Research On The Impact Of Capital Structure On Corporate Performance Of Real Estate Listed Companies

The real estate industry is an important industry in the development of national economy,which plays a pillar role in our country.The industry is closely related to many other industries and has a significant driving effect on the development of national economy.In recent years,under the macro background of supply-side structural adjustment,new and old kinetic energy conversion and economic downturn,a series of regulation and control policies have been introduced one after another.Commercial banks have further adopted a cautious and tightening attitude towards real estate enterprise financing,which makes enterprise financing restricted and even difficult.To study the impact of the capital structure of real estate listed companies on corporate performance,and from the enterprise,The government and financial institutions and other different levels of countermeasures,not only for real estate enterprises to optimize the capital structure,improve enterprise performance,smooth and sustainable development has important practical significance,but also to promote the healthy development of the national economy.This paper summarizes the domestic and foreign research status and related theories in the fields of capital structure,enterprise performance and the impact of capital structure on enterprise performance,and clarifies the meaning of capital structure and enterprise performance;analyzes the present situation of capital structure and enterprise performance of real estate listed companies;on the basis of the theoretical analysis of the influence mechanism of capital structure on enterprise performance,puts forward the research hypothesis based on the characteristics of real estate enterprises;adopts factor analysis to sum up the four common factors,such as profitability,solvency,operational capacity and development ability,etc.Right structure,take the enterprise scale,growth and fiscal and monetary policy as the control variable;take the A and B shares listed real estate enterprises as the research object,select the financial data of the year 2010-2018 to carry on the regr-ession calculation of the relationship between the capital structure and the corporate performance.The results show that:in the financing structure,the ratio of assets to liabilities is negatively correlated with the performance of real estate enterprises;In the debt structure,the short-term asset-liability ratio,the proportion of bank loans and the performance of real estate enterprises are negatively correlated;in the equity structure,the ownership concentration,the proportion of state-owned shares and the degree of equity checks and balances can promote the performance of real estate enterprises,and the proportion of circulating shares can inhibit the performance of enterprises.