本文選題：資本結(jié)構(gòu)　切入點(diǎn)：房地產(chǎn)　出處：《石河子大學(xué)》2017年碩士論文

【摘要】：我國的經(jīng)濟(jì)體制具有特殊性,盡管宏觀政策對房地產(chǎn)行業(yè)影響巨大,但是依然要高度重視資本結(jié)構(gòu)優(yōu)化。其次,房地產(chǎn)行業(yè)是支柱型產(chǎn)業(yè),對于國民經(jīng)濟(jì)具有重要意義。國家經(jīng)濟(jì)的健康發(fā)展與房地產(chǎn)行業(yè)發(fā)展密切相關(guān),民生問題也與其密不可分。房地產(chǎn)能夠把經(jīng)濟(jì)風(fēng)險(xiǎn)降低在可控范圍內(nèi),使經(jīng)濟(jì)保持良好的發(fā)展態(tài)勢,也能穩(wěn)定金融體系,使其破產(chǎn)的風(fēng)險(xiǎn)降到最低。國外的金融危機(jī)和次貸危機(jī)就是由于房地產(chǎn)行業(yè)畸形發(fā)展所帶來的,經(jīng)濟(jì)發(fā)展和房地產(chǎn)行業(yè)緊密相連,相互影響、相互促進(jìn)。政府對房地產(chǎn)企業(yè)的調(diào)控也越來越嚴(yán)格,所以資本結(jié)構(gòu)優(yōu)化對于房地產(chǎn)企業(yè)來說變得越發(fā)重要。魯商置業(yè)是山東房企的典型代表,但是它在資本結(jié)構(gòu)中出現(xiàn)了許多問題。魯商置業(yè)盲目擴(kuò)張,沒有重視企業(yè)的長遠(yuǎn)價(jià)值。只是通過高價(jià)瘋狂的獲取土地,然后再利用關(guān)聯(lián)企業(yè)、銀行借貸等手段獲得融資,這種不合理的經(jīng)營模式導(dǎo)致了資本結(jié)構(gòu)存在嚴(yán)重問題。不合理的資本結(jié)構(gòu)使其面臨著較高的財(cái)務(wù)風(fēng)險(xiǎn),嚴(yán)重阻礙了公司價(jià)值的進(jìn)一步提升。合理的資本結(jié)構(gòu)可以幫助魯商置業(yè)進(jìn)行公司治理。研究分析魯商置業(yè)資本結(jié)構(gòu),進(jìn)而判斷出其進(jìn)行融資的渠道、資金主要來源與公司的資產(chǎn)負(fù)債率是否合理。利用一系列的模型可以檢驗(yàn)相關(guān)的影響因素,利用這些模型最終得到魯商置業(yè)的最優(yōu)資本結(jié)構(gòu),幫助案例公司實(shí)現(xiàn)價(jià)值最大化的目標(biāo)。本文的研究可以幫助魯商置業(yè)更好的發(fā)展自身,也可以為中等規(guī)模的其他房企在進(jìn)行資本結(jié)構(gòu)優(yōu)化時(shí)提供一定的借鑒作用。通過對魯商置業(yè)的案例分析,得出下列結(jié)論:魯商置業(yè)主要通過外部融資獲取資金,內(nèi)源融資比例較低,內(nèi)源融資比重需要進(jìn)一步提高。魯商置業(yè)的銀行貸款偏高,其負(fù)債也過高,公司債務(wù)的清償能力也需要優(yōu)化。融資渠道過于單一,多樣化的融資渠道需要提上日程。魯商置業(yè)對股權(quán)融資過分偏好,導(dǎo)致股權(quán)結(jié)構(gòu)方面不合理,需要不斷完善股權(quán)分置。行業(yè)應(yīng)該重視資本結(jié)構(gòu)優(yōu)化,幫助房企降低財(cái)務(wù)風(fēng)險(xiǎn)。房企還要充分考慮到內(nèi)外部影響因素,對融資策略進(jìn)行優(yōu)化,實(shí)現(xiàn)企業(yè)價(jià)值最大化。政府也應(yīng)該實(shí)行較為寬松的宏觀經(jīng)濟(jì)政策,讓市場主導(dǎo)房地產(chǎn)行業(yè)發(fā)展。魯商置業(yè)也應(yīng)重視產(chǎn)業(yè)轉(zhuǎn)型升級,為企業(yè)長久發(fā)展奠定良好的基礎(chǔ)。
[Abstract]:The economic system of our country has its particularity. Although the macro policy has great influence on the real estate industry, we should attach great importance to the optimization of capital structure.Second, the real estate industry is a pillar industry, for the national economy has important significance.The healthy development of the national economy is closely related to the development of the real estate industry, and livelihood issues are closely related to the development of the real estate industry.Real estate can reduce the economic risk within a controllable range, make the economy maintain a good development situation, but also stabilize the financial system, so that the risk of bankruptcy to the lowest.The foreign financial crisis and sub-prime crisis are caused by the abnormal development of the real estate industry. The economic development and the real estate industry are closely linked, mutual influence and mutual promotion.Government regulation on real estate enterprises is becoming more and more strict, so the optimization of capital structure becomes more and more important for real estate enterprises.Shandong real estate is a typical representative of Shandong housing enterprises, but it has many problems in the capital structure.Lu business property blind expansion, did not attach importance to the long-term value of enterprises.Only through the high price crazy acquisition of land, and then the use of affiliated enterprises, bank loans and other means to obtain financing, this unreasonable business model led to serious problems in capital structure.Unreasonable capital structure makes it face high financial risk, which seriously hinders the further promotion of company value.Reasonable capital structure can help Shandong merchants to conduct corporate governance.This paper studies and analyzes the structure of property capital of Shandong merchants, and then judges the financing channels, the main sources of capital and whether the ratio of assets and liabilities of the company is reasonable.A series of models can be used to test the relevant factors and finally obtain the optimal capital structure of Shandong merchants to help the case companies to achieve the goal of value maximization.The research in this paper can help Shandong merchants to develop themselves better, but also can provide some reference for other housing enterprises in the capital structure optimization.Based on the case study of Shandong merchants, the following conclusions are drawn: the proportion of internal financing is low, and the proportion of endogenous financing needs to be further increased.The bank loan of Lu Shang Home is too high, its debt is too high, the solvency of company debt also needs to be optimized.The financing channel is too single, the diversified financing channel needs to be put on the agenda.The excessive preference for equity financing leads to unreasonable ownership structure, which needs to improve the split share structure.Industry should pay attention to capital structure optimization, to help housing enterprises reduce financial risks.Housing enterprises should fully consider the internal and external factors to optimize the financing strategy to maximize the value of enterprises.The government should also implement more liberal macroeconomic policies, allowing the market to dominate the development of the real estate industry.Shandong merchants should also attach importance to industrial transformation and upgrading to lay a good foundation for the long-term development of enterprises.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.42

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