Research On The Influence Of Real Estate Industry Regulation Policies On Capital Structure Of Enterprises

With the rapid development of China's socialist market economy and the continuous progress of urbanization,China's real estate market is developing rapidly.In 2003,the positioning of real estate as a pillar industry of the national economy was clearly defined,so that the state began to pay close attention to the macro-control of this industry.With the emergence of excessive investment growth,excessive price growth and speculative speculation,it has gradually become the focus of attention from all circles of society.However,the increasingly obvious financing difficulty of real estate enterprises restricts the sustained and healthy development of the industry.On the basis of discussing the influence of real estate regulation policies on the financing modes of real estate enterprises,this paper further studies its influence on the capital structure of real estate enterprises.It's helpful to widen the issue of capital structure,besides,it has certain guiding significance for the government to formulate relevant regulation policies and for real estate enterprises to cope with the change of macro-control on their own financing.This paper selects 60 real estate listed companies in Shanghai and Shenzhen stock markets in the past 2008-2016 years as the research object,and makes the empirical analysis after the introduction of the national "eleven policies" and "eight policies" in 2010,as well as after the introduction of the "930 new policy" in 2014.Through the empirical analysis,it is concluded that the tightness of the regulation policy of the real estate industry is positively correlated with the assets and liabilities rate of real estate listed companies,and has a significant negative correlation with the proportion of bank loans,and has a significant positive correlation with the proportion of deposit received,moreover,monetary policy has the most significant impact on them.In addition,the regulation policy from loose to tight or from tight to loose,these two situations will lead to a decline in the proportion of equity financing,which may be related to the prohibition of equity financing.Land policy and other policies have no significant correlation with the proportion of the proportion of the deposit received and the proportion of equity financing.