Analysis On Influencing Factors Of Real Estate Listed Company's Capital Structure In China

The theory of corporate capital structure is the core of modern finance theory.It is involved with the firm's finance goal, ways of financing, cash flow and other important financial issues. Since 1958, MM theory has been proposed by Modigliani and Miller, Capital theory has been be wide attention and research by all aspects of the community, many of these scholars further study in influencing factors of capital structure according to the social environment.The real estate industry is an important sector of our national economy, as the same time ,it is an capital intensive industries.The form of world's economy,national macroeconomic policies,capital markets ,or their own characteristics have an impact on capital structure of real estate listed companies'. Therefore, it will be of great significance to be empirical analysis for our real estate capital structure of listed companies, and may provide the reference to optimize the capital structure of real estate enterprise.First, this paper studied the results of theoretical studies of Western capital structure, and the studies on factor affecting Capital Structure of domestic and foreign scholars. The influencing factors of our real estate listed company's capital structure have been analyzed detail.Secondly, on the basis of the above analysis, the influencing factors of our real estate listed companies have been empirical analyzed. Firstly, choose financial data 2004-2008 of 59 real estate listing company form the Shanghai and Shenzhen Stock Exchange, and choose 17 microscopic factor targets and 3 macroscopic factor targets as Variables. Next carries on the factor analysis to 17microscopic factor targets, Obtains 8 main factors, Then separately to 8 main factor scores and 3 macroscopic factor targets carries on the multiple regression analysis. Using multiple regression analysis is to build a mathematical model of the capital structure. According to the multiple regression analysis, we find the main factors of our real estate capital structure of listed companies. Analysis found GDP growth, inflation, interest rates, company size, company solvency, the company operating capacity; company profitability and company growth are the main factors of our real estate capital structure of listed companies. In which GDP growth, inflation rates, company profitability factors and the company's capital structure is related to company's capital institutions correlation, and Interest rates, company size, company solvency, the company operating capabilities, the company's growth factors negatively correlated with the company's capital institutions.Finally, according to the results of empirical research, it gets the conclusions, and makes relevant recommendations about adjusting capital structure of our real estate listed companies. For example, broaden the financing channels ,the implementation of a diversified portfolio of funding and so on.