中文摘要：

本文研究了宏观调控对房地产上市公司资本结构的影响及其资本结构调整方式的变化。研究发现，宏观调控之后，房地产上市公司总负债率显著提高；借款的期限发生了显著变化，长期借款显著增加而短期借款显著减少，但总的有息负债没有发生显著变化；房地产上市公司的贸易应付款显著增加，这是资产负债率显著提高的主要原因。对房地产上市公司宏观调控前后融资方式变化的研究发现，随着宏观调控带来的银行信贷政策的趋紧。房地产企业融资方式出现了多元化，新的融资工具得以出现和发展，金融市场的完全性提高。研究表明，在金融市场不完全和管制环境下，资本结构并不完全是企业自主决策的结果。宏观政策和资本市场供给条件，可能是中国企业资本结构是最重要的影响因素。

英文摘要：

Based on the study on Chinese listed real estate firms, this paper investigates the impact of macrpeconomic control on capital structure and the way in which companies adjust their capital structure. The paper finds that the real estate firms significantly increase the leverage ratio after the control has been brought into effect. They borrow more long-term loans and less interest-bearing short-term debt, but the interestbearing debt ratio has been kept unchanged. The leverage ratio has been raised by the increase of trade credit in the form of accounts receivables, notes receivables and advances paid by customers. The authors also explore the way in which the real estate firms adjust their capital structure, and find that their financing sources are more diversified and new financing vehicles have appeared given the credit shrink resulted from the macroeconomic control. Therefore, the market completeness has been improved. The research implies that in an incomplete market with rigid regulation, the firm itself does not independently determine capital structure. Macroeconomic policy and the capital market supply are probably the most important determinants of the capital structure of Chinese firms.