Research On The Impact Of Financial Policy On The Capital Structure Of Real Estate Companies

Since the implementation of the housing system reform in 1998,the real estate market in China has shown rapid growth.China's real estate industry has achieved tremendous development and has become China's economic pillar industry.However,it has also caused some problems.Therefore,in recent years,the country has adopted relevant policies to regulate the real estate market and regulate the development of the real estate industry.The government uses financial policies to regulate the real estate market more frequently.In order to further study the regulatory effects of financial policies on the real estate market,this paper analyzes the role of financial policies on the funding sources of real estate companies in China from the perspective of micro-sectors and the supply of funds,and further studies whether financial policies have an impact on the capital structure of real estate companies.Realize the regulation of the real estate market.By studying the impact of financial policies on the capital structure of real estate companies,it is helpful to explore the micro-transmission mechanism of real estate control policies in real estate companies and guide the healthy development of China's real estate market.This article takes the real estate company as the research object and studies the influence of financial policy on the capital structure of the real estate company.First of all,it introduces the ways in which China's financial policies affect the capital structure of real estate companies,including interest rate channels,credit channels,and asset price channels.Then,it combs the financial policies affecting the real estate market in recent years in China,and under this regulatory background,the real estate company's source of funding changes,and it corresponds to the relevant subjects on the real estate company's balance sheet,and analyzes the capital structure of real estate companies.Development status.Then,this paper chooses the annual data of 64 real estate development and management companies listed on the A-share market from 2006 to 2016,and conducts empirical research on the impact of China's financial policy and real estate company's capital structure.The empirical results show that the financial regulation policies issued by the state can have a certain effect on the financingbehavior of real estate companies,thus changing the capital structure of real estate companies.Under tightening financial control policies,real estate companies' bank loans have decreased,but the company has increased the payables of upstream companies,advance purchasers of downstream buyers,and capital reserves to increase the sources of funds.The final result is still an increase in the asset-liability ratio.These adjustments have weakened the regulatory effect of financial policies on real estate companies.Finally,the paper puts forward corresponding countermeasures and suggestions,maintains the continuity and stability of financial policy,financial policy and other policies to coordinate the regulation of the real estate market,improve the personal purchase loan system to support self-occupied demand,strengthen the bank's supervision of real estate credit funds,emphasize the capital structure of real estate companies and warn that related industries reduce the commercial credit of real estate companies.