房地产上市公司资本结构影响因素实证分析

资本结构的合理化直接影响到企业的业绩，而影响资本结构的因素又是多方面的。以2007~2010 年在上海证券交易所上市的53 家公司为样本，利用主成分分析和线性回归的方法，探讨了获利能力、公司规模、经营能力、偿债能力与成长能力与公司资本结构的关系。结果表明，公司规模和成长能力与资产负债率成正相关关系，偿债能力与资产负债率成负相关关系，但相关性都较弱；获利能力、经营能力与资产负债率的线性关系不显著。最后，对如何优化资本结构提出几点建议。

Empirical Research on the Factors Influencing the Capital Structure of the Publicly Traded Real Estate Companies

The rationalization of capital structure has a direct influence on a company’s performance， and the factors that influence the capital structure are various. This paper took 53 publicly traded real estate companies in Shanghai stock exchange from 2007 to 2010 as examples，and used principle component analysis and linear regression methods to discuss the relationship between profitability，company size，management ability，solvency，growth ability，and capital structure. The results show that the relationship between company size，growth ability，and asset-liability ratio are positive. The solvency and asset-liability ratio are negative correlation which is weak，The linear relationship between profitability，management ability，and asset-liability ratio are not significant. At last，this paper provided some suggestions for optimizing the capital structure.