Research On The Choice Of Leverage Structure And Its Influence In Real Estate Enterprises From The Perspective Of Heterogeneity

Real estate is a capital-intensive industry,its investment management and project construction are supported by a strong amount of capital.So it has a strong dependence on financial leverage.In 2008,the international financial crisis broke out in full scale.In order to cope with the crisis,the Chinese government launched the "4trillion yuan economic stimulus plan",which ushered in a new round of expansion and power reshuffle of the real estate industry.Lots of real estate enterprises competed to increase leverage to purchase land,which led to continued credit expansion and a rapid increase in leverage.However,the study found that in this process,different enterprises chose a highly differentiated leverage path,and finally formed a contrasting leverage structure.Based on the above background,this paper focuses on explaining the leverage structure of real estate enterprises,the reasons for its formation and its specific impact.Firstly,according to the heterogeneity of debt sources,this paper innovatively divides enterprise leverage into financial leverage and operating leverage.Secondly,taking the Hengda and Biguiyuan as the research object,the paper further clarifies the differentiated lever structure of the two real estate enterprises through the comparative analysis of their development history,leverage level and causes.The study found that Hengda adopted a relatively aggressive leverage structure,that is,to increase the financial leverage,reduce the operational leverage,the two gradually tend to balance.Biguiyuan has adopted a more stable leverage structure,that is,to increase the operating leverage,reduce the financial leverage,and the gap is widening.After determining the leverage structure chosen by Hengda and Biguiyuan,this paper studies the impact of leverage structure on real estate enterprises from three aspects:expansion scale,profitability and corporate risk-taking.Finally we come to the conclusion,the expansion scale of enterprises with operating liabilities is smaller than that with financial liabilities.As operating liabilities can effectively restrain the agent cost of managers to shareholders,and considering that the carrying cost of operating liabilities in China is almost zero,the expansion of enterprises with operating liabilities is better than those with financial liabilities.Although the excessive operating leverage will increase the risk-taking of enterprises,the increase of financial leverage has a more significant impact on the risk-taking of enterprises than that of operating leverage.