房地产业关联度高，涉及上下游众多行业，能够拉动内需，扩大投资，刺激国民经济的增长，是我国国民经济的支柱型产业。前些年，由于投机热导致房地产价格持续走高，国家为抑制房地产业过度的投机热，已经在不同阶段陆续出台了调控措施。房价下调，销售收入减少；存货增加，占用资金多，增加企业的资金成本，直接影响房地产企业的销售收入和资金周转速度。现阶段，我国房地产业的融资渠道比较单一，资本市场也不完善，并且倾向于负债融资，资产负债率普遍偏高，尤其对银行的依赖程度非常高，一旦不能从银行借到资金，房地产企业可能陷入资金链断裂的危机,导致资本结构不合理，引发公司财务危机，将会直接拉低公司的绩效。本文研究我国房地产上市公司资本结构对公司绩效影响，旨在找到如何优化房地产企业资本结构的方法，调整债权结构，拓宽融资渠道，提升企业绩效，使房地产业持续健康的发展。 本文以房地产上市公司资本结构对公司绩效的影响为研究对象，先对资本结构和公司绩效的理论知识进行回顾，又选取上市公司的样本进行了实证分析。除此之外，还回顾了资本结构对公司绩效影响的机理，分析了行业的现实情况，据此提出了一些相关的假设，并建立模型。模型以111家A股房地产上市公司2008—2013年财务数据为样本，并运用因子分析法得出综合因子得分值作为公司绩效的量化指标，构建股权结构和债权结构与公司绩效量化指标间的回归模型，运行数据后得出实证分析结果表明，股权相对集中、国有控股比重增加以及积极地股权激励政策对公司绩效有提升作用；短期负债比重增加，也会提升公司绩效，但资产负债率升高，会降低公司绩效。最后，由于国内外经济环境复杂多变，根据实证分析结果，本文提出了使资本结构更适应企业发展变化的建议，能够帮助企业绩效得到提升，以便房地产上市公司能够更好应对国内国外环境的变化。

Real estate industry correlation degree is high,involving many upstream and downstream industries,to boost domestic demand,expand investment and stimulate the growth of the national economy,is the pillar industry of the national economy.A few years ago, due to speculative real estate prices rising,the goverment to curb excessive speculative real estate industry,developed the control measures in different phase.The price cut,the sales revenue;Inventory increase,take up fund,increase the enterprise cost of capital,a direct impact on the real estate enterprise sales revenue and speed of capital turnover.At the present stage,our country real estate industry financing channel is unitary,the capital market is imperfect,and tend to debt financing,asset-liability ratio is generally on the high side,the degree of dependence on bank is very high,once they can't borrow money from Banks,real estate enterprises could be in the crisis of capital chain rupture, leading to the capital structure is not reasonable, may cause the company falls into the financial crisis, influence corporate performance directly.Research on listed real estate enterprise's capital structure and its impact on corporate performance,can help to find a way to optimize the real estate enterprise capital structure,to adjust the debt structure,broaden the financing channels,improve business performance,the sustained and healthy development of real estate industry. In this paper the influence of the real estate capital structure on corporate performance of listed companies as the research object,from two angles of its theoretical and empirical to analysis.Review the papers related theory of capital structure and mechanism of the influence of capital structure on corporate performance,and about the present situation of the real estate capital structure and corporate performance of listed companies is analyzed,then put forward the real estate on the impact of capital structure on corporate performance of listed companies related assumptions,and establish the model.Model to 111 a-share listed real estate companies in 2008-2013 financial data as sample,using factor analysis method to draw the comprehensive factor score value as the quantitative indicators of performance,building of the capital structure of the two aspects,namely the ownership structure and debt structure and corporate performance indicators,the regression model between the run data after the empirical analysis results show that, equity relative concentration increased, the proportion of state-owned and actively equity incentive policy has promotion effect to corporate performance; Short-term debt ratio increases, will also improve corporate performance, but the asset-liability ratio increases, will reduce the corporate performance. Finally, in order to better cope with complex economic environment home and abroad, this paper puts forward the optimization according to the results of the empirical analysis of real estate capital structure of listed companies.