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Since 1952 David Durant (David Durand) proposed three major theories of capital structure, academia has launched a study on capital structure and corporate value. After nearly 60 years of theoretical analysis and empirical research, scholars from a variety of perspectives, such as the cost of capital, signal transduction, and corporate governance angle obtained capital structure affect the value of the enterprise. The capital structure of the enterprise value is how it affects the optimal capital structure and other issues has not been unified answer. This article draws on the research results of the predecessors, real estate listed companies in China is selected as the research object, combining the characteristics of China's capital markets, analysis in the real estate industry in the capital structure on its performance impact, and tried to answer the listed real estate in the presence of The problem of optimal capital structure. Capital structure with different characteristics in different industries, have different effects on corporate performance, making the capital structure and corporate performance related research should try to control the industry factors. In the past decade, China's real estate industry has been growing rapidly, and showing an increasingly important position in China's national economy. The industry has the capital demand balance rate is highly dependent on bank funds, the representative in the capital structure. At the same time, the real estate industry is the pillar industry of the national economy, the industry and the people's livelihood. Strong correlation with a wide variety of industries, such as construction, building materials industry, the financial services industry, as well as iron and steel industry, and so on. Therefore, the analysis of influencing factors on the performance of the real estate industry has greater practical significance. Taking all these factors, the final selection of a listed real estate company as an object of study. Prior to study the relationship between capital structure and corporate performance, we must first find a method to measure both. Capital structure metrics are better selected, historical scholars, most choose to asset-liability ratio, equity ratio, long-term debt ratio as a measure of capital structure indicators. But the measure of corporate performance, there are a variety of methods each with distinct characteristics: DuPont financial analysis, Tobin Q value method, the evaluation method of economic value added (EVA), balanced scorecard (BSC), factor analysis. How to select the right of this article corporate performance evaluation method? Taking into account the ROE indicators over a single China's capital market has not yet reached the semi-strong city, as well as the cost of equity can not be accurately calculated and other factors, this article does not select the DuPont financial analysis, Tobin's Q The value of the other methods, and ultimately select the factor analysis to measure the performance of listed real estate companies. A review of relevant literature, this paper considers the capital structure of the main impact on corporate performance through two effects: First, financial leverage, debt governance effect. The liabilities of the financial leverage effect refers to the impact of choice of the debt ratio in the capital structure of the size of the fluctuation of the return on net assets, thus affecting corporate performance. Governance effects of the liabilities refer to liabilities on corporate governance efficiency, mainly reflected in: (1) has the role of supervision and restraint, to avoid debt managers managers (such as over-consumption, etc.), produce more agency costs for personal gain thus affecting the performance of the company; (2) debt affect control of the company to compete. When the utility is equal to the cost of debt carried by these two effects, the optimal enterprise performance. In addition to the influence of the capital structure, corporate performance of China's real estate is subject to a variety of other factors. In this paper, we consider the following influence factors: First, the impact of the national macro-control policy (raised deposit reserve), these will affect the sources of real estate development funds, thus affecting the capital structure, cost of capital changes affecting the real estate enterprise performance. Followed by special ownership structure of the country will produce a special performance of listed real estate companies. First, the state-owned shares in the shares of listed real estate companies account for a large ratio. A large number of state-owned shares will first produce the absence of owners, so that enterprises can not form a good governance structure, and ultimately have a negative impact on corporate performance. However, the presence of state-owned shares may have given preferential treatment by enterprises to raise funds to purchase land on, so as to promote the growth of corporate performance. Second, higher equity concentration of real estate listed companies in China. The study found that China's real estate listed companies an average of 53.96% of the shares are concentrated the hands of the top ten shareholders. The equity higher concentration may appear large shareholders for personal gain at the expense of the interests of minority shareholders, which have a negative impact on corporate performance. But on the other hand, the major shareholder of the existence of the internal people play a supervisory role to help enterprises to enhance corporate performance. Of investors are most concerned about the to earn stock trading spread, supervision and internal motives, not too concerned about the long-term performance of the enterprise, in this case, the equity relative concentration may be to produce good corporate performance role. This shows that there are a lot of state-owned shares and equity listed real estate capital structure and corporate performance study of a high concentration will become more complex. Finally, the macroeconomic environment, the performance of the real estate industry in China have a greater impact. Especially after the outbreak of the U.S. financial crisis, its impact on the economy rapidly spread to the world. Chinese real estate industry has been in crisis a greater impact, let's rethink the development model of the real estate industry, looking for a more reasonable way to get the healthy growth of China real estate. In this paper, the empirical study, treatment with factor analysis 10 financial indicators (ten indicators include indicators of corporate profitability, operational capacity indicators, development capacity indicators) to describe the performance of listed real estate companies, then select equity ratio to as capital structure indicators. The empirical study constructed a multiple regression model. In a multiple regression model, the performance of listed real estate companies as explanatory variables, the equity ratio (capital structure) as an explanatory variable, then the ratio of state-owned shares, ownership concentration, firm size as a control variable, and ultimately come to the performance of listed real estate companies in China and secondary equity ratio, the ratio of state-owned shares negatively correlated positively correlated with firm size and equity concentration. Which, quadratic term performance of the company and the equity ratio, firm size, the partial correlation coefficient of Ownership Concentration by significant T-test 0.1 level. Although the ratio of state-owned shares and corporate performance negative relationship has not been through the T-test. The article is mainly due to the impact of state-owned shares of listed real estate companies is a dual aspect, both positive and negative impact, so it manifested negative correlation was not significant. Multiple regression analysis, to draw equity ratio and the corporate performance of listed real estate companies was the conclusion of an inverted U-shaped relationship. At the same time, according to the multiple regression equation into the coefficient come to the optimum equity ratio of listed real estate companies to 1.513. However, China's real estate listed companies from 2005 to 2008 the average equity ratio of 1.7018, is greater than the optimal value of 1.513, indicating that China's real estate listed companies in the phenomenon of excessive debt. Finally, based on the empirical results, combined with the actual situation of China's real estate listed companies and China's current economic situation has made the following recommendations on how to optimize the capital structure of listed real estate companies to improve the financial performance of listed real estate companies. First, China's real estate listed companies liabilities excessive real estate company shall actively expand financing channels, such as the active use of the Yin of the right financing and real estate investment trust funds, to enable enterprises to diversify funding sources, so as to reduce the financing risk. Second, China's real estate listed companies there are too many problems of state-owned shares, the company's performance this would have a negative impact, and therefore should speed up the process of state-owned shares. Third, equity excessive concentration is had a positive impact on the performance of real estate companies, but does not indicate the reasonableness of its existence. It is only because the equity is excessive concentration lead to care too much about the bid-ask spread of the shares of minority shareholders in China's capital market, and less attention on corporate performance. So should reduce ownership concentration, improve supervision awareness of minority shareholders have invested enterprises, and actively participate in corporate governance to enhance company performance. Fourth, to expand the enterprise scale have a positive effect on the performance of listed real estate companies. This is because the large-scale real estate assets of the company has more land can be used as collateral for a loan, adequate sources of funding. Due to large-scale, has a good corporate image and credibility at the same time, be able to get the favor of buyers to obtain better results. Seen, the real estate enterprises should pay attention to the integration of their own assets, to a certain industry standards, to improve their visibility and credibility, and create a good foundation for their own development. At the end of the article pointed out the inadequacies of this study. Mainly affect corporate performance impact factors to consider multiple regression model comprehensive model fit is not too high; followed by industry cyclical factors failed to quantify. Finally, the study made the prospect of the direction of the article.
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