Research On The Impact Of Capital Structure On Corporate Operating Performance

Under the background of the structural reform in Supply-side economics,banks have reduced the scale of loans in order to reduce the risk of loans and avoid bad debts.New financing wage instruments and bond financing are also gradually emerging,which has changed the capital structure of the real estate industry.The capital structure will directly affect the company’s operating efficiency and performance.Therefore,studying the influence of capital structure on real estate industry performance can not only discover the problems existing in the current real estate capital structure,but also put forward corresponding suggestions and measures from the perspective of improving the operating performance of real estate companies so that the real estate market can play a greater role in the national economic system.Firstly,this paper reviews the research direction and achievements of domestic and foreign scholars on the effect of capital structure on performance.It is found that there is no unified view on the conclusion of domestic and foreign scholars on the effect of capital structure on operating performance,and most descriptions of operating performance adopt a single index evaluation method.Then it describes the current situation of the capital structure of the real estate industry.Under the condition that the capital market in our country is not perfect,the financing methods of real estate companies mainly rely on commercial bank loans,which makes the asset-liability ratio of most real estate companies higher than the international warning line,and such unreasonable capital structure will also directly affect the operating efficiency of real estate companies.Finally,this paper uses Multi-index notation evaluation method to study 112 A-share listed real estate companies,selects financial data of 14 to 17 years,establishes a regression model of the impact of capital structure on operating performance,and obtains significant results.And according to the research conclusion,combined with the development status of China’s real estate market,the corresponding improvement measures are put forward.