房地产企业资本结构影响因素的实证研究——以大陆在港上市公司为例

Demonstrative research of real estate enterprise capital structure influence factor——take China listed company in HK as example

房地产业是资金密集型高负债的典型行业,其资本结构的形成有其自有特征。本文首先对影响大陆在港上市的房地产公司资本结构的可能影响因素进行理论分析,然后选取相应样本,运用相关性分析和多元回归分析等方法对其进行实证研究。最后得出盈利能力、成长性、股权集中度等因素能在1%或5%水平上显著影响公司的资本结构,而公司规模、经营能力等因素对资本结构影响不显著的重要结论。

Real estate is a capital intensive,high debt typical industry,thus the formation of its capi-tal structure has its own characteristics.This paper firstly gives the theoretical analysis to the factors affecting the capital structure of the researched,and then gives the empirical study by selecting the appropriate sample and using correlation analysis and multiple regression analysis.At last we come to the conclusion that the factors of profitability,growth,ownership concentration can significantly influence the capital structure of researched company in 1% or 5% level,meanwhile we find that other factors such as firm size,operating capacity and so on,can’t significantly influence the company’s capital structure.