我国房地产上市公司资本结构内部影响因素研究
Research on the Internal Factors Influencing the Capital Structure of Listed Real Estate Companies in China

房地产行业作为我国国民经济的支柱产业，其资本结构对企业财务稳健性和宏观经济运行至关重要。本文聚焦房地产上市公司，从公司规模、盈利能力等微观层面分析资本结构的内部影响因素。研究发现，公司规模与资本结构正相关；盈利能力、偿债能力与资本结构负相关；营运能力和成长性影响不显著。行业整体负债高、异质性显著，呈“头部稳健、尾部高风险”分化。建议企业分层管理负债、强化盈利偿债能力，监管部门实施差异化政策优化资本结构。
As a pillar industry of China’s national economy, the capital structure of the real estate industry is crucial to the financial stability of enterprises and macroeconomic operations. This paper focuses on real estate listed companies and analyzes the internal influencing factors of capital structure from micro-level perspectives such as company size and profitability. The study finds that company size is positively correlated with capital structure, while profitability and solvency are negatively correlated with capital structure. Operational capacity and growth show no significant impact. The industry as a whole has high debt and significant heterogeneity, presenting a differentiation trend of “stable head enterprises and high-risk tail enterprises.” It is recommended that enterprises implement hierarchical management of liabilities, strengthen profitability and solvency, and regulatory authorities adopt differentiated policies to optimize capital structure.