中国房地产行业上市公司资本结构影响因素的实证研究.pdf

中国房地产行业上市公司资本结构影响因素的实证研究.pdf

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80 I Abstract Capital is the basic of a companys operation, foundation, and development. Capital structure (i.e. equity as percentage to liability) is vital to a corporate’s operation. Since 1980s when real estate business boomed, capital structure of these companies have changed essentially. This paper tries to pinpoint the factors that affect the capital structure within this business. The paper introduces background and previous researches, goes through relevant theories, then establishes a model and applies multi-factor linear regression to analyze factors affecting capital structures in real estate business. This empirical research finds out: ROE is negatively related to leverage, capital structure of last period has significant effects on that of this period, corporate scale is not statistically related to leverage, so as scale to collateral value of assets and gro

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