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Through the Chinese real estate listed companies in 1998-2004 unbalanced panel data , using a fixed effects model , and the establishment of simultaneous equations , overall debt structure , debt maturity structure and debt structure examined sources of capital structure and profitability of the interaction between the findings indicates that , in terms of overall debt structure , or from the debt maturity structure and source structure , real estate listed companies current and previous period 's capital structure and profitability interactive relationship exists between the different periods not the same role . Profitable enterprises because there are plenty of internal funds , will use more debt , but the debt maturity structure choice is uncertain, for different sources of debt have different preferences . Different debt levels , term structure and sources of impact on corporate earnings structure different role , not play its due role in governance . Overall debt structure and debt maturity structure of liabilities source structure to a certain extent by tradition, with other developed and developing countries and regions, compared with the industry also found that China's real estate listed companies in the high debt levels , profitability levels are at a relatively low.
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