房地产上市公司资本结构的影响因素分析

房地产上市公司资本结构的影响因素有其行业的特殊性，利用随机前沿面模型实证分析表明：偿债能力与总资产负债率呈显著的负相关关系，而且短期偿债能力主要通过影响短期负债对总资产负债率产生巨大的影响；ROA与总资产负债率负相关，ROE与总资产负债率正相关，而且ROA对总资产负债率的影响要大得多，短期负债对ROA的影响更加明显；成长性和公司规模都对资本结构具有正面影响；非国有控股比国有控股房地产上市公司更有利用财务杠杆的动机，而且明显倚重短期负债。房地产上市公司应努力改善资本结构，特别是需要降低短期负债比重，提高短期偿债能力来有效化解财务风险，应建立更加严格的风险防范体系。

The Determinants of Capital Structure of the Listed Company in the Real Estate Industry

The paper applies stochastic frontier model to analyze the determinants of capital structure in the real estate industry whose capital structure is particularly compared with other industries.The empirical results show that the relations between ability of paying off debt and debt ratio(TDR) is negative,the quick ratio and the cash flow ratio have decisive influence on the short debt ratio(SDR) and long debt ratio(LDR) respectively.The relations between ROA and TDR is negative,however,the relations between ROE and TDR is positive.What causes the difference of the impact of ROA and ROE on capital structure is a specific capital structure in the real estate industry.The influence of growth and size to capital structure is both positive.The effects of ultimate control person's status to SDR is even larger than LDR's,so the relation between the variable and TDR is negative.