Listed Real Estate Companies Financing Structure On Corporate Governance

The Chinese real estate industry has passed through several years' development since its recovery in 1980's. Its industrial scale obtains a huge expansion and it has already become our national important industry. However, financing ways of real estate company are still sole, as well as its financing channel is still narrow. As the backbone of the national economy, real estate industry is much more important for all society. Alike, enough capital is the same important to the real estate industry which belongs to the capital-intensive industry.Currently, international academic field has conducted a fairly comprehensive research on corporation governance. Governance structure of Chinese present real estate listed company can be summarized to four aspects: Weak exterior monitoring dynamics; Roughly standard structure of board of directors and board of supervisors; Insufficient application of the role of independent directors; Lack of effective drive mechanism. Problems of governance system of Chinese real estate listed conpany can be found in various perspectives. These prolems include both problems caused by defect of system structure, and the ones brought by imperfect development of market mechanism.This paper takes financing structure and governance of real estate listed company as research subject, combining with its characteristics, to demonstrate the proposition that financing structure of real estate listed company has influence on its governance efficience. In order to promote the consummation of the financing structure optimization and coporate governance to vigorously develop the capital market, we need to enhance the capital market and resource disposition efficiency. This paper firstly summarizes theories of financing structure and governance efficience, then analyzes features of them taking use of up-to-date data of Chinese real estate listed company.Then it separately analyzes the action mechanism of financing structure to governance efficiency from the aspect of stock financing and credit financing, and proposes the supposition for the next chapter's diagnosis from five aspects on the foundation of the influence mechanism. This paper first introduces methods of measuring coporate governance efficience in the demonstration chapter, lists the related variables to measure, then selects fifty representative companies, which are all real estate listed companies in the A stock market. Afterward, this paper takes panel data random influence intercept-changing model and mutiple regressio model to carry on quantification model, obtains the conclusion that financing structure of Chinese real estate listed company really have the influence on its governance efficiency, and elaborates concrete manifestation of this conlusion from several aspects. Eventually, this paper advances a few suggestions on the basis of demonstration outcome.