| As well known, capital structure has the government effect to enterprise, the research of capital structure is refers to the research of capital source and government effect to enterprise. At present, the development of our country's real estate enterprise is in the fund and technical competition stage, not only the massive funds are needed, moreover, how to bring the government effect into play and improve the management become more important. This paper studies the government effect of real estate company in China based on designing reasonable capital structure, improving the government effect and increasing the management level, main research work is as follows:(1) The effect factors of real estate capital structure are discussed. The research display that ownership structure, company scale, profit margin of main business, liquidity, manage ability and composition of assets are main influential factors to capital structure of real estate company in china, and those are key factors on financing decision-making.(2) The relationship between capital structure and performance is analyzed. The result shows that the mutual promotion system between capital structure and administration structure lose effectiveness, government effect of capital structure in China is relatively lower. Despite the profit margin of main business is lessen with the rise of debt rate, enterprise has gained higher return on net assets ultimately for the passive debt which exists in an irregular market.(3) Based on the comparative research to the company's object of optimizing capital structure, the author considers that the object of the listed real estate companies in China should be achieving the optimum of the value of company, and the method that capital structure decision-making is described. On the study of the method, the determination of the optimal capital structure is emphasized. The author indicates that the optimal capital structure is a fixed interval which the confirmation of it depends upon the core business incomes, and the optimal debt points belongs to the interval.(4) According to the study above, the author puts forward four important proposals specifically for bad government effect. Suggest that forming effective mechanism of employing, motivating and supervising manage, enlarging funded debt, reinforcing the bank supervision and improving enterprise bond financing quantity are important approaches for approving the governance effect of capital structure. |
