房地产企业是我国经济的一大支柱，其与其他行业联系紧密，是我国国民经济的重要组成部分，房地产行业资金需求量大，其行业有着高负债的特殊性，这样的资本结构势必对该行业中的企业的绩效产生极大的影响。近些年来，国家逐渐收紧房地产行业政策，陆续出台了“三道红线”等限制房地产企业资产负债率的房地产行业政策，可见国家对房地产行业资产负债率的重视。

在如此背景之下，笔者在充分阅读、研究国内外学者相关文献后，选择我国A股上市房地产企业2015-2020年相关数据为研究对象，通过实证分析研究房地产企业资本结构与企业绩效之间的关系。通过实证研究，笔者得出：资产负债率和企业绩效成“倒U型”关系；流动负债率和企业绩效成正相关关系；股权集中度和企业绩效成正相关关系。最后根据研究结论，笔者对房地产企业资本结构的优化提出了相关建议。

Real estate enterprises are a pillar of China's economy, which is closely linked with other industries,and is an important part of China's national economy, the real estate industry has a large demand for funds, its industry has the particularity of high debt, such a capital structure is bound to have a great impact on the performance of enterprises. In recent years, the government has gradually tightened the real estate industry policy, and successively introduced the "three red lines" and other real estate industry policies that restrict the asset-liability ratio of real estate enterprises, which shows the importance that the government attaches to the asset-liability ratio of the real estate industry.

In this context, after fully reading and studying the relevant literature of domestic and foreign scholars, the author selects the relevant data of China's A-share listed real estate enterprises from 2015 to 2020 as the research object, and studies the relationship between the capital structure of real estate enterprises and the performance of enterprises through empirical analysis. Through empirical research, the author concludes that the asset-liability ratio and enterprise performance are "inverted U-shaped" relationships; the current liability ratio and enterprise performance are positively correlated; and the equity concentration and enterprise performance are positively correlated. Finally, according to the conclusions of the study, the author puts forward relevant suggestions for the optimization of the capital structure of real estate enterprises.