Financial Crisis and the Capital Structure of Listed Company-Empirical Research on Chinese Real Estate Industry

As the financial crisis sweeping the world, the capital structure of listed companies has also changed. Firstly, based on the panel data between 2006 and 2009 of 40 listed real estate companies, multiple regression analysis was done to find long-term factors affecting capital structure of real estate listed companies. Secondly, year by year regression analysis was done on the basis of the cross-sectional data from the same sample of companies to find the differences between the influencing factors of each year. The results showed the crisis made the behavior of enterprises conservative and now during economic recovery the enterprises became much radical. Finally, this paper gave some advice of optimaizing the capital structure of real estate industry in the current situation.