阳光股份房地产公司资本结构优化研究

发布时间：2018-03-20 06:08

本文选题：房地产　切入点：阳光股份　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：企业资本结构是现代财务管理中核心理论之一,也是企业筹资决策的核心，关系到企业的生存与发展。我国房地产业曾是国家主要经济支柱产业之一，但随着房地产业的迅猛发展，泡沫开始形成。不断扩大的房地产泡沫不仅危及我国经济长远发展，也不利于民生与社会和谐稳定。为此，国家对房地产展开了严厉的宏观调控。作为资本密集型产业且长期以来以高资产负债率为特征的房地产企业，如何在国家宏观经济环境变动背景下，结合企业自身的特征因素，动态地优化公司资本结构，对企业在宏观经济不利时保持可持续发展意义重大。本文在对以往资本结构理论梳理的基础上，系统地分析了本轮国家房地产宏观调控对房地产业的影响。再以阳光股份房地产公司为研究对象，对阳光股份资本结构现状、所受调控政策影响与问题、优化策略进行了分析研究。首先，系统分析了房地产行业及阳光股份资本结构的内外部经济环境，在此基础上指出房地产行业的资本结构现状及阳光股份资本结构现状；其次，通过与同行业优秀企业的比较分析，找出阳光股份资本结构在当前的经济环境下存在的主要问题；再有，，在分析阳光股份资本结构优化目标与优化策略的后，在阳光股份静态最优资本结构的基础上，综合考虑外部经济环境、阳光股份自身因素以及公司的财务弹性要求，指出阳光股份最优资本结构区间为55%～65%；最后，提出优化阳光股份资本结构应采取的策略。本文的创新之处在于在已有理论基础上系统分析了外部经济环境对新兴市场房地产企业资本结构产生的影响，以及提出了一个动态最优资本结构研究思路与具体的操作方法。为当前受房地产宏观调控影响的房地产企业资本结构优化提供现实的借鉴。
[Abstract]:The capital structure of enterprises is one of the core theories in modern financial management, and it is also the core of enterprise financing decision, which is related to the survival and development of enterprises. China's real estate industry was once one of the main pillar industries of national economy. However, with the rapid development of the real estate industry, the bubble began to form. The expanding real estate bubble not only endangers the long-term economic development of our country, but also does not benefit the people's livelihood and social harmony and stability. The state has carried out strict macro-control over real estate. As a capital-intensive industry and characterized by high asset-liability ratio for a long time, the real estate enterprises, how to combine the characteristic factors of the enterprises under the background of the change of the national macroeconomic environment, Dynamic optimization of corporate capital structure is of great significance for enterprises to maintain sustainable development under adverse macroeconomic conditions. On the basis of combing the previous capital structure theory, this paper systematically analyzes the influence of the national real estate macro-control on the real estate industry. Then taking the Sunshine Stock Real Estate Company as the research object, the paper analyzes the present situation of the sunshine stock capital structure. The influence and problems of the regulation and control policy, the optimization strategy is analyzed. Firstly, the paper systematically analyzes the internal and external economic environment of the real estate industry and the capital structure of Sunshine shares. On this basis, the paper points out the present situation of the capital structure of real estate industry and the present situation of the capital structure of sunshine shares. Secondly, through the comparative analysis with the excellent enterprises of the same industry, the paper finds out the main problems existing in the capital structure of sunshine shares in the current economic environment. Secondly, after analyzing the optimization objectives and strategies of the capital structure of the sun shares, on the basis of the static optimal capital structure of the shares, the external economic environment, the factors of the shares themselves and the financial elasticity requirements of the company are considered synthetically. It is pointed out that the optimal capital structure range of sunshine shares is 55 / 65, and finally, the strategies to be adopted to optimize the capital structure of sunshine shares are put forward. The innovation of this paper lies in the systematic analysis of the impact of the external economic environment on the capital structure of real estate enterprises in emerging markets on the basis of existing theories. The paper also puts forward a dynamic optimal capital structure research idea and concrete operation method, which provides a practical reference for the real estate enterprise capital structure optimization which is affected by the real estate macro-control at present.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F299.233.4

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