Research On The Capital Structure Of Real Estate Listed Corporation

The real estate industry is the capital- intensive industry, having the long term investment, the high operating costs, and a higher asset liability ratio compared with other industries, and exist the prevalence of more short-term loans in long investment, moreover, the financing channels of China’s real estate enterprises is a large part through external financing, among them the banks and other financial institutions for loans are the main sources, although the appropriate debt can bring leverage effect, excessive debt will lead to higher financial risk, once faced with the tightening measures and the higher reserve requirement ratio, external financing difficulty of the real estate business is more and more big and the financial risk is also growing. The appropriate level of capital structure is very important for the real estate listing corporation management.This paper draws from the domestic and foreign research results to study the optimization process of the capital structure of real estate listing corporation with the relevant statistical methods, combined with the actual situation of C hina’s real estate industry. First of all, the paper analyze the present capital structure of real estate listing corporation with financial indicators and then analyze the influencing factors of the capital structure about the real estate listing corporation; secondly, the paper take "the company scale" as a classification standard, to subdivide the real estate listing corporation into the large one, the medium one and the small one, and make the “regression analysis” with all kinds of the company’s financial data to explore “the significant variables of the capital structure about the real estate listed companies and how these variables influence the capital structure”; finally, the paper will put forward to corresponding suggestions for the real estate enterprise.The results showed that: first, China’s real estate listing corporation appear the "dominance" phenomenon; second, capital structure of different sizes of the real estate listed companies is not completely consistent;third, through the multiple linear regression analysis for the real estate listed companies financial data of different size, the capital structure of the listed companies of different size is not at the same level, all kinds of capital structure composition and its influence are different.