房地产上市公司资本结构优化问题研究

本 科 毕 业 论 文题 目： 房地产上市公司资本结构优化问题研究 专 业： 会计学 班 级： 学生姓名： 指导老师： 论文提交日期： 年 月 日论文答辩日期： 年 月 日 深入贯彻落实科学发展观和党的十七届五中全会，及全国、省、市纪委工作会议精神，坚持以人为本、执政为民理念，坚持标本兼治、综合治理、惩防并举、注重预防的方针，弘扬理论联系实际的马克思主义学风several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate size. Per-23 measurement, such as proceeds of c values are equal and equal to the design value, then the vertical installation accurate. For example a, b, and c valueswhile on horizontal vertical errors for measurement, General in iron angle code bit at measurement level points grid errors, specific method is from baseline to methyl vertical box center line distance for a, to b vertical box distance for b, list can measured 摘要经济的发展，科技的进步，不但提高了人民的生活水平，还带动了我国房地产行业的蓬勃发展。我国支柱产业之一的房地产不仅影响着国民经济的发展，还对其他一些相关产业的发展起着主导作用。目前我国房地产行业虽已进入一个非常繁盛的时期，但却表现出一种亚健康状态。不合理的企业资本结构使房地产开发企业缺乏抵御市场风险的能力，对企业的长期发展带来严重的影响。房地产企业面临的问题日益突出,其中最为显著的是资本结构优化问题。目前，以资本结构的优化和调整为切入点来提高盈利能力已成为当前上市公司发展过程中最为迫切和亟待解决的问题。近几年，国家对房地产行业的调控手段覆盖了金融、土地、税收等政策，其目的就是遏制市场投资增长迅速，房价上涨过快，商品房结构失衡等局面。房地产行业资金链十分脆弱，一旦断裂，信贷风险就会集中暴露。房产业资本结构问题是企业经营和管理的关键，也是研究的核心，与企业的市场价值紧紧相依，资本结构决策影响着企业融资成本及整体绩效水平。在近几次的宏观调控实践中,由于资金链的断裂而导致破产的房地产企业不计其数,因此,选择合理的负债规模,选择合适的融资结构对房地产开发企业尤为重要。本文首先介绍了房地产上市公司的基本情况，对资本结构的内涵、资本结构的相关理论及优化资本结构的意义加以概述，发现优化企业的资本结构可以降低企业的财务风险、盘活不良资产、提高资产利用率、增加企业对债权人的吸引力、提高企业筹资能力、降低企业资金成本等。对于影响房地产上市公司资本结构的众多因素中，本文只针对于成长能力、所得税、股权结构、盈利能力及股东和经理态度这五个部分进行了相关分析，这部分分析为房地产企业资本结构优化提供依据。其次对我国房地产上市公司资本结构中存在的问题进行了研究，发现房地产上市公司资产负债率普遍偏高,企业融资结构不合理,企业过分依赖银行借款,融资渠道单一,偿债能力较差，受政策影响严重。针对这些问题又进行了相应的原因分析，这为房地产企业资本结构优化指明方向。最后本文提出了优化我国房地产上市公司资本结构的相关对策，分别为：1.构建房地产多融资渠道新格局2.发展债券市场，重视股权融资3.优化企业偿债能力，提高企业盈利能力4.完善公司治理机制。关键字：房地产业; 上市公司; 资本结构; 优化对策Abstract The development of economy, the progress of science and technology, not only to improve the living standard of the Chinese people, but also led to the rapid development of China's real estate industry. One of China's pillar industries of real estate not only affects the development of national economy, also plays a leading role on the development of other related industries. At present, China's real estate industry has entered a very prosperous period, but showed a sub-health state. Unreasonable capital structure of real estate development enterprises lack the ability to withstand market risks, serious impact on long-term development of enterprises. Real estate enterprises are facing increasingly prominent problem, of which the most significant is the optimization of capital structure. At present, in order to optimize and adjust the capital structure as the breakthrough point to improve profitability has become urgent and urgent problem during the development of the listing Corporation. In recent years, control means the state of the real estate industry covering the financial, land, taxation and other policies, its purpose is to curb the rapid growth of market investment, housing prices raised too fast, the structure of commercial housing imbalance situation. Chain of the real estate fund industry is very fragile, once broken; credit risk would be concentrated exposure. The real estate industry capital structure is the key problem of enterprise operation and management, but also the core of the research, closely linked with the market value of enterprises; capital structure decisions affect the enterprise financing cost and overall performance level. In recent times the practice of macro-control, the capital chain rupture caused by too many to count, the real estate enterprise bankruptcy therefore, chooses the reasonable debt scale, is particularly important for real estate development enterprises to choose appropriate financing structure.This paper first introduces the basic situation of the real estate listing Corporation, on the theory connotation of capital structure, capital structure and capital structure optimization of meaning are summarized, find the optimization of capital structure can reduce the financial risk of the enterprise, to activate bad assets, improve asset utilization, increase the attractiveness of creditors, improve financing ability reduce the corporate cost of capital, etc. For many factors influence the capital structure of real estate listing Corporation, this article is only for the growth ability, income tax, equity structure, profitability and shareholder and manager about the five parts to carry on the correlation analysis, this part is the analysis of the real estate enterprises to the capital structure optimization provides the basis. Then we study the existence of China's real estate listing Corporation capital structure of the problem, that is generally high real estate listing Corporation assets liabilities ratio, enterprise financing structure is irrational, the