Research On Optimization Of Debt Structure Of Real Estate Enterprise

In recent years,the development of the real estate industry is in full swing,which plays a vital role in stimulating national economic growth.However,the drawback of high real estate debt has been criticized by the world.Especially when the policy is strictly controlled,the credit crunch and the development of the industry slows down,the debt problem of real estate enterprises is highlighted: the source of funds is too single,the scale of debt is too large,and debt maturity structure is not reasonable,etc.The future direction of real estate is that all enterprises actively explore and unremitting efforts.Due to the characteristics of the real estate industry,such as occupying a large amount of funds,long project cycle and being greatly influenced by macro-economy,it determinates that debt financing directly affects the performance of enterprises.Under this background,from the perspective of real estate performance,this paper takes 80 A-share real estate listed companies in Shanghai and Shenzhen Stock Exchange as samples,and puts forward countermeasures to optimize debt structure from the perspective of debt scale structure,debt maturity structure and debt source structure.The theoretical part of this paper describes the selection principle of corporate performance measurement indicators and then introduce the debt theory of early capital structure,MM theory and other development of debt financing.Then it introduces the current situation and trend of the development of China’s real estate industry.It introduces the current situation of real estate enterprise performance development from performance ability,operational ability,profitability and solvency.It introduces the whole situation of debt financing of real estate enterprises from the debt scale,maturity and source.In the empirical research part,the principal component analysis is used to get the comprehensive performance score of real estate enterprises,and then the panel data regression is used to get the impact of various debt indicators on the performance of enterprises by using the representative indicators of debt scale,debt maturity and debt source.According to the results of empirical research,this paper puts forward the countermeasures to improve the performance of real estate enterprises,and puts forward the countermeasures to optimize the debt structure from the perspective of debt scale,debt maturity and debt source structure.