|
Capital structure of the enterprise is a major research topic of great theoretical and practical significance.From 1958 the MM theory in the beginning,the capital structure has become a focal area of financial study, The research between Capital structure and the enterprise performance has never interrupted. Especially in recent years, the listed companies capital structure problems has become the research focus. Scholars studied from different perspectives, with different methods, different samples,so the results are different. What is the relationship between Capital structure and the enterprise performance,there are no unified result.As an important industry in the national economy, the real estate industry’s investment is big,payback period is longer and risk is great, In recent years countries are issued a series of policy on its macroscopical adjusting control , ensure his health development. The research between Capital structure and the enterprise performance help finding capital structure optimization method, help enterprise adjusting liabilities structure, help finding a reasonable way to raise funds, ensure his health development.This paper from both theoretical and empirical analysis of China’s real estate situation in the capital structure of listed companies on the impact of corporate performance.Through a lot of review of the Literature and theoretical analysis,this paper first proposes several assumptions,and then build model,finally,does the empirical study with 2005 to 2009 data.The results show that there exists a best capital structure in the Chinese listed real estate companies; the leverage on the high side, but there is no significant influence on enterprise performance; The phenomenon of the dominance of only one shareholder is widespread,and the dominance of only one shareholder has a negative impact on performance; State-owned enterprise has a negative impact on performance, Countries can’t directly exercise their power, Usually entrusted by the state-owned assets administration department to exercise its ownership, China’s real estate listed company lack restriction mechanism,so there is no good supervision.Finally,basing on the empirical results,this paper would propose several suggestions on how to optimize the capital structure of listed companies to enhance corporate performance.
|