With the rapid development of Chinese economy, our country real estate industry also developed rapidly. However, the real estate cycle is closely related to the banking system. Because in the operation process of the real estate enterprise, debt level of the enterprises plays an important role. This paper uses the listed real estate companies of stock markets of Shanghai and Shenzhen in 2009-2012 as research samples to do an empirical test of the effect of financial leverage on enterprise value. The empirical results show that in Chinese listed real estate companies, short-term debt of the enterprise has a significant positive effect on the enterprise value; but the effect of the long-term debt is not obvious on the enterprise value.
展开▼
