The Impact of Corporate Performance on Capital Structure: Based on Real Estate Listed Companies in China

摘要

This paper analyzes the relation between capital structure and performance of real estate listed companies in China using total debt ratio as proxy of capital structure. Many previous studies only concern the relationship between return on equity and capital structure using other factors that affect the capital structure as control variable. By using the unbalance panel financial data of real estate listed companies in China, through the introduction of various indexes, this paper makes an empirical study with a multivariate linear regression model. The result shows company scale, profitability, growth opportunities, moral hazard and debt tax shields have positive correlation with asset-liability ratio; non-debt tax shields has negative correlation with asset-liability ratio; ownership structure has no correlation with asset-liability ratio. These conclusions are useful for us to understand the capital structure of the influence factors and the influence degree. These conclusions can also provide reference for the decision-making of capital structure.