摘要
安全、合理的资本结构是企业生存与发展的基本保证，也是企业保持旺盛竞争力以及实现其价值最大化的关键，对于企业资本结构优化问题的研究意义重大。房地产业是我国支柱产业之一，对于带动相关几十个产业发展，扩大就业等一系列问题具有积极作用。在我国当前经济形势下，房地产企业的资产负债率普遍偏高，企业融资结构不合理，企业过分依赖银行借款，融资渠道单一，短期负债比例高于长期比例，内源融资比例偏低，直接融资比例较小。企业资本结构不够合理，使房地产开发企业缺乏抵御市场风险的能力，在国家紧缩银根时企业资金链会非常紧张，严重影响企业长远发展。因此，寻求合理优化房地产企业资本结构的策略显得迫切而且必要。
本文结合资本结构相关理论，以房地产上市公司为研究对象，对房地产上市公司的资本结构现状、存在问题及优化进行深入研究。
关键词：资本结构；资产负债率；风险；优化策略
ABSTRACT
Safe and reasonable capital structure is the basic guarantee for enterprises’ survive and development, as well as the key to maintain strong competitiveness and achieve its maximum value, the research of the optimal capital structure has its obvious significance. Real estate is one of our country’s pillar industries, which has a positive effect on the dozens of drive-related industries, expanding employment and other issues. Under the current economic situation in our country, real estate businesses generally own high debt ratio, irrational structure of corporate finance, corporate excessive reliance on bank loans, the single financing channels, short-term debt ratio is higher than the long term debts, the proportion of the inside financial source and the direct financial source are both lower. The unreasonable capital structure is to make real estate enterprises lack of capacity to withstand market risks, when the government tight the monetary national wide, the cash chain will be very tight, and will seriously affect enterprises’ long term development. Therefore, the search for a reasonable capital structure optimization of the real estate strategy is urgent and necessary.
Based on the theory of the capital structure, in this paper, the author analysis the listed real estate companies’ capital structure, probable problems and the deep study on the optimization of real estate’ capital structure.
Key words: capital structure; debt to asset ratio; risk; optimizing strategy
目录
一、引言……………………………………………………………………………………………………….. 1
二、我国房地产上市公司资本结构现状与问题分析……………………………………….. 3
（一）我国房地产上市公司资本结构现状……………………………………………….. 3
（二）我国房地产上市公司融资结构现状……………………………………………….. 4
（三）我国房地产上市公司资本结构存在的问题…………………………………….. 5
（四）对我国房地产市场资本结构影响因素定性分析……………………………… 6
（五）资本结构优化目标………………………………………………………………………… 7
三、我国房地产上市公司资本结构评价模型实证研究……………………………………. 8
（一）变量的设置…………………………………………………………………………………… 8
（二）样本的选取…………………………………………………………………………………… 8
（三）描述性统计…………………………………………………………………………………… 8
（四）模型的构建与应用………………………………………………………………………… 9
（五）案例分析……………………………………………………………………………………… 11
四、我国房地产上市公司资本结构优化途径………………………………………………… 15
（一）加速行业整合，扩大企业规模…………………………………………………….. 15
（二）优化偿债能力，拓宽融资渠道…………………………………………………….. 16
（三）增强盈利能力，提高内部融资比例………………………………………………. 16
（四）发展债券市场，发行公司债券…………………………………………………….. 17
（五）其他建议…………………………………………………………………………………….. 17
五、结束语………………………………………………………………………………………………….. 18
致谢…………………………………………………………………………………………………………….. 19
参考文献……………………………………………………………………………………………………… 20
