Correlation Analysis Of The Capital Structure And Operating Efficiency

Capital structure has been as an important research topic, with great theoretical significance and practical value. The capital structure epitomized the rights and obligations of stakeholders, intrinsically linked to corporate governance, the value of the company, and operating efficiency. Reasonable capital structure have a great impact on the improvement of corporate governance and even enterprise value, is conducive to corporate codes of conduct as well as to maximize enterprise value. Changes in capital structure is usually a signal as the transmission of information to external capital institutions can not only explain the relationship between capital structure and operating efficiency, but also within the company to provide the optimal capital structure configuration and provide a theoretical basis for investment and financing decisions and practical significance. Since its inception in1958, The MM theory attracted scholars-depth study and discussion of the capital structure. The MM theory has also become the cornerstone of the modern capital structure, researchers in the past60years along the direction of the MM theory after another proposed trade-off theory, agency theory, finance and orderly theory, continuous improvement and development of the capital structure. Although these theoretical results are less consistent, but the core point to unravel the mystery of the "capital structure" that is, how to optimize the capital structure to maximize the effectiveness of the company. Foreign capital structure theory, however, is built on a relatively perfect market conditions, China’s market economy are still many defects, according to China’s actual conditions in the capital market imperfections to the analysis of the capital structure of Chinese enterprises have a strong sense of reality. However, the present study an absolute majority confined to only impact on the capital structure of factors, correlation relationship between the operating efficiency and their mutual influence on the capital structure of the effect of relatively small, especially for corporate debt structure. Therefore, the premise of combining today’s macro background, study the capital structure, in particular the debt structure and operating efficiency analysis has a strong theoretical significance.With the rapid development of China’s economy, the real estate industry has become a pillar industry of China’s national economy, has a pivotal role for the sustained and stable growth of the social economy. The development of the capital markets, the optimization of the economic benefits are an important measure of China’s economic reform. Listed real estate Company’s capital structure optimization configuration represents the forward direction of the corporate capital structure, capital structure optimization of other industries also produce important exemplary role. China’s real estate company’s capital structure has a higher asset-liability ratio dependence financing channels for banks is relatively simple characteristics of real estate companies prefer to take advantage of short-term debt financing, the leverage effect due to its short-term liabilities, financial risks are relatively large, and real estate operating conditions to the exercise of any capital chain, the companies will bring a huge financial risk. As a capital-intensive real estate industry, the ability to raise funds is to solve the problem of the real estate foremost. So the rational allocation of real estate capital structure, improve real estate operating efficiency is essential. Has important practical significance for the impact of the real estate company in the optimization of the capital structure and capital structure of the business benefits analysis. Therefore, the from liabilities financing of real estate development status quo analysis, combining the characteristics of China’s real estate capital structure, capital structure and business benefits from the point of view of theoretical and empirical correlation concluded.The2009-2012real estate company listed on the Shanghai and Shenzhen A-share analysis of samples, specific analysis for the real estate industry, because different industries have their own proprietary features. Countries in the process of macro-control of the real estate industry, will inevitably affect the capital structure and operating efficiency of the real estate industry, through the analysis of real estate listed companies in response to the macro-control policies, on the one hand, to help in analyzing the capital structure of listed real estate companies financing options and diversified financing channels, the real estate company to build a more rational capital structure, improve the company’s operating efficiency, increase corporate value. On the other hand, the analysis of the impact of macroeconomic regulation and control of real estate, help for the future of real estate regulation and control of the government to provide some reference value.Through this study found that:_the macro-control policies on the real estate business is indeed able to produce a significant effect, but with the constant improvement of the financial markets, the strength of the real estate itself continues to gradually strengthen as well as market supply and demand balance, the impact of macro control will gradually diminish. In addition, the size of the company and ownership concentration has a significant impact on the real estate. The risk of macro-control system will affect the real estate industry as a whole, resulting in the operating performance of the industry has reduced. In the last three suggestions for the future development of the industry’s outlook, as well as inadequate studied in this paperThe contribution of this paper lies in that:First, the impact of the government’s macro-control of the real estate market throughout. Real estate capital structure is mostly limited to the microscopic analysis of the present situation and characteristics of real estate, did not fully consider the impact of macro-control of the real estate capital structure. In recent years, the state has made great efforts to strengthen macro-control of the real estate market, interest rates, deposit reserve ratio, the purchase of such measures, the regulation of real estate, a huge impact on the real estate industry, in particular the impact of the real estate capital structure. The context of the macro-control of the paper studies, in particular, the introduction of eight new national2011, the impact on the capital structure of listed real estate companies, research innovation. Secondly, analyzes the liabilities financing of real estate operating efficiency. In the case of research affect the capital structure of real estate operating efficiency, previous studies focused in the ownership structure of the enterprise value ignore important factors Debt Financing. This paper analyzes the impact of debt financing in the capital structure of real estate operating efficiency. Bank borrowings ratio of listed real estate companies has important significance. Finally, EVA measure of a company’s operating efficiency indicators. EVA is a comprehensive measure of corporate production and operation of real earnings or create value for an indicator or a method. Deficiency of this article:Due to the limitations of my ability, knowledge and research time, so there is some lack of research, mainly in the following aspects: analysis of the factors that affect the capital structure is far from complete, the coverage is not comprehensive, and the impact more factors of capital structure, in the course of the study, it is impossible to cover the whole range of analysis of all the factors combined due to space and capacity constraints, only analyzes the impact of the debt structure of the operating efficiency. Select only the48stocks of the Shanghai and Shenzhen A-share market in2009-2012are still inadequate sample size, relative to the capacity of the overall impact factors, which may affect the accuracy and completeness of the results. Macroeconomic policy impact, but the specific impact point is how to generate the capital structure exists, and how each specific policy measures to bring direct or indirect impact on the real estate capital structure and operating efficiency, this point is not detailed quantitative analysis.