The Research On Capital Structure Of Listed Real Estate Companies In China Unde R Macro-control Policy

Real estate ind ustry is a capita l-intens ive industr y,reasonable capita l struct ure is conduc ive to the long-term r un and mana geme nt of the company.At present,the deve lopme nt of our financ ia l market is imperfect,rea l estate enterprises is overwhe lmingly dependent on bank loans.Disc ussing the influence of nat iona l macro-control po licy on capita l structure is benefic ia l to better understand the mana ge ment status o f real estate ind ustry,and can a lso provide theoretica l guidan ce for the countr y to regulate ho us ing prices and for mulate regulatory polic ies in line with regional characteristics.Listed real estate companies are typ ical representatives of the real estate ind ustry.First ly,this paper ana lyzed the capita l struct ure of the listed real estate companies,so we have a clear understand ing about the financ ing mode of the real estate ind ustry,the ma in sources of funds,as well as the sit uat ion o f its assets and liab ilit ies.The n,the paper studies the influence mecha nis m o f macro-control factors on the capita l structure and summar izes the characterist ics of the capita l structure of Chinese listed rea l estate enterprises through t he ana lys is of t he capital str ucture index o f the three major economic belt.This paper selected 97 listed real estate companies as the research object.By us ing the data fro m 2006 to 2016,paper discussed the influence of macro-control polic ies on the capita l structure of listed real estate companies in the East,Centra l and West Economic Belt.Base d on the emp ir ica l results,the correspondi ng countermeasures and suggestions were proposed.The emp ir ical results show that the impact of lo ng-term loan interest rate on capita l structure is the most obvio us.The ratio of prepaid accounts and the ratio of interest-bearing debt are easy to be affected by the macro-control of the governme nt.The capita l structure of the listed real estate companies in the East,Central and West Economic Belt of China is different in response to the governme nt regulat ion and contro l polic y,and the response of d ifferent capita l struct ure indexes to the polic y varies with time and place.