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An Empirical Research on the Influence on Enterprise Value of Capital Structure of Listed Real Estate Companies in China

Author: RenLin
Tutor: FuDan
School: Dongbei University of Finance
Course: Accounting
Keywords: capital structure enterprise value real estate companies debt structure
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 444
Quote: 0
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Abstract


The capital structure of financial research has been a hot issue at home and abroad. In recent years, China’s listed company’s capital structure and financing problem cost more and more attention of scholars, and a lot of researching results produced. However, current research mostly confined to the impact of deciding factors of the formation of capital structure. The study of the relationship between capital structure and enterprise value is relatively small, not to mention the relationship between debt financing structure and enterprise value.As a pillar industry of national economy, the healthy development of the real estate industry is very important for social progress and economic development. As a capital-intensive industry, the ability of financing has been the first consider of the real estate industry. However, the study of the cost of capital and financial leverage risk which closely related to the enterprise value had been ignored. This thesis apply the operating characteristics of real estate projects and real estate development financing as the starting point, by analysis the capital structure of the real estate industry, try to do some theoretical and empirical research of the relationship between capital structure and enterprise value. The goal is to draw some relevant research results and policy proposals, hoping to enrich the current study. Also, this thesis expacted to provide some thoughts and support for the optimization and the broaden of the financing channels of China’s real estate industry.This thesis uses a combination of normative and empirical research methods, doing in-depth study of capital structure, debt structure and corporate value of China’s real estate listed company.In chapterⅠ, the thesis explains the basis of the selection and significance of the topic. Summarizes and analyzes the research method both home and abroad.In chapterⅡ, according to research needs, the thesis introduces the theory of capital structure at first. In the introduction of theory, the thesis focus on the impact mechanism of capital structure to provide the follow up study a theoretical basis.In chapterⅢ, the thesis give a description of the status quo of listed companies in China’s real estate financing situation from three point of view—the operating cycle of China’s real estate project, funding structure and debt structure. Then the thesis pointed out the characteristics of current capital structure of listed companies in China’s real estate industry.In chapterⅣ, the thesis uses the 43 A-share listed real estate companies as specimen for the study. Based on public financial data, the thesis t applied descriptive statistical analysis, simple correlation analysis and multiple regression method to establish a regression model. In this way, the thesis get a in-depth and comprehensive empirical analysis of the relationship between the real estate capital structure of listed companies and enterprise value. The conclusion is that liabilities, interest-bearing debt ratio and the enterprise value was a significant positive correlation; short-term debt ratio and the enterprise value was significantly negative; short-term borrowing rate of impact on the enterprise value of such findings are not significant. The thesis also gave a brief analysis of underlying reasons for the empirical findings.Finally, in chapterⅤthe thesis ended with relative recommendations and measures.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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