摘要房地产行业由于其资金需求量大，资金回收周期长的行业特点，属于典型的资金密集型行业，且大部分企业融资主要依靠银行贷款，导致企业财务杠杆偏高，资本结构存在很多不合理性。现如今我国房地产市场正处于去库存和转型升级的关键阶段，房地产行业又易受宏观调控的影响，国家政策的出台都会对企业绩效产生一定影响，因此探索其资本结构和经营绩效的相关性，不仅可以发现资本结构中的问题，还可以为改善经营绩效、促进房地产业的发展提供思路。本文基于房地产行业近十年的数据，采用财务分析方法，通过对资本结构与经营绩效相关性进行分析，发现企业通过负债融资以及提高短期负债比例，对企业绩效的改善有积极影响：股权结构中提高国有法人控股比例会提升企业绩效，但加强股权集中度对企业绩效的积极作用有限。此外，本文还通过对代表性房地产龙头企业的实证分析，发现近几年他们的资本结构具有负债水平过高，短期债务占比较大和股权相对集中的特点，说明这些资本结构特点对企业绩效是有积极作用的，因此本文结论部分结合这些资本结构特点及其对企业绩效的影响，提出了优化我国房地产企业资本结构的建议。关键词：房地产行业资本结构企业绩效财务分析AbstractThe real estate sector is a typical capital-intensive sector due to its high demandfor capital and its long cycle of capital recovery.The bulk of corporate financedepends mainly on bank loans,which leads to high leverage and many unreasonablecapital structures.Today,the Chinese real estate market is at a critical stage ofdestocking,transformation and modernization,and the real estate sector is vulnerableto macro-control.In today's increasingly competitive market environment,explore itsThe relevance of capital structure and operational performance can not only findproblems in the capital structure,but also provide ideas for improving the operationalperformance of real estate companies,then promote the development of the real estateindustry.Based on the data of China's real estate industry from 2008 to 2018,thispaper uses financial analysis methods to analyze the impact of listed companies'capital structure characteristics and company's operating performance.Positive impact;increasing the proportion of state-owned legal person holdings in the shareholdingstructure will improve corporate performance,but the positive impact ofstrengthening equity concentration on corporate performance is limited.In addition,through empirical analysis of representative real estate leading companies,this paperalso finds that their capital structure,in recent years,they have shown excessively highdebt levels,high short-term debt ratios and relatively concentrated shareholdings,which indicates that these capital structure characteristics are of great significance tothe capital market.Business performance.It has a positive effect.Therefore,thesummary of this document combines the characteristics of the capital structure and itsimpact on business performance,and offers suggestions for improving the capitalstructure of Chinese real estate companies.Keywords:Real Estate Capital structure Corporate performanceFinancial analysis目录一、引言…二、资本结构与企业绩效相关理论综述…2(一)企业资本结构概述…2(二)经营绩效概述…3三、房地产行业现状分析…(一)房地产行业企业资本结构特征…5(二)房地产行业企业经营绩效现状…7四、房地产行业资本结构对企业经营绩效的影响及分析…10(一)资本结构对公司绩效的影响及分析…(二)债务结构对公司绩效的影响及分析…12(三)股权结构对公司绩效的影响及分析…13参考文献……致谢……………17