Empirical Study on Influence Factors of Capital Structure of Chinese Real Estate Listed Companies

This paper will make theoretical analysis on influence factors of capital structure of Chinese real estate listed companies and put forward hypotheses to be tested, then make empirical analysis with a panel data model, based on a sample of 48 Chinese real estate list companies from 2005 to 2014. The results show that among company characteristic factors, company size and growth ability have significantly positive effect on capital structure, profitability and asset liquidity have significantly negative effect on capital structure, operation capacity, collateral value of assets and non-debt tax shield show no significant effect. In terms of company governance factors, ownership concentration shows significant negative correlation with capital structure, while managerial ownership, board size and independent directors have no significant effect. Among macro-economic factors, supply of money has significantly positive effect on capital structure, interest rate and inflation have no significant effect.