An Empirical Research Of Factors Affecting Equity Financing Of Listed Real Estate Companies In China

The real estate industry is closely related to the daily life of the public.As the pillar industry of the national economy,the healthy and orderly development of the real estate industry plays an important role in promoting the smooth development of the social economy.Capital is the core production factor of the real estate enterprises.How to raise the full amount of funds is the key to the business operation,and the corresponding financing channels and the choice of the financing structure are also of no negligible significance.This paper first studies the current situation of financing in China's real estate industry.Compared with other industries,the overall asset liability ratio of the real estate industry is obviously high,the level of equity financing is very low;in addition,the reliance on banks and other financial institutions is too strong in the creditor's rights financing,and the financing way is obviously homosexual.This high debt financing structure will not only bring higher business risk to the enterprises,but also bring high credit risk to banks and other financial institutions.Therefore,the relevant economic subjects should pay more attention to the irrational financing structure of our real estate industry and make efforts to resolve it.Based on this,the research direction of this paper is to find out the factors that cause the overall low level of equity financing in China's real estate industry,and find ways to improve the equity financing level of the listed real estate companies in China,and then optimize the overall financing structure of the industry.First,by combing the relevant theories and literature of domestic and foreign scholars,this paper makes a theoretical analysis of the influencing factors of the capital structure of listed companies from two aspects of the internal and external environment of the company,and then takes the panel data of the A stock listed company of our country from 2015 to 2017 as the research object,and adopts the random effect.The model regression method is used to explore the impact of these factors on the equity financing level of Chinese real estate listed companies from six aspects:company size,guarantee capability,profitability,utilization efficiency of private capital,growth and tax.Compared with the relevant scholars at home and abroad on the financing structure of listed companies,the innovation points of this paper are mainly reflected in the following aspects:1.the listed companies in China,different from many domestic scholars,have the conclusion that the listed companies in China have obvious equity financing preference.This paper finds that the overall equity financing rate of China's real estate industry is low and the capital is capital.The main research direction of this paper is to find out the main reasons that lead to the low equity financing rate in the real estate industry,and think what measures should be taken to improve the overall level of equity financing in the industry.2.in the study of the factors affecting the capital structure of listed companies,the company size factor is usually regarded as the control variable rather than the key variable.This paper chooses the company size as the key explanatory variable to carry on the regression analysis.3.when selecting control variables,the net assets yield is used to indicate the utilization efficiency of the company's own capital rather than profitability.This article mainly consists of six parts:The first part is the introduction.First,the background and significance of the research on the influencing factors of the equity financing of the listed real estate companies in China are put forward.Secondly,the research methods and the paper framework are described.Finally,the innovation points and shortcomings of this paper are summarized.The second part is the literature review on the influencing factors of capital structure of listed companies.First,it summarizes the relevant literature from two aspects of the external environment and the internal characteristics of the company,and then sums up the possible reasons for the different research conclusions of the same problem in the literature,and finally explains the necessity of the research on the influencing factors of the equity financing of the real estate listed companies.The third part is the empirical research design of the influencing factors of equity financing in China's real estate listed companies.It includes the description of sample selection and data sources,the basis for determining the explanatory,the descriptive statistics are used to explain the changing trends and volatility of the variables,the key explanatory variables and the control variables,as well as thepresentation of research hypotheses.The fourth part is the empirical analysis of the influencing factors of equity financing in China's real estate listed companies.Referring to the relevant research methods of the existing literature on this problemexplanatory variables,the explanatory variables and the control variables,and then the regression analysis of the random effect regression model and the explanatory variable is used.After the replacement of the key explanatory variables and the substitution index of a certain control variable and the change of the regression method,the robustness of the empirical results is tested.In the fifth part,the empirical results of the fourth part are analyzed,and the correlation between the variables and the explanatory variables is analyzed in turn,and the relationship between the variables and the explanatory variables is analyzed,and whether the correlation is verified by the 'third part of the research hypothesis and the possible reasons for the inconsistent results with the research hypothesis.Then some suggestions are put forward for the empirical results.Finally,the research content of this paper is summarized.