The Research On The Inlfuence Of The Financing Structure To The Corporate Performance Of Listed Real Estate Companies

The issue of the financing structure is an important topic in the study of domesticand foreign financial theory, the study of this problem has a very great theoretical andpractical significance. The appropriate choice of financing structure is essential forenterprises, because it not only directly relates to the cost of enterprise tax, financialsituation and agency costs, and by the impact of the enterprise governance structureand economic behavior, thereby affecting the company’s overall business performance.Most of the research scholars from both theoretical and empirical begin an in-depthstudy on the financing structure and enterprise performance, most of the researchresults show that the enterprise in which the industry and the state have a greatinfluence on financing structure.In our country, the real estate industry is slowly recovery and developed after thereform and opening up. In recent years, along with the rapid development of thenational economy as a whole, the real estate industry has been in a high-speeddevelopment of the state, which has become the core industries supporting China’seconomic development, and playing a pivotal role in the development of the nationaleconomy. Based on the above conclusions, the real estate industry development ishealthy or not directly affects the development of the whole national economic system,the progress of the society, and the improvement of people’s living standards.This thesis uses the real estate’s latest financial data of listed companies, whichempirical studies and analyzes the financing structure and enterprise performance.The thesis is divided into sit parts: Chapter one puts forward to exploration problems,and describes the research background and the practical significance, summarizes thistopic research status both at home and abroad, and introduces the research contentsand research methods of this thesis. Chapter two respectively on financing structureand enterprise performance has carried on the theoretical review and analysis thesetwo concepts, clarifies the definition and related evaluation indexes, which lay the theoretical foundation for the empirical research. Chapter three combines thecharacteristics of the current our country real estate listed companies themselves andhas carried on the descriptive analysis on our country real estate listed companyfinancing channel present situation and the characteristic. Chapter four has carried onthe quantitative analysis on the sample data of Shanghai and Shenzhen A-shares oflisted companies, then builds a mathematical model, and based on the data resultsstudy financing structure of our country real estate industries on enterpriseperformance. Chapter five draws the corresponding conclusion and some problemsfound in the empirical analysis puts forward the concrete countermeasures andsuggestions, aimed at improving the performance of listed companies of real estate inour country. Chapter six puts forward some deficiencies and limitations in theresearch of this thesis, which makes a directional guidance and prospect of the futureresearch on this topic. Through research, we conclude that financing structure of thereal estate listed company and its performance was significantly negatively correlated,scale and growth of the real estate listed companies had no significant relationshipwith performance. According to the above conclusions, this thesis combined with theactual, puts forward the following suggestions: develop the bond market, broaden thefinancing channels, strengthen the restriction and supervision power of creditor’srights, improve the mechanism of real estate enterprise bankruptcy, and improve thereal estate listed company governance structure.