Research On The Influencing Factors Of Capital Structure Of Listed Real Estate Companies In China

The real estate industry is a typical capital-intensive industry,which is also the pillar industry of China's national economy,and has made a significant contribution to the growth of China's GDP.Due to its huge capital demand and long development cycle,real estate companies are bound to carry out large amount of financing for successful development projects,so the choice of capital structure becomes particularly important.In the short run,different capital structure will produce different cost of capital;In the long run,the different cost of capital will affect the company's operating performance,thus affecting the company's market value.It is beneficial to the long-term development of the company to study the factors affecting the capital structure and choose a reasonable capital structure accordingly.Based on the theory of capital structure and the analysis of the status quo of the capital structure of China's real estate listed companies,this paper empirically studies the factors affecting the capital structure of China's real estate listed companies.First of all,the existing research at home and abroad is summarized,and the capital structure theory is elaborated to serve as the theoretical basis for the follow-up research.Secondly,it analyzes the capital structure of China's a-share real estate listed companies from 2009 to 2018,including the analysis of financing structure,debt structure and ownership concentration.Thirdly,the structural equation model was used to empirically analyze the financial data of 317 real estate listed companies in China in 2018.The empirical results show that :(1)the profitability,growth ability and debt paying ability of real estate listed companies can have a significant impact on their capital structure,while ownership concentration and operating ability cannot have a significant impact on their capital structure;(2)profitability has a significant positive impact on capital structure,while growth ability and debt paying ability have a significant negative impact on capital structure.Debt paying ability has a greater negative impact on capital structure than growth ability;(3)National policies have a great impact on capital structure.Based on the conclusion of empirical research,this paper puts forward some Suggestions to optimize the capital structure of real estate listed companies: real estate listed companies should broaden the financing channels and open up new ways of financing;To optimize the debt structure and allocate funds rationally;Improve the efficiency of investment and speed up the return of funds;Rational expansion scale,maintain reasonable expansion speed;improve policy stability by addressing differences in regulation;Short-term adjustment of long-term risk reduction and control structure.