Research On The Relationship Between Capital Structure And Operating Performance Of Real Estate Listed Companies In China

Looking back over the past 2016,"real estate" can be regarded as an annual hot word.With the rapid rise of housing prices,real estate companies also take advantage of the opportunity to speed up,followed by the frequently appearance of"Land King".In view of the current round of soaring prices,there are many different community comments,but it is obvious that since 2013,the real estate industry continued to decline in the industry.And under the pressure of high inventory,the introduction of the New Deal in 2014,began the policy loose period of the industry.The following introduction of policies in 2015 accelerated the market.In the context of policy boost,improvement of demand and investment demand surge,the total sales area of commercial housing in 2016 reached more than 1.5 billion square meters.With the rapid rise of housing prices,real estate companies also take advantage of the opportunity to speed up,followed by the frequently appearance of"Land King".The real estate business needs of large capital,the characteristics of its own small funds also determines the real estate industry as the most leveraged industry besides financial system.With the development of the financial system,the financing channels of real estate companies turn from the initial iron triangle structure single "housing enterprises,banks,local governments," to the current banks,capital markets,corporate bonds,corporate bonds,non-standard claims,Management and other more diversified financing structure.With the emergence of new financing tools,the phenomenon that housing enterprises over-reliance on banks has eased,in recent years,bank loans showed a downward trend,the proportion of debt financing increased.But throughout the industry,the overall asset-liability ratio is still very high,and interest-bearing liabilities are still showing an upward trend.In the context of further upgrading of financing channels in the housing industry,many enterprises have put forward the "light capitalization" to the transition model,"debt out of the table","small-cap manipulator" and other concepts appeared.And behind these concepts is depth thinking about the way of financing.The choice of financing method directly determines the capital structure of the enterprise.With the deepening of the research on the company system,people gradually realize that the capital structure of the enterprise not only shows the relationship between debt,capital and assets,but also directly affects the Enterprise capital costs,governance structure and mode of operation,and then on the business performance.This paper focuses on the research of literature,current situation analysis,theoretical research,and tries to study the relationship between capital structure and business performance of real estate listed companies in China.