Research On The Impact Of Capital Structure Of Real Estate Listed Companies On Business Performance In China

From a macroscopic perspective,after more than two decades of implementing the urban housing reform system in China,the real estate industry has become a pillar industry that promotes China's economic development.Real estate production capacity and performance have an important impact on the development of China's national economy.From the microscopic point of view,"accomodation" is closely related to the lives of the people,and housing expenditure occupies a large proportion in household expenditure.The stability of the real estate industry affects the lives of every citizen.In recent years,due to the rapid development of the real estate industry and investment fever and other issues that have led to excessive housing prices,the country has adopted some strong management and control policies for high housing prices,which has limited its financing channels to a great extent,and restricted the company's operating performance.The improvement has caused the development of the real estate industry to encounter a bottleneck.By analyzing the influencing factors of the company's operating performance,we can see that the rationality of the capital structure is one of the most direct and fundamental factors that affect operating efficiency.Previous studies have shown that corporate capital structures in different countries,different industries,and different market environments have significant differences in their business performance.Therefore,when analyzing the impact of capital structure on business performance,it is necessary to conduct in-depth discussions on the typical characteristics of the real estate industry under the market environment in China.Based on the relevant literature and theoretical knowledge of capital structure and business performance,this paper uses both the normative and empirical analysis to comprehensively analyze the impact on performance of the capital structure of listed companies in the real estate industry and their management in accordance with the market environment and operational status of the real estate industry in China.In the normative analysis part,the article mainly exploits theories and practical methods to study the relationship between the two data,forms,and pictures.In the empirical analysis section,the article takes the 103 companies listed in China's Shanghai Stock Exchange and Shenzhen Stock Exchange as sample companies in the real estate industry in China,and selects 12 financial indicators between 2011 and 2016 for factor analysis to obtain comprehensive business operations.Performance.Afterwards,with the use of the obtained performance and other financial indicators,the regression model was constructed from three perspectives of endogenous financing,debt financing and equity financing.The results of regression analysis show that although the inward financing rate in China's listed real estate companies is low,it still has a positive impact on the company's operating performance.Therefore,companies should focus on the effective accumulation of internal capital.In the debt structure analysis,it is found that the higher the asset-liability ratio gets,the lower the operating performance of the company becomes,especially the asset-liability ratio of the real estate industry in China is generally higher than 60%,which seriously affects the value of the company.Judging from the duration of liabilities,current liabilities can reduce the agency fees of enterprises through the exercise of their supervision and encouragement mechanisms,and have a positive correlation with the company's operating performance.From the perspective of concentration and balance of equity,relatively concentrated equity can enhance the value of the company.The relative concentration of stocks also shows that the mutual restraint relationship between shareholder rights is effective,and the balance of shares can be reasonable.Finally,the typical characteristics of China's capital market make the nature of equity more special.This article has studied the highest proportion of outstanding shares,and found that its high proportion is not conducive to the management of the enterprise.At the end of the article,relevant suggestions for the research and analysis of the full text and the features of the real estate market in China for the optimization of the capital structure of real estate companies in China are put forward.