Taking real estate listed companies in Shanghai and Shenzhen A-share stock markets from 2009 to 2017 as samples，this paper investigates the effects of earnings quality，equity concentration and enterprise nature on the dynamic adjustment of capital structure， and examines their effects on the deviation and speed of dynamic adjustment of capital structure through regression analysis. The results show that the improvement of the earnings quality of listed companies in the real estate industry will significantly accelerate the adjustment of capital structure and reduce the adjustment deviation; the increase in equity concentration will significantly reduce the speed of capital structure adjustment，but has no significant impact on the adjustment deviation. The different nature of enterprises will also significantly affect the deviation degree and speed of capital structure adjustment. Based on the analysis of different debt levels，it is found that the effect of earnings quality on capital structure adjustment is asymmetric.