The Study On Capital Structure Optimization Problem Of The Listed Real Estate Companies In China

Recently, real estate industry has been one of the pillar industries in China , playing a vital role in normal operation of national economy. With the continuous development of this industry, many problems have become increasingly prominent, the capital structure is one more marked in these problems. As we know, the real estate industry is a capital-intensive one, which means that the capital structure have a tremendous impact on the operation of companies'business. what's the status of real estate enterprise liability in china? How is the quality of capital structure? What are the problems of the capital structures? What are the factors affecting the real estate capital structure whether the optimal capital structure of the real estate industry exists??If there is, how to determine the optimal capital structure? what kind of measures should the company take to adjust the current state of capital structure to the optimal one?To study the problems above, we select 34 listed real estate companies in china ,using the financial data and information as a sample to analyze the optimization of capital structure Firstly, by analyzing the financial data in the past three years ,we summarize the problems of capital structure on listed companies systematically, Secondly, basing on the theoretical analysis and using SPSS stepwise regression on the empirical analysis of micro-factors, we obtain the main factors which affect the capital structure Thirdly, we try to apply the dynamic optimization model to the real estate industry, making use of the panel financial date over past nine years. The results show that there is a optimal capital structure in listed real estate companies in china ,and we give the estimated optimal value in this paper . Finally, by comparing the actual capital structure with optimal capital structure, we propose some recommendations about how to optimize capital structure in listed real estate companies in china from the micro-macro perspectiveThe main conclusions of this paper contains the following points: First, the quality of the capital structure of listed real estate is not high. Second , the capital structure is primarily effected by the company's quick ratio, equity turnover ratio, total asset turnover, sales growth in net profit margin and total assets of the decision. Third, we found that the optimal capital structure of listed companies exists. the capital structure adjustment speedhas nothing to do with company size, and it has a negative correlation with the gap between the target capital structure and the recent capital structure. Fourth, from the macro point of view, we should establish a diversified finance channel to expand the source of funding for listed real estate companies. From the micro point of view ,We should optimize capital structure by improving the debt capacity, operational capabilities and reduce the company size, etc.