The Research On The Debt Financing Optimization Of The Real Estate Enterprises Based On Financing Efficiency Evaluation

In recent years,the real estate industry has had a sudden rapid development,and has gradually become the forerunner and the pillar industry of national economy which making a tremendous contribution to gross domestic product(GDP).There were a lot of imperfections in the real estate market,such as the radical growth rate of the real estate,the soaring house prices,the single sources of funding of the real estate,the unreasonable debt structure and so on.At present,the real estate market is transforming and integrating positively,and as a key factor,the real estate company encounters unprecedented resistance.The real estate industry is a high capital intensive industry,and the financing efficiency directly affects the development of whole enterprise and even the whole industry.As an important financing tool of real estate enterprise,debt financing has a significant impact on the financing efficiency and corporate performance.As for the different debt financing structure,the debt financing cost and debt financing risk of the real estate enterprises are not the same,and the impacts on the enterprise value are different,which affects the efficiency of the real estate enterprises’ financing business.The high level of debt financing will bring the enterprises a lot of pressure,while the low level of debt financing will increase the cost of capital of enterprises and reduce the financial leverage.Therefore,so as to effectively promote the stable development of the real estate industry,scientifically arranging the debt financing structure,reducing the costs and risks of capital,increasing corporate value has become quite urgent.Based on the perspective of debt financing efficiency,this paper chooses the real estate listed companies in Shanghai and Shenzhen stock market as the objection,then make optimization analysis about the proportion of debt financing structure,maturity structure and source structure based on the three perceptives of the debt financing efficiency of real estate listed companies,that is enterprise value,debt financing cost and debt financing risk.At last,the paper puts forward the corresponding countermeasures and suggestions for the optimization of the real estate listed companies.In the part of theoretical analysis,this paper analyzes the debt financing,debt financing efficiency,and real estate debt financing respectively.Firstly,the paper analyzes the connotation of debt financing,and discusses and compares the relevant theoretical of debt financing.Further,the paper discusses the connotation and theory of debt financing,and then analyzes the definition,and the influencing factors of debt financing efficiency.Finally this paper discusses the characteristics and influencing factors of real estate debt financing,and combines with the current situation of the real estate industry based on an overview for the real estate,and lays a theoretical basis for the subsequent exploring of the optimization problem of real estate debt financing.With regards to empirical study,this paper discusses the debt financing structure optimization problem of real estate enterprises in systematic respectively from three aspects which include optimizating the debt financing ratio structure,analyzing the maturity structure of debt financing,and improving the source structure of debt financing based on the debt financing efficiency evaluation of the real estate enterprises.First of all,this paper constructs a debt financing efficiency evaluation model and determines the index system of real estate enterprises,then evaluates and analyzes debt financing efficiency of the real estate industry quantitatively according to the results of the efficiency level scores of each companies calculated by using entropy method.Then,this paper selects relevant models to discuss the optimal ratio structure of real estate enterprises.On the basis of verifying the interactive relationship between the enterprise values and financing ratio structure,this paper examines optimization of the debt financing ratio structure from the perspective of achieving optimal enterprise value.After that,this paper constructs the real estate companies’ debt financing term structure optimization model based on consideration of lowering the financing costs and improving financing efficiency through combining multiple regression model,to investigate specific optimization directions of debt financing ratio structure and optimization term structure of the real estate enterprises.In the end,from the perspective of real estate enterprise’ debt financing source structure,this paper uses the method of fuzzy analytical hierarchy process to evaluate the important degree of different sources of real estate enterprises’ debt financing,in order to optimize the debt resourcing structure.When it comes to the application research,this paper refers to the experience of the real estate enterprises’ debt financing in Europe and the United State and other developed countries based on the situation of real estate enterprises in Chinese security market.After analyzing three aspects of the current situation in China in-depth which includes debt financing ratio structure,term structure and source structure,this paper takes the efficiency of debt financing into account,combining with these three aspects empirical results,to explore the innovative strategy of real estate enterprises’ debt financing.