The determinants of capital structure of real estate companies: Evidence from China

Ultimately global property markets continue to receive an increasing degree of interest from institutions, fund managers, and private investors. With real estate having formally been acknowledged as an asset class, it is receiving a strong reputation as a relative source of more stable returns, h...

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Main Author:	Yao, Li
Format:	Thesis
Language:	eng eng
Published:	2015
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/5565/1/s816145_01.pdf https://etd.uum.edu.my/5565/2/s816145_02.pdf
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id	my-uum-etd.5565
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Zainuddin, Zaemah
topic	HG Finance
spellingShingle	HG Finance Yao, Li The determinants of capital structure of real estate companies: Evidence from China
description	Ultimately global property markets continue to receive an increasing degree of interest from institutions, fund managers, and private investors. With real estate having formally been acknowledged as an asset class, it is receiving a strong reputation as a relative source of more stable returns, higher yields and steady cash flows. Research has proved that capital structure selections differs significantly across industries. Property industry is exclusive in diverse industries in terms of capital structure selection. This as a result of property firms have more security (real estate assets) to deal with larger amounts of debt, and usually have higher leverage ratios. Therefore, this study is important as it develops the understanding of capital structure determinants in Chinese real estate companies (REC). This study examines capital structure determinants of real estate companies in China, listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from the year 2005 until 2012. The final sample consists of 70 with a total of 561 observations. The findings clearly confirm for what has been found in other studies but in different scope. The result shows that the most powerful factor in affecting LEVERAGE decisions in the model is non-debt tax shields, profitability, tangibility and size of the companies. The result shows that non-debt tax shields is positively related to total debt for Chinese REC. Profitability is negatively significant to leverage in both models and in line with the pecking order theory. The positive relationship between tangibility and leverage gives support to the trade-off theory which postulates that tangible assets act as collateral and provide security to lenders in the event of financial distress. The size of REC companies is positively and significantly control for leverage, bigger firms can borrow at more favourable rates because they are perceived as less risky.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Yao, Li
author_facet	Yao, Li
author_sort	Yao, Li
title	The determinants of capital structure of real estate companies: Evidence from China
title_short	The determinants of capital structure of real estate companies: Evidence from China
title_full	The determinants of capital structure of real estate companies: Evidence from China
title_fullStr	The determinants of capital structure of real estate companies: Evidence from China
title_full_unstemmed	The determinants of capital structure of real estate companies: Evidence from China
title_sort	determinants of capital structure of real estate companies: evidence from china
granting_institution	Universiti Utara Malaysia
granting_department	School of Economics, Finance & Banking
publishDate	2015
url	https://etd.uum.edu.my/5565/1/s816145_01.pdf https://etd.uum.edu.my/5565/2/s816145_02.pdf
_version_	1747827950760230912
spelling	my-uum-etd.55652021-03-29T09:24:14Z The determinants of capital structure of real estate companies: Evidence from China 2015 Yao, Li Zainuddin, Zaemah School of Economics, Finance & Banking Othman Yeop Abdullah Graduate School of Business HG Finance Ultimately global property markets continue to receive an increasing degree of interest from institutions, fund managers, and private investors. With real estate having formally been acknowledged as an asset class, it is receiving a strong reputation as a relative source of more stable returns, higher yields and steady cash flows. Research has proved that capital structure selections differs significantly across industries. Property industry is exclusive in diverse industries in terms of capital structure selection. This as a result of property firms have more security (real estate assets) to deal with larger amounts of debt, and usually have higher leverage ratios. Therefore, this study is important as it develops the understanding of capital structure determinants in Chinese real estate companies (REC). This study examines capital structure determinants of real estate companies in China, listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from the year 2005 until 2012. The final sample consists of 70 with a total of 561 observations. The findings clearly confirm for what has been found in other studies but in different scope. The result shows that the most powerful factor in affecting LEVERAGE decisions in the model is non-debt tax shields, profitability, tangibility and size of the companies. The result shows that non-debt tax shields is positively related to total debt for Chinese REC. Profitability is negatively significant to leverage in both models and in line with the pecking order theory. The positive relationship between tangibility and leverage gives support to the trade-off theory which postulates that tangible assets act as collateral and provide security to lenders in the event of financial distress. The size of REC companies is positively and significantly control for leverage, bigger firms can borrow at more favourable rates because they are perceived as less risky. 2015 Thesis https://etd.uum.edu.my/5565/ https://etd.uum.edu.my/5565/1/s816145_01.pdf text eng public https://etd.uum.edu.my/5565/2/s816145_02.pdf text eng public masters masters Universiti Utara Malaysia Afza, T., & Hussain, A. (2011). Determinants of capital structure across selected manufacturing sectors of Pakistan. International Journal of Humanities and Social Sciences, 1(12) 254-262. Arsiraphongphisit, Kester, G., & Skully, M. (2000). Financial policies and practices of listed firms in Thailand: capital structure, capital budgeting, Cost of capital, and dividends. 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