Issues On Financing Structure Optimization Of Chinese Real Estate Listed Company

Real estate industry has become a pillar industry in the country after development of several decades, especially the rapid development in recent years. But there are some irrational factors in the process of real estate industry development which the main reflection is the fast rising housing prices far beyond China’s economic growth rate. It is closely bound up with the rapid development of China’s urbanization process. However, excessive investment has arisen the existence of speculative bubbles. In such a social background, government departments issued a series of macro-control policies on land, financing, etc, which made the difficulties of enterprises in the real estate development projects of financing increasing and costs rising. This makes the real estate listed companies which already had the financing structure problem facing fundamental and subversive challenges. The past single investment and financing mode no longer meets changes of the current real estate investment and capital market. Therefore, based on the changes of macro policy, adjusting investment strategy timely, optimizing financing structure, reducing the financing costs, seeking the reasonable balance between the financing cost and profit and realizing the win-win situation with society, which are vitally significant for the sustainable development of real estate listed companies.By means of theoretical analysis and case studies, my thesis is on the basis of theoretical analysis, uses charts, data and other forms, in-depth analyzes the financing problems of the real estate listed companies of recent years by means of contrast.My thesis has seven parts, as listed, the first part is introduction, introducing the background of selecting the topic, literature review of studies at home and abroad, the train of thought in writing and the method of studying, including the outline of this thesis. The second part is theoretical summary of financing structure of the real estate listed companies, mainly introducing the conception of financing structure and related theories. The third part is an analyze of the present financing situation of the domestic real estate listed companies, including analysis of financing status and financing structure. The fourth part finds out existing financing structure problems of domestic real estate listed companies, such as own funds shortage, capital strength weakness, single subject of financing debt, relying on bank loans too much and etc. The fifth part analyzes the cause of financing structure problems of the domestic real estate listed companies, mainly includeing inmature capital market of real estate listed companies, lack of scientific financing plan and so on. The sixth part takes the practice of domestic and foreign real estate enterprise in optimization financing structure for reference: taking ShunChi company as an example, based on the analysis of financing structure problems of China’s real estate listed companies, through the comparison of ShunChi company and China vanke Co. gets the reference and inspiration from foreign real estate enterprises. The seventh part gives solutions on how to optimize financing structure of domestic real estate listed companies, puting forward the improvement suggestions respectively from perfecting regulation system, perfecting capital market, perfecting company governance structure and etc.