Research on the Impact of Debt Structure on Corporate Performance of Listed Real Estate Companies

摘要

Real estate companies are one of the most active forces in economic activities and occupy a large market share in China. Data of real estate listed companies from 2016 to 2018 are selected as samples to be listed on the Shanghai and Shenzhen stock exchanges. This paper studies by establishing panel data model, and used Stata15 software to empirically test different debt structures and whether debt levels affect performance. By processing the data, we can know that the higher the level of debt, the lower the company's performance, and performance will also improve as the proportion of short-term liabilities in the debt structure increases. The conclusion of this text shows that under the macro-economic background of deleveraging in China, real estate companies should reduce overall debt levels to reduce financial risks, and actively respond to national policies. In the structure of liabilities, the proportion of current liabilities should be appropriately increased to restrain the agent, reduce the risk investment behavior, and increase the business performance.