| Real estate development industry investment projects,with long payback period,large financing needs,different sources of financing directly affect the capital structure of real estate development enterprises,thus affecting the financial risk and business performance of enterprises,and even affect the stability and development of the entire financial system.In the background of the rapid development of the real estate market,the domestic real estate development enterprises show a significant dependence on indirect financing characteristics,the asset liability ratio is high and continues to rise.We observed that the changes of the fiscal expenditure and the corporate income tax rate as the representative of the total amount of fiscal policy,as well as land leasing,real estate taxes and low-income housing expenditure as the representative of the structural fiscal policy,are gradually affecting the capital structure of real estate development enterprises.Studies on the total and structural fiscal policy of listed real estate enterprise asset liability ratio effect helps to improve the direction and intensity of fiscal policy,to reverse the huge financial risk due to the high ratio of assets to liabilities is significant.Specifically,this paper measure the capital structure with the ratio of assets to liabilities,and then use the panel data in the China A share market listed on the 116 real estate development enterprises in 2006-2015 and the fixed effect model to study the effects of fiscal policy on capital structure of listed real estate enterprises.Conclusions are as follows:Firstly,fiscal policy had a significant impact on the asset liability ratio of listed real estate development enterprises,the financial expenditure and the asset liability ratio is negatively related to corporate income tax rate and the asset liability ratio is negatively related to land leasing and asset liability ratio is positively related to the development of real estate tax,and asset liability ratio significantly positive correlation,low-income housing construction expenditures and asset liability ratio has a significant negative correlation;Secondly the total amount of the fiscal policy and structural fiscal policy impact on the overall asset liability ratio significantly,but the structural fiscal policy significantly better,the influence coefficient is greater,especially land transfer effect on the capital structure of listed real gold real estate development enterprises the most significant.Thirdly,the results of sub sample regression show that,compared with non-state-owned listed real estate development enterprises,the capital structure of state-owned listed real estate development enterprises is less sensitive to financial policies,and worse.Lastly,control variables,1-3 years of long-term loan interest rates,asset size and net sales interest rates are negatively related to the asset liability ratio of listed real estate development enterprises.Based on this,this paper puts forward some suggestions on how to improve the relevant fiscal policy:reform the land transfer system,reduce the taxes and fees of the real estate development,increase the financial support for the housing project,and promote the diversification of the real estate financing. |
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