基于熵权理论的房地产开发企业资本结构优化研究

发布时间：2018-04-28 12:53

本文选题：房地产开发企业 + 资本结构优化　；参考：《哈尔滨工业大学》2014年硕士论文

【摘要】：改革开发以来，房地产行业的快速发展令其他行业望尘莫及，房地产开发企业数量也迅速增长，为我国经济发展贡献了巨大力量。房地产业属于资金密集型行业，且在其快速发展中也存在诸多问题，经营者做出的融资渠道及资本结构组合方案的选择对于企业的长远发展越来越重要。因此为房地产开发企业构建一个科学有效的资本结构优化决策过程，对促进整个行业的健康发展具有非常重大的意义。通过国际和国内资本结构与资本市场的研究分析，本文挖掘了我国房地产开发企业资本结构存在的问题，从两个不同层面构建了资本结构优化决策过程。从行业层面通过分类研究不同规模房地产开发企业资本结构的现状，，找出相应的最优资本结构区间，为企业进行准确的行业定位提供了决策参考；从房地产开发企业个体层面，充分考虑了影响房地产开发企业资本结构的内外部因素，利用融资契机优化资本结构，构建了熵权理论资本结构优化模型。文章立足于国内外资本结构优化相关理论，充分考虑了我国房地产开发企业特色，通过深入分析影响房地产开发企业资本结构的相关因素、资本结构与融资方式关系、资本结构优化目标等，对上市房地产开发企业分类研究，利用统计分析法得出使不同规模企业综合业绩优良的最优资本结构区间，以此作为资本结构优化决策过程的前提。引入熵权系数、多目标专家群决策、最大熵技术、总体偏差法原理构建了房地产开发企业资本结构优化模型，对案例企业资本结构进行了优化，并且从房地产开发企业个体角度出发，深入剖析了改善资本结构的途径，为房地产开发企业更好地结合公司的实际情况，把握经济发展规律，决策出合理的资本结构提供参考。
[Abstract]:Since the reform and development, the rapid development of the real estate industry has left other industries out of reach, and the number of real estate development enterprises has also increased rapidly, which has contributed a great deal to the economic development of our country. Real estate industry is a capital-intensive industry, and there are many problems in its rapid development. The choice of financing channel and capital structure combination scheme made by managers is more and more important for the long-term development of enterprises. Therefore, it is of great significance to construct a scientific and effective capital structure optimization decision-making process for real estate development enterprises to promote the healthy development of the whole industry. Through the research and analysis of international and domestic capital structure and capital market, this paper excavates the problems existing in the capital structure of Chinese real estate development enterprises, and constructs the capital structure optimization decision-making process from two different levels. This paper studies the present situation of capital structure of different scale real estate development enterprises from the industry level, finds out the corresponding optimal capital structure interval, provides the decision reference for the enterprise to carry on the accurate profession orientation; from the real estate development enterprise individual level, Considering the internal and external factors that affect the capital structure of real estate development enterprises, the paper optimizes the capital structure by means of financing opportunity, and constructs the optimization model of capital structure based on entropy weight theory. Based on the relevant theories of capital structure optimization at home and abroad, this paper fully considers the characteristics of real estate development enterprises in China, and through in-depth analysis of the related factors affecting the capital structure of real estate development enterprises, the relationship between capital structure and financing mode. Based on the research on the classification of listed real estate development enterprises, the optimal capital structure interval of different scale enterprises is obtained by statistical analysis, which is the premise of the capital structure optimization decision-making process. This paper introduces entropy weight coefficient, multi-objective expert group decision, maximum entropy technology and the principle of total deviation method to construct the capital structure optimization model of real estate development enterprises, and optimizes the capital structure of the case enterprises. From the point of view of individual real estate development enterprises, this paper deeply analyzes the ways to improve the capital structure, which provides a reference for the real estate development enterprises to better combine the actual situation of the company, grasp the laws of economic development, and make a reasonable capital structure decision.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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