An Empirical Study Of The Impact Of Capital Structure On Corporate Value

The research on the impact of capital structure on corporate value is the core topic of corporate finance.In order to solve this puzzle,many scholars at home and abroad use different research methods to study and explore it,and come to different conclusions.China's real estate industry is characterized by large capital demand,high correlation and strong driving effect.It takes up a large proportion in China's economic structure.Under the current financial tightening and economic downward pressure,it is of great significance for the survival and development of listed real estate companies to study and optimize the capital structure of companies and seek for the improvement of corporate value.This paper firstly sorts out the existing research results of scholars and studies the status quo of capital structure and corporate value of China's real estate listed companies.Based on the trade-off theory,agency cost theory to establish theoretical framework analysis of the relationship between capital structure and corporate value,select select a-share listed real estate companies in China from 2008 to 2017 financial data of the annual report data,using the factor analysis method from 15 indexes selected five independent factors,build up the comprehensive index value of listed real estate company,using threshold panel model test the nonlinear relationship between capital structure and corporate value.The results show that the capital structure of listed company of real estate in our country a heavy impact on the value of the company significant asset-liability ratio threshold effect,in the real estate company asset-liability ratio is lower than 68.56%,improve the asset-liability ratio will promote the rise in the value of the company,in the real estate company asset-liability ratio is higher than 68.56%,improve the asset-liability ratio can make the value of the company to be markedly reduced.Finally,based on the research results,this paper proposes relevant policy Suggestions that real estate enterprises should reasonably plan the ratio of debt to equity so as to realize the maximization of corporate value.