation analysis and regression analysis,and conclusions are made and some targeted suggestions are put forward.Through the research in this paper,we can draw conclusions: the overall debt level of real estate listed companies,long-term debt,bank deposits and company performance are significantly negatively correlated.Short-term debt has no obvious impact on performance,and commercial credit is significantly positively correlated with company performance.In view of the conclusions,constructive suggestions are made from three aspects: optimizing the internal debt structure of real estate listed companies,broadening the financing channels of real estate listed companies and strengthening the external constraints on real estate listed companies.