K公司资本结构优化研究

发布时间：2018-01-03 08:35

本文关键词：K公司资本结构优化研究　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：房地产行业作为我国支柱产业之一,对于稳定经济秩序及刺激经济发展存在着不可取代的意义。房地产行业的发展在经济危机过后在政府的支持下渐渐复苏,发展迅速。大量的资本注入掀起一股炒房热使房地产行业积累了很多泡沫。严重危害到实体经济的健康发展,也不利于国家经济的稳定。针对这些负面影响,国家出台了一系列政策对房地产行业进行调控。房地产行业有着自身鲜明的特点,它受国家政策的影响很明显,且拥有着高于其他行业的负债水平、外部融资主要来源于银行贷款。政府多变的调控政策使房地产公司面临着巨大的风险,所以企业在注重收益的同时也要选择合适的筹资方案来防范潜在的风险。企业在经营过程中进行筹资决策的核心就是企业的资本结构,它关联着企业的各个环节。房地产行业的特质加上我国多变复杂的经济环境,动态地优化企业资本结构,有着非常重要的意义。本文在资本结构的理论基础上以K公司为研究案例,首先简单的介绍了K发展史以及经营状况和财务状况,然后利用理论与案例相结合的分析方法,对K公司的的负债融资水平、股权结构及内部债务结构进行纵向分析,并与同业优秀的公司进行横向比较,从而分析得出k公司的资本结构存负债期限不合理、负债规模略保守、融资渠道比较单一、股权结构存在一股独大的结论。接着,利用定量与定性相结合的方法对K公司的资本结构进行静态分析,再结合内外部影响因素对K公司进行动态分析,从而为K公司提出资本结构优化的方法和策略。然后结合K公司的分析结果来确定企业最佳资本结构区间为70%-80%,接着用回归分析的方法对最优区间进行检验。最后为K公司资本结构的调整和优化提供策略。
[Abstract]:The real estate industry as one of China's pillar industries, has irreplaceable significance for the stable economic order and stimulate economic development. The development of the real estate industry is gradually recovering, under the support of the government in the aftermath of the financial crisis. The rapid development of massive capital set off a real heat so that the real estate industry has accumulated a lot of foam. Serious harm to the healthy development of the real economy, is not conducive to the stability of the national economy. In view of these negative effects, the state issued a series of policies to control the real estate industry. The real estate industry has its own distinctive features, it is influenced by national policy obviously, and has a debt level higher than other industries external financing, mainly from bank loans. The government policy and the Real Estate Company will face a huge risk, so enterprises focus on benefits at the same time also should choose suitable The financing plan to prevent potential risks. The capital structure of the core enterprise financing decision in the course of business is a business, it is associated with all aspects of the enterprise. The characteristics of the real estate industry in our country with the complex and changeable economic environment, dynamic optimization of capital structure, has a very important significance in this paper. Based on the theory of capital structure in K company as a case study, the thesis simply introduces the development history of K and the operating and financial conditions analysis method and then use the combination of theory and case, K on the company's debt financing level, conduct a longitudinal analysis of ownership structure and internal debt structure, and with the same excellent the company compare and analysis the capital structure of K company's deposit and debt maturity is not reasonable, the debt scale slightly conservative, the financing channel is single, there is a dominance of the conclusion of ownership structure. Then, the static analysis of the capital structure combines quantitative and qualitative methods for K company, combined with the internal and external factors affecting the dynamic analysis of K company, and puts forward the methods and Strategies of optimizing the capital structure of K company. And then combined with the results of K company to determine the optimal capital structure interval is 70%-80%. Then use the method of regression analysis to verify the optimal interval. Finally provide strategy to adjust and optimize the capital structure of K company.

【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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