China’s Real Estate Listed Company Capital Structure Optimization Research

The real estate industry as a capital-intensive industry for the excessive moneysupply, the demand is higher, the reasonable capital structure is beneficial to thecompany’s long-term operation and management. In our country, the real estatecompany general financing through debt and give priority to with short-term debt,while in the actual operation of debt management is of certain benefits to theenterprise, the company can be gained through the financial leverage interests, but toohigh financial leverage will lead to business risk, go against the company’s long-termdevelopment. Therefore, in order to guarantee the capital supply and normal operationof real estate companies, research on capital structure of the real estate company anddiscuss the optimization process is the current of the main problems in the real estateindustry in our country. To make the real estate industry to the healthy and stabledevelopment of our country, on the one hand, we should to our country the currentsituation of the development of the capital structure of real estate company; Bystudying the influence factors, on the other hand, the relationship between capitalstructure and find way to optimize capital structure. In this article, therefore, theresearch current situation of the development of company capital structure of realestate in our country, through the static model and dynamic model research of therelationship between the factors and the capital structure, seeks the real estatecompany under the current macroeconomic policy should be how to adjust its capitalstructure, the development of real estate industry of our country have extremelyimportant theoretical and realistic significance.This article mainly from the following several aspects of research:(1) From two aspects of capital structure and dynamic adjustment of real estateto summarize research of scholars both at home and abroad, points out theinsufficiencies of the existing research, puts forward the static model and dynamicmodel of comparative and points region and stage.(2) Based on liabilities, owners’ equity, asset-liability ratio, proportion of funds,and some of the major indicators of real estate industry and of examining the general characteristics of real estate companies capital structure; Using the data from2010~2012real estate listed companies, analyzing the development of the real estate capitalstructure of listed companies; Drawn from131listed companies of30companies asthe research sample, the liabilities structure and ownership structure of listedcompanies of real estate research, finally it is concluded that the problems existing inthe real estate capital structure of listed companies in our country.(3) Determine the various factors of variable said, to build a static model anddynamic model, as well as the method of static model and dynamic model isintroduced and compared. The listed on the Shanghai and shenzhen securitiesexchange131real estate listed company financial data from2000to2012, analyzingthe general characteristics of each variable and relationships.(4) Through the static model and dynamic model of real estate capital structureof listed companies to empirical research, it is concluded that the factors and therelationship between capital structure and capital structure adjustment speed; The realestate listed company is divided into eastern, central and western three areas,discusses three parts of the real estate listed companies the influence factors of capitalstructure and adjustment speed; Research from the different stages of real estate listedcompanies capital structure adjustment speed, analysis its and the relationshipbetween the policy, finally find out the influence of real estate capital structure oflisted companies and the main factors of the adjust speed, puts forward thecorresponding policy recommendations.