| Capital structure is the core of corporate finance,which not only determines the intrinsic value and the risk of a company,but also has a significant impact on its main stakeholders.The real estate industry is the pillar industry of our national economy,so the government is undoubtedly its an important stakeholder.In fact,the real estate has always been a focus of government macro-control measures.Therefore,studying the impact of macroeconomic factors on the capital structure of listed real estate companies is of great significance not only for government to strengthen the regulation of real estate,but also for real estate companies to enhance their own quality.Using the combination of theoretical analysis and empirical research,this thesis demonstrates the impact of macroeconomic factors on the capital structure of listed real estate companies.Firstly,this thesis expounds the background and significance of studying the capital structure of Chinese real estate industry from the macro perspective;Then this thesis proceeds,from the three aspects of the development of macro economy,macroeconomic policy and the development of capital market,to make a specific empirical analysis on the following six key macroeconomic indicators,including the inflation rate and GDP growth rate,loan interest rate,money supply growth,fiscal expenditure growth rate and stock market returns,to conduct a specific empirical analysis.Finally,based on the empirical results,this thesis puts forward some inspiring recommendations from the macro perspective of government and the micro perspective of enterprise.The results show that GDP growth rate is positively correlated with capital structure,and the correlation between fiscal expenditure growth rate and capital structure is not significant.The other four macro indicators are negatively correlated with capital structure.Therefore,the government should strengthen the macroeconomic regulation and control in the aspects of promoting the economicdevelopment,stabilizing the price level and promoting the interest rate liberalization.Enterprises should adjust and optimize the capital structure in the aspects of analyzing the macro environment and developing financing channels. |
