Abstract
Based on the data of listed real estate companies in Shanghai and Shenzhen A-share markets from 2012 to 2016, this paper conducts an empirical analysis of investment behavior and corporate growth from the perspective of enterprise financing structure. The empirical results show that, on the whole, the total debt level of real estate listed companies has a positive impact on corporate growth. The equity financing of listed real estate companies in China contributes to the growth of enterprises, but the increase rate of equity financing has a restrictive effect on investment behavior of listed real estate companies. In terms of debt maturity, the long-term debt of real estate listed companies has a negative and positive impact on corporate growth. This paper also discusses the listed real estate companies with different asset sizes and property rights in groups, and studies their financing structure, investment behavior and company growth. When the listed real estate company is state-owned, its financing structure has more significant impact on investment behavior than non-state-owned holding. The empirical analysis on the grouping of listed companies with different asset sizes shows that the investment expenditure of large-scale companies is more constrained by external financing than that of small-scale companies. Through the test of mediating effect, it is found that investment behavior does have significant mediating effect in the transmission mechanism of financing structure to corporate growth.