中文摘要：

基于最优资本结构探讨我国房地产上市公司资本结构变化特征。结合2000--2011年沪深A股9l家房地产上市公司的财务数据以及宏观经济数据，利用部分调整模型测算最优资本结构。将实际资本结构变化分解为实际资本结构相对最优水平的变化、最优资本结构变化和趋势性运动三部分。研究结果表明：资本结构具有向最优水平的自我回复能力；最优资本结构的变化可能引起现实资本结构发生同向变化；实际资本结构的趋势性变化规律并不显著；各类房地产上市公司资本结构遵循相同的变化规律。

英文摘要：

Variation characteristics of capital structure in China＇s real estate hsted companies are studied on the basis of optimal structure. The partial adjustment model is introduced to ealeutate the optimal capital structure, with the financial data of 91 real estate listed companies in A-share as well as some c data over the period of 2000 -2011. The variation of actual capital structure is deposed into the change of actual capital structure relative to its optimal level, the variation of op- timal structure and the change in trend. The results indicate that the actual capital structure is capable of reverting towards its optimal level; the actual capital structure change in the same direction of the optimal capital structure; the variation trend in actual capital structure is not significant; all kinds of real estate listed companies share the same variation characteristics of capital structure.