| In recent years China's real estate industry has become one of the pillar industries which promoted the national economic growth. Real estate industry is classified as a capital-intensive industry which needs a lot of capital as well as a long use cycle. At present, the financial market has not been perfected in China, and the real estate enterprises are depending much on bank loans. According to statistics, most real estate enterprises'debt-to-equity ratio is above 70%, and the debt maturity structure is irrational, with a large proportion of current liabilities, which may not only bring a huge financial risk to the real estate enterprise, but also affect the financial system security and national economic stability. The enormous debt of the real estate enterprises can not be simply considered a number. It is necessary to study intensely on the debt maturity structure and impact factors.This paper firstly reviews the relevant foreign theories of the debt maturity structure and empirical research results at home and abroad. Based on these theories and research results, the paper analyzes the current situation and its causes, and then analyzes the factors which influence the Listed Real Estate Companies'debt maturity structures in China. Subsequently, by means of establishing a model which shows the relationship between debt maturity structures and impact factors of Listed Real Estate Companies, and applying an empirical study of multiple linear equations, the paper then draws a conclusion:There are six factors that have close relationship with the debt maturity structures of Listed Real Estate Companies. These six factors are company scale, free cash flow, company risk, non-current assets ratio, financial leverage, asset limit. Finally, the paper puts forward some corresponding recommendations on the issues existing in the debt maturity structures of Listed Real Estate Companies. |
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