房地产上市公司债务融资与公司治理效率关系的实证分析-empirical analysis on the relationship between debt financing and corporate governance efficiency of real estate listed companies.docx

AbstractThe real estate industry has developed with the economic recent years, and it is subject to the public’s attention. As a scarce resource, the real estate industry is closely related to the social and economic development .It has a pivotal position in the construction of the city and improving peoples living environment. Real estate industry has been developed into a common topic. The entire operating areas will require substantial capital investment, so its financing structure is particularly important. And in the real estate industry insiders, there have been a very interesting phenomenon. The ratio that real estate companies dependent on bank financing is as high as 70% to 80%. With the real estate market becoming more heat the more speculation, the state has adopted a series of macro-control policies, attempting to control soaring prices. Faced with such harsh macroeconomic environment, Chinas real estate enterprises should take what kind of measures to deal with the tough macro control environment. And how to arrange the debt financing structure to cope with the increasingly grim situation. As a starting point, this article researched on the corporate governance effect of debt financing based on China’s real estate listed companies.This paper selects the real estate companies listed on the Main Board issuing A share as the research object. Respectively research from three aspects, that is the relationship between debt levels, debt maturity structure , the sources of debt and corporate performance. First of all , descriptive statistical analysis is made to research on the debt financing status. The result turns out that asset-liability ratio of Chinas real estate listed companies is generally high .And the average balance is 5 percentage points higher than the one of other industries listed companies. Among them, proportion of current liabilities financing is high but the long-term debt ratio is relatively low. The main methods of debt financing are bank