本文選題：房地產(chǎn) + 資本結構�。� 參考：《長沙理工大學》2015年碩士論文

【摘要】：在過去的十年時間里,中國房地產(chǎn)企業(yè)實現(xiàn)了跨越式的發(fā)展,對人們生活的影響越來越大,已經(jīng)成為我國國民經(jīng)濟中重要的基礎產(chǎn)業(yè)。房地產(chǎn)行業(yè)的興衰與我國經(jīng)濟的發(fā)展緊密相連,其重要性不言而喻,而房地產(chǎn)企業(yè)的特征就是只有建立在大量的資金供給的基礎上的,才能穩(wěn)定、可持續(xù)地發(fā)展,因此房地產(chǎn)的資本結構至關重要。而公司資本結構是否合理與公司的生存與發(fā)展息息相關,決定這公司的命脈,合理的資本結構更能夠實現(xiàn)企業(yè)價值最大化、提升企業(yè)自身競爭力,由此看來,探討公司資本結構優(yōu)化問題是具有重大意義的。房地產(chǎn)行業(yè)屬于資本密集型產(chǎn)業(yè),對資金的需求很大,而一直以來資金始終都是各房地產(chǎn)公司頭疼的問題,現(xiàn)實中也存在很多房地產(chǎn)企業(yè)由于資金周轉出現(xiàn)嚴重問題導致公司倒閉的案例,因此房地產(chǎn)企業(yè)必須重視資本結構問題,優(yōu)化公司的股權結構和負債結構,確保企業(yè)的資本結構是安全合理的。本人期望通過對華夏幸福資本結構問題的研究,能給華夏幸福乃至房地產(chǎn)行業(yè)資本結構的優(yōu)化提供一個重要的思路。本文以資本結構和最優(yōu)資本結構相關理論為指導基礎,以華夏幸�；鶚I(yè)股份有限公司作為具體研究對象,通過橫向及縱向比較分析華夏幸福公司資本結構現(xiàn)狀,指出了華夏幸福的資本結構存在一股獨大、債源結構單一以及負債期限結構不合理的問題。在結合華夏幸福公司實際情況對其資本結構不合理的原因進行分析后,本文設計了一套完整的華夏幸福資本結構優(yōu)化方案,首先,在堅持平均資本成本最低、風險可控以及可操作的原則下,明確了方案設計目標及實施的途徑,然后再結合行業(yè)特點及華夏幸福自身狀況,分別設計了關于華夏幸福股權結構優(yōu)化及債務結構優(yōu)化的具體措施。最后,為保障優(yōu)化方案能夠順利得到實施,本文提出了四點保障措施,提高方案的可行性。
[Abstract]:In the past ten years, Chinese real estate enterprises have realized leapfrog development, which has become an important basic industry in our national economy. The rise and fall of the real estate industry is closely related to the development of our country's economy, and its importance is self-evident, and the characteristics of the real estate enterprises are that only based on a large amount of capital supply, can they develop steadily and sustainably. So the capital structure of real estate is crucial. Whether the company's capital structure is reasonable or not is closely related to the survival and development of the company, which determines the lifeblood of the company. A reasonable capital structure can realize the maximization of the enterprise's value and enhance the enterprise's own competitiveness. It is of great significance to discuss the optimization of corporate capital structure. The real estate industry is a capital-intensive industry, and there is a great demand for capital, which has always been a headache for real estate companies. In reality, there are many cases of real estate enterprises closing down due to serious problems in capital turnover. Therefore, real estate enterprises must attach importance to the capital structure, optimize the equity structure and debt structure of the company. To ensure that the capital structure of the enterprise is safe and reasonable. I hope to provide an important way to optimize the capital structure of Chinese happiness and real estate industry through the study of the Chinese happy capital structure. Based on the related theories of capital structure and optimal capital structure, this paper takes Huaxia Happiness Foundation Co., Ltd. as the concrete research object, and analyzes the present situation of the capital structure of Huaxia Happiness Company through horizontal and vertical comparison. The paper points out that the capital structure of happiness in China has a unique capital structure, a single debt source structure and unreasonable debt term structure. After analyzing the causes of unreasonable capital structure of Huaxia Happiness Company, this paper designs a complete optimization scheme of Huaxia Happiness Capital structure. Firstly, the average capital cost is the lowest. Under the principle of controllable and operable risk, the design objectives and the ways to implement the scheme are defined, and then combined with the characteristics of the industry and the happiness of China itself, The specific measures of optimizing the equity structure and debt structure of Huaxia are designed respectively. Finally, in order to ensure that the optimization scheme can be carried out smoothly, this paper puts forward four safeguard measures to improve the feasibility of the scheme.
【學位授予單位】：長沙理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F299.233.42

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