华夏幸福基业股份有限公司资本结构优化方案设计

发布时间：2018-06-20 14:25

本文选题：房地产 + 资本结构　；参考：《长沙理工大学》2015年硕士论文

【摘要】：在过去的十年时间里,中国房地产企业实现了跨越式的发展,对人们生活的影响越来越大,已经成为我国国民经济中重要的基础产业。房地产行业的兴衰与我国经济的发展紧密相连,其重要性不言而喻,而房地产企业的特征就是只有建立在大量的资金供给的基础上的,才能稳定、可持续地发展,因此房地产的资本结构至关重要。而公司资本结构是否合理与公司的生存与发展息息相关,决定这公司的命脉,合理的资本结构更能够实现企业价值最大化、提升企业自身竞争力,由此看来,探讨公司资本结构优化问题是具有重大意义的。房地产行业属于资本密集型产业,对资金的需求很大,而一直以来资金始终都是各房地产公司头疼的问题,现实中也存在很多房地产企业由于资金周转出现严重问题导致公司倒闭的案例,因此房地产企业必须重视资本结构问题,优化公司的股权结构和负债结构,确保企业的资本结构是安全合理的。本人期望通过对华夏幸福资本结构问题的研究,能给华夏幸福乃至房地产行业资本结构的优化提供一个重要的思路。本文以资本结构和最优资本结构相关理论为指导基础,以华夏幸福基业股份有限公司作为具体研究对象,通过横向及纵向比较分析华夏幸福公司资本结构现状,指出了华夏幸福的资本结构存在一股独大、债源结构单一以及负债期限结构不合理的问题。在结合华夏幸福公司实际情况对其资本结构不合理的原因进行分析后,本文设计了一套完整的华夏幸福资本结构优化方案,首先,在坚持平均资本成本最低、风险可控以及可操作的原则下,明确了方案设计目标及实施的途径,然后再结合行业特点及华夏幸福自身状况,分别设计了关于华夏幸福股权结构优化及债务结构优化的具体措施。最后,为保障优化方案能够顺利得到实施,本文提出了四点保障措施,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.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F299.233.42

【参考文献】