An Analysis Of The Factors Affecting The Financing Preferences Of My Country's Listed Real Estate Companies Under The New Normal

Under the new normal,economic growth slows down,and the real estate market has entered a new normal of slowing growth in all aspects.As a capital-intensive industry,real estate has a large demand for financing.Therefore,it is of great significance for optimizing the capital structure of companies and controling financial risks to study the influencing factors of financing preference of listed real estate companies.This paper is designed to study the influencing factors of financing preference of listed real estate companies under the background of the new normal.This paper firstly introduces the research background and significance,the research status of home and abroad,the research contents,the research methods and innovation points of this paper.Then it introduces the relevant financing preference theory,which can be summarized as the optimal financing theory based on information asymmetry theory,the financing preference theory based on agency theory,the financing preference theory based on control right theory and the financing preference theory based on behavioral finance.Chapter three introduces the financing methods of listed real estate companies in China,and analyzes the characteristics of financing preference from the aspects of asset-liability ratio,various financing proportions and equity structure,and concludes that under the new normal,listed real estate companies in China still prefer debt financing.The fourth chapter analyzes the causes of financing preference of listed real estate companies from internal and external factors,the external factors including macro economic environment,policy environment and the development of emerging technologies,internal factors mainly from the scale of the company,the company's profitability,the company's operating capacity,the company's growth,the company's ownership structure,liquidity,non-debt tax shields,collateral value and managers nine aspects.Based on the analysis,the index system of influencing factors was established and the regression model was used for empirical analysis.Finally,based on the above analysis,reasonable Suggestions are put forward to optimize the financing structure of real estate companies.According to the analysis of the financing preference characteristics of listed real estate companies,under the new normal,China's listed real estate companies still prefer the way of debt financing.The empirical part regards equity financing preference,debt financing preference and endogenous financing preference as explanatory variables respectively.The empirical research interval is from 2014 to 2017,and the sample company is 111 non-ST listed real estate companies.The data of each indicator is performed by using stata software.Descriptive analysis and regression analysis lead to the following conclusions: Under the new economic normal,listed real estate companies(1)The company size and the value of the company's collateral are positively related to the debt financing preference,positively related to the internal financing preference,and negatively related to the equity financing preference;(2)the company's operating capacity,equity concentration and debt financing preference are positively correlated,Equity financing preference is negatively correlated;(3)Corporate profitability,asset liquidity and debt financing preference are negatively correlated,non-debt tax shield and asset liquidity are positively correlated with equity financing preference;(4)Manager overconfidence and equity financing preference negative Relatedly,inflation rates are positively correlated with debt financing preferences.