Macro-Control Policies On The Real Estate Corporate Debt Financing Structure Of Research

Capital structure has been the subject of research for scholars.Rational capital structure can not only improve the company’s value, reduce capital costs, but also can optimize the corporate structure. Debt capital structure as an important part of the capital structure of enterprises is also very important. Real estate enterprises is a typical capital-intensive, high asset-liability ratio, excessive depending on bank credit are the characteristics of the capital structure of real estate in our country. In recent years, countries have frequently introduced policies to regulate the real estate market, which has created big influence on real estate companies. In view of the real estate enterprise special capital structure, study of macro-control policies on the real estate market the company’s debt capital structure is of great significance.In this paper,i choose the real estate listed companies form ShenZhen and Shanghai stock markets in2008-2011as the research object, then introduce the macro-control policies as a variable and subdivide macro-economic policies and debt capital structures.According to the main line of the "literature review of capital structure-the qualitative analysis of the impact on debt financing from macro-control-the quantitative analysis of the impact on debt financing from macro-control, i combine macro-control and debt capital structure and analysis systematically the influence on debt capital structure from macro-control policies by building a reasonable model. Then judge which policy can play a role more effectively, so as to provide reference for policy makers.This study find that:(1)macro-control policies can significantly affect the real estate company’s debt financing structure, but this effect is mainly reflected in the change of the liability structure of the real estate corporate, to the total liabilities, it doesn’t achieve the purpose that the total liabilities rise, not fall. Real estate companies still maintain a high debt ratio.(2)Under the influence of macro-control, the proportion of bank loan for real estate enterprises fall significantly, but the proportion of deferred revenue is significantly improved, and ultimately contributes to the increase of the total amount of liabilities.(3) Among the monetary policy, fiscal and taxation policy and other comprehensive policy, monetary policy’s impact on bank loan proportion is the largest, and the influence on the advance payments is much less. This is mainly thanks to the strong power of the private lending and diverse marketing of the real estates. The fiscal and taxation policy and other comprehensive policy all show a negative impact on the bank loan proportion and positive impact on advance payments.(4)Although the macro-control policies have a certain impact on the real estate company’s debt capital structure, the improvement of the degree of completeness of capital market and the change of consumer’s rigid demand and psychological demand, the influence from macro-control on real estate enterprise’s debt capital structure weaken.