华侨城集团资本结构优化研究

华侨城集团资本结构优化研究摘要房地产业是中国的支柱产业，在中国经济发展中发挥着巨大作用。近年来，国家对房地产业实行严格宏观调控政策，一些高负债率的房地产公司面临着巨大的经济压力。房地产行业与其他产业具有很强的关联性，其规模大、投资多、周期长、效益好、活力强等特点使之在短短数年间迅速崛起，并带动了我国经济的快速发展。然而，在房地产行业蓬勃发展的今天，也出现了一些问题。其中最突出的就是房地产投资风险大、收益低。这严重地阻碍了房地产行业的健康稳定发展。房地产开发具有投资大、周期长、风险高、稳定性差等特点，对整个国民经济的健康稳定发展有着重要影响。文章通过对华侨城集团资本结构的总体分析发现，华侨城集团在资本结构面存在资产负债率较高，债务结构不尽合理，股权结构较为分散。在此基础上，针对这些问题，提出了改善和优化的建议，并对改善和优化后的资本结构进行了优化分析：最后提出了改善公司资本结构的优化方案。通过研究，提出以下建议：第一，加强对公司财务风险的防范：第二，完善公司治理机制。第三，建立有效的股权激励机制：第四，拓宽多元化融资渠道。例如提高公司竞争力、降低企业资产负债率、优化股权结构、合理选择债务融资结构等，对整个房地产市场健康发展具有借鉴意义。关键词：上市公司：资本结构：华侨城集团：优化AbstractThe real estate industry is a pillar industry in China and plays a huge rolein China's economic development.In recent years,the state has implemented strictmacro-control policies on the real estate industry,and some real estate companieswith high debt ratio are facing great economic pressure.The real estate industryhas a strong correlation with other industries.Its characteristics,such as largescale,large investment,long cycle,good efficiency and strong vitality,make itrise rapidly in just a few years and drive the rapid development of our economy.However,in today's booming real estate industry,there are also some problems.Oneof the most prominent is the real estate investment risk,low returns.This hasseriously hindered the healthy and stable development of the real estate industry.Real estate development is characterized by large investment,long cycle,high riskand poor stability,which has an important impact on the healthy and stabledevelopment of the whole national economy.Through the overall analysis of the capital structure of OCT Group,it is foundthat OCT Group has high asset-liability ratio,unreasonable debt structure anddispersed equity structure in the capital structure.On this basis,in view of theseproblems,put forward the improvement and optimization suggestions,and optimizethe capital structure after the improvement and optimization analysis:Finally,theoptimization plan of improving the capital structure of the company is proposed.Through the research,the following suggestions are put forward:first,strengthenthe prevention of the company's financial risk:Second,improve the corporategovernance mechanism.Third,establish effective equity incentive mechanism:Fourth,we need to expand diversified financing channels.For example,improving corporatecompetitiveness,reducing corporate asset-liability ratio,optimizing equitystructure,and reasonably choosing debt financing structure are of referencesignificance to the healthy development of the whole real estate market.Key words:A listed company:Capital structure:Oct Group:optimization目口录一、绪论二、资本结构理论12.1M.M理论…22.2权衡理论22.3代理理论…2.4优序融资理论三、华侨城集团资本结构研究43.】公司概况43.2公司资本结构分析53.2.1公司资本结构总体分析3.2.2负债结构分析.63.2.3股权结构分析63.2.4融资结构分析.7四、华侨城集团资本结构中存在的问题4.】负债总体水平高…84.2负债结构不合理84.3股权结构过度集中…94.4融资结构不合理.9五、华侨城集团资本结构优化设计…105.1华侨城集团资本结构优化的目标…105.1.1实现公司价值最大化…105.1.2增加灵活性，并增加其抗风险性…105.2华侨城集团资本结构优化措施5.2.1降低资产负债率..115.2.2优化负债结构5.2.3优化股权结构125.2.4优化融资结构12六、结论致谢…15参考文献.…………….16