中文摘要：

通过建立资本结构动态优化模型，交叉分析了各种路径下不同政策环境对房地产上市公司资本结构调整效率的影响，对其在宏观调控下的资本结构调整行为做出了全面阐释。研究发现，刺激政策下各种路径的调整效率总体较高，房地产公司有形资产比例越高越倾向于使用负债融资路径调整资本结构；抑制政策下盈利能力越强越倾向于使用内部留存路径；无论处于何种调控政策，房地产公司选用内部留存路径调整资本结构最具效率，短期负债路径次之，长期负债路径效率最低，而多样化路径协调并用是最为合理高效的选择。

英文摘要：

In this paper, the capital structure dynamic optimization model is established, and makes a cross analysis of the various paths under different policy environment impact on the effi- ciency of the real estate listed company capital structure adjustment. Its behavior under the macroeconomic regulation and control of the capital structure adjustment is comprehensive and makes aanalyzed. The study found that, under the stimulus of various paths of adjustmet the overall efficiency is higher, the real estate listed companies tangible assets ratio, the higher the more inclined to use debt financing path adjustment of capital structure; Inhibition of policies and the stronger profitability more tend to use internal retained path; No matter what is the regulation and control policy, the real estate listed companies choosing the internal path to adjust the capital structure is the most efficiency, short--term debt path followed, and then long-term liabilities. Diverse path coordination is the most reasonable and efficient.