Analysis On The Micro Influencing Factors Of Capital Structure In The Listed Real Estate Corporate

The rapid development of economy in our country promotes significantly the improvement of the people’s incomes and the development of urbanization process. Due to the large population in our country, the rigid demand for housing. And because the imperfection of the market system, relatively narrow investment channels, investment capital also rushed to enter the industry. Under the dual role of rigid demand and speculative demand, the real estate industry is developing rapidly in our country, and the theorists are increasingly pay attention to the study of the capital structure.China opened the four trillion economic stimulus plan to address the US subprime mortgage crisis in 2008 which leading to the global financial turmoil, but there are quite a part of the money is not expected to enter the real economy, and indirectly entered the real estate industry, which, to a certain extent, contributing to the expansion of the real estate industry, and is not conducive to the long-term development of national economy. The state also issued a series of corresponding policy to regulate the real estate. In this context, from the enterprise itself factors the factors which affect real estate capital structure of listed companies is what. This article selects the listed real estate companies before the end of 2008, to examine sample company capital structure is influenced by which factors during the period of 2009 ~ 2013 from the perspective of company itself.What the present situation of capital structure and trend of sample statistical description are concluded that: the rate of assets and liabilities of the real estate industry listed companies is on the high side, the average sample asset-liability ratio are more than 60% during the year, significantly more than what the most scholars think that the reasonable interval of 50% ~ 60%, which illustrate the real estate industry in our country the capital structure of listed companies is unreasonable, the asset-liability ratio is high; The average sample debt ratio is low for a long time, which are below 0.21 during the year, which indicate that the average short information and long problem is more serious; The mean value of the sample asset-liability ratio and long-term asset-liability ratio are in consistent change trend, which is rising from 2009 to 2010, and declining in 2011, and then presenting a rising trend, which indicate that debt financing environment continues to improve.The factors affecting the capital structure of micro empirical study suggest: enterprise size, growth and asset collateral value are positive correlated with capital, and the effect is obvious; Short-term debt paying ability and operation ability are negatively related to the capital structure, and the effect is remarkable. In addition, equity concentration and profit ability have an indistinctive influence on listed real estate companies. There were not significant correlation between ownership concentration and corporate debt ratio, which is not correspond with most research conclusions at home and abroad. Does this mean that Chinese regulators is in place during sample--during the period of the frequent regulation of the real estate industry; There was no significant correlation between profitability and corporate debt ratio, the rate of the 235 statistical indicators of profitability which is negative probability is only 1.2766%, which is not consistent with the macroeconomic environment from strong regulation of the real estate in the country since 2008, and now.