鲁商置业房地产公司资本结构优化研究

发布时间：2018-04-09 08:12

本文选题：资本结构　切入点：房地产　出处：《石河子大学》2017年硕士论文

【摘要】：我国的经济体制具有特殊性,尽管宏观政策对房地产行业影响巨大,但是依然要高度重视资本结构优化。其次,房地产行业是支柱型产业,对于国民经济具有重要意义。国家经济的健康发展与房地产行业发展密切相关,民生问题也与其密不可分。房地产能够把经济风险降低在可控范围内,使经济保持良好的发展态势,也能稳定金融体系,使其破产的风险降到最低。国外的金融危机和次贷危机就是由于房地产行业畸形发展所带来的,经济发展和房地产行业紧密相连,相互影响、相互促进。政府对房地产企业的调控也越来越严格,所以资本结构优化对于房地产企业来说变得越发重要。鲁商置业是山东房企的典型代表,但是它在资本结构中出现了许多问题。鲁商置业盲目扩张,没有重视企业的长远价值。只是通过高价疯狂的获取土地,然后再利用关联企业、银行借贷等手段获得融资,这种不合理的经营模式导致了资本结构存在严重问题。不合理的资本结构使其面临着较高的财务风险,严重阻碍了公司价值的进一步提升。合理的资本结构可以帮助鲁商置业进行公司治理。研究分析鲁商置业资本结构,进而判断出其进行融资的渠道、资金主要来源与公司的资产负债率是否合理。利用一系列的模型可以检验相关的影响因素,利用这些模型最终得到鲁商置业的最优资本结构,帮助案例公司实现价值最大化的目标。本文的研究可以帮助鲁商置业更好的发展自身,也可以为中等规模的其他房企在进行资本结构优化时提供一定的借鉴作用。通过对鲁商置业的案例分析,得出下列结论:鲁商置业主要通过外部融资获取资金,内源融资比例较低,内源融资比重需要进一步提高。鲁商置业的银行贷款偏高,其负债也过高,公司债务的清偿能力也需要优化。融资渠道过于单一,多样化的融资渠道需要提上日程。鲁商置业对股权融资过分偏好,导致股权结构方面不合理,需要不断完善股权分置。行业应该重视资本结构优化,帮助房企降低财务风险。房企还要充分考虑到内外部影响因素,对融资策略进行优化,实现企业价值最大化。政府也应该实行较为宽松的宏观经济政策,让市场主导房地产行业发展。鲁商置业也应重视产业转型升级,为企业长久发展奠定良好的基础。
[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.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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