我国房地产上市公司债务融资实证的研究.pdf

III ABSTRACT According to 2009 investment statistics, the total amount of real estate investment in fixed assets accounts for about 30% of the total. Although we can see that the real estate industrys scale is lower than the manufacturing sectors , but the total size of building comes out on top. According to the latest data, liability-to-assets ratio of Chinas real estate development companies increased from 2000 to 2009, being up 70%.The importance of real estate listed companies debt financing can be seen . The main analysis method of this article is a combination of specification and empirical analysis on debt financing from the perspective of the influence of the overall debt, term debt and other factors on the listed real estate companies performance. The empirical analysis has two parts. The first part is based on the amount of investment on real estate companies, construction scale, balance and other data tables, from 2000 to 2009，using Microsoft Excel software for analysis. This part is to analyze the main indicators of the real estate industrys trends and causes. Relative to non-listed real estate companies, the listed companies establish a better modern enterprise system, and their financial management are more complete ,their disclosure of information is larger. The paper chooses the real estate industry as a sample of listed companies. So the second part analyzes the debt financing of the 50 selected listed real estate companies on financial data from 2007 to 2009. This part describes the present condition of the debt financing by using descriptive statistics analysis method. By selecting primary variables, settings regression equations, the second part does the regression analysis. Main analysis softwares of the regression equationuse are SPSS Statistics 17.0 software and Eviews 6.0 software. Analysis of the regression equation results listed real estate companies is in order to study the influence of the structural conditions