The Analysis Of Capital Structure Of Chinese Real Estate Enterprise——Based On The Macroscopic View

The capital structure problem has been one of the main research directions of the company financial sector and the enterprise theory. Since1950’s, the study of corporate capital structure will be ascendant. In the beginning, based on the enterprise level, from a micro perspective, scholars determined the relationship of the corporate capital structure and firm characteristics factors or corporate governance factors. With the depth of theoretical research, nowadays some scholars have begun to explore the impact of macroeconomic to corporate capital structure.The real estate industry has become a pillar industry in China, along with its development, the contact of the real estate industry, housing prices, banks and other financial system is increasingly close. Real estate credit subprime mortgage crisis triggered by the U.S. is still thought-provoking. So the study of the capital structural problems of the real estate enterprises in China at this time undoubtedly has a strong practical significance. However, now in the domestic, the current existing literature on the capital structure of the real estate industry is in the level of corporate characteristics and on the corporate governance point of view of the company to make the study. There is little literature based on a macro perspective to study the real estate industry capital structural.Selecting the real estate industry as the research object, by analyzing China’s real estate enterprises financing channels and the status quo of capital structure, it is summed up that China’s real estate financing channels for enterprises is single, asset-liability ratio is generally high, the overall capital structure is not reasonable. On this basis, selecting109real estate companies listed on the Shanghai and Shenzhen A-share and44Mainland housing enterprise listed in Hong Kong, a total of153companies as our sample, controlled the variables limits on real estate listed companies asset size and profitability, the paper discusses the impact of macroeconomic cycle, credit market, stock market and finance policies on the capital structure of listed real estate companies, it is found that the capital structure of listed real estate companies has a counter-cyclical characteristics, interest rate and credit default risk emerges a negative effect to the financial leverage of listed real estate companies, stock market has a significant positive correlation with the capital structure of real estate.Finally, in combination with the characteristics of the entire real estate industry, it is put forward corresponding policy recommendations. At the government level, it is necessary to base on the system construction and standardized guide, replace the current Suppression of regulation, improve the capital market support, support the real estate enterprises diversified financing innovation and strengthen the supervision of the real estate credit. At the enterprise level, the real estate companies should give full consideration to its own characteristics and arrange their own capital structure reasonably.