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中文摘要：
以资产负债率较高的房地产行业作为研究样本，深入探讨了房地产行业特征因素、行业环境因素和宏观经济环境因素对资本结构的影响。研究结果表明，我国房地产行业的资本结构基本符合最优融资顺序理论，房地产行业的盈利水平可以解释资本结构的61．15％，但解释程度远低于工业行业。造成这种差异的原因是由于房地产行业资产负债率比工业行业高，对外部环境的变化更加敏感。实证结果表明，众多外部环境因素对房地产行业资本结构有重要影响，用行业利润和行业投资者行业特征指标、房屋销售价格指数和土地交易价格指数行业环境指标以及国内生产总值指数、贷款利率和货币供应量宏观环境指标，共计7个指标，能解释房地产行业的资产负债率的99．52％。
英文摘要：
In this paper, the author select the real estate industry with high asset - liability ratio as the research sample and try to unveil how the real estate industry factors, industry environment and the maeroeconomic environment influence capital structure. The results show that the capital structure of Chinese real estate industry generally consistent with pecking order theory, the real estate industry＇ s profitability can explain the capital structure up to 61.15%, but the explanation degree is well below the industrial sector. This difference is due to the real estate industry＇ s high debt ratio, and it＇ s more sensitive to changes in the external environment. The empirical results show that many external environmental factors have impact on capital structure. Furthermore, the real estate industry＇ s capital structure can be explained up to 99.52% by industry characteristics including industry profits and industry investors, industry environment including housing sales price index and price index for land transactions, and macro -environment including gross domestic product indices ,interest rates and money supply quantity.
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