Research On The Influence Of Debt Structure Of Real Estate Listed Companies On Over Investment

The real estate industry is the pillar industry of the economic development of our country,the rationality of the real estate investment is very important to the healthy development of our country’s economy.The current situation of soaring prices for real estate investment is more fiery,but the corresponding increase in the vacancy rate of the real estate investment risks exist over investment.A large number of capital investment in the real estate business mainly rely on debt financing,different debt structure will have a different impact on the investment behavior of the real estate business.From the theoretical analysis,the debt can inhibit excessive investment,an important premise and play a role in corporate governance is the debt liabilities are hard enough binding on the enterprise,once the enterprise due to default,creditors will have enough ability and willingness to implement the corresponding punishment to the debtor.If this premise is not established,the debt will lose the ability to curb excessive investment in enterprises.In reality,the operating efficiency of state-owned housing prices lower than the non state-owned enterprises,this may be because of the economic system in our country and the capital market is still not perfect as the back ground,and the government is closely the state-owned housing prices are particularly vulnerable to government intervention and assistance,and soft budget constraints,the weakening of debt governance effect.Considering C hina’s real estate industry and e mpirical data availability,the real estate business scale and market share of C hina’s real estate listed companies as the research object,and its experience 2009-2015 years of data for the study sample,using Richardson(2006)over investment in the real estate listed companies research on the real model,prove the existence of China’s real estate listed companies excessive investment.Then,the sample value of excessive investment is divided into state-owned and non-state-owned groups to compare and analyze the impact of the debt structure of real estate listed companies on over investment.The empirical results show that from the sources of debt,compared with non state-owned listed real estate companies,inhibition of smaller state-owned listed companies of real estate loans of over investment,over investment and commercial credit of state-owned and non state-owned real estate listed companies have significant inhibitory effect;from debt maturity,short-term debt to the state-owned and non state-owned real estate listed companies excessive investment have significant inhibitory effect,while the long-term debt of non state-owned real estate listed companies excessive investment have obvious inhibition,inhibition of state-owned real estate listed companies excessive investment is not obvious.Finally,put forward the corresponding policy recommendations based on the above analysis,deepen reform,and reduce government intervention,improve the effectiveness of bank governance;improve laws and regulations,to ensure the commercial credit management effectiveness;adjust the long-term debt ratio,improve the debt governance effect,thereby giving full play to the debt governance role to alleviate the excessive investment in real estate the situation.