A Study On The Debt Financing Structure And The Corporate Performance Of The Listed Real Estate Companies In China

In the development of market economy in our country, real estate debt financing structure of listed companies is closely related to financial performance, especially in today’s national macroeconomic regulation and control is very strict, real estate debt financing structure of listed companies choose to have very important influence on financial performance.This paper firstly combed the debt financing structure and financial performance related literature at home and abroad, summarizes the basis of related, and analyzed the characteristics of the real estate industry, the financing structure characteristics and the status quo of financial performance.Then select from 2009 to 2013 in Shanghai and Shenzhen stock exchange listed real estate companies a total of 444 samples.Profitability, solvency, cash ability and development ability from four aspects, a total of nine financial index factor analysis with SPSS software, it is concluded that the performance of the company’s financial comprehensive index is as explained variable.Choose short-term borrowing rate, long-term borrowing rate, housing pre-sale ratio, ratio of commercial credit and corporate debt ratio as explained variable.Then on the basis of hypothesis model to carry on the empirical research, and using MATLAB software to simulate the model.According to the above research, this paper get the following conclusion:the short-term borrowing rates and financial performance is "U" relationship, short-term borrowing rate of the optimal value of internal [0-14.7%];Long-term borrowing rate is negatively related to the financial performance and long-term borrowing rate on financial performance have a positive role in promoting, but this role with the increase of long-term borrowing rate lower; improve the same amount of short-term borrowing and long-term loan ratio, long-term borrowing rate resulting in a decline in financial performance faster; house opens to booking a new ratios and financial performance, "U" relationship, the value range of the optimal proportion of the house opens to booking a paragraph to [0-30.2%];Commercial credit ratio was positively related with financial performance of the linear relationship, commercial credit ratio of the optimal value range is [14.1%-100%]:corporate debt ratio is negatively related to the financial performance, the enterprise debt ratios of the optimal value of internal [0-30%].Finally on the basis of the research conclusion, put forward the reasonable coordination within each index, the ratio of debt financing structure attaches great importance to the reasonable collocation of debt maturity, adopt diversified financing, to establish the government macroeconomic regulation and control of internal financing mechanism, perfecting the house opens to booking a supervision mechanism, efforts to develop the bond market, improve the enterprise credit evaluation system, strengthen the supervision of banks and constraints.