Real Estate Enterprise Financial Leverage And Financing Structure Optimization Research

There is no doubt that Cash flow is very important to the real estate enterprise, ascapital intensive enterprise, real estate development and management companies is veryconcerned about the enterprise capital structure, especially the funds combinations formdifferent sources. Generally, capital structure is mainly refers to enterprise’s long-termcapital composition, and liquidity directly affects the real estate enterprise’s debt serviceand operation situation, therefore, this paper studies the financing structure not onlycontains the capital structure but also the short-term financing composition. To thesubject about real estate financing, at present, abroad have more research, also haveabundant literature accumulation. However, due to China’s capital market developmentdegree and the particularity of the institutional environment of the real estate companydevelopment, especially the form08years, it is very necessery to shudy this issue, andthe environment of our country provides certain research material.Firstly, this paper introduces the contents of financing structure and financingoptimization theory basic, and put forward the financing structure is different fromcapital structure, and the development of the capital structure theory and the view ofoptimization of capital structure. Puting forward the modern financing theory (MM)theory and after correction theory, this is theoretical support for my research. The key offinancing structure optimization is the choice of the financing way, the third chapterintroduces the status of China’s real estate enterprise financing and financingpredicament, and give a detailed statement about the influence of capital structure ofdifferent way. With vanke as an example, this paper expounds vanke different periodsof financing decision problem, and then illustrates the vanke is how to use thediversified financing mix constantly to adjust capital composition, and optimize thefinancing structure.In this context, the country has strengthened the macro-control ofreal estate enterprises, This paper analyzes the09-11years in enterprise’s liabilities andoperating income situation about China’s listed real estate development andmanagement as the main business. Found that financial leverage in0.5-0.7range of realestate enterprise biggest proportion. At this time, financial leverage degree, interestpre-tax profit margins and return on equity overall are rising, the financial leverageeffect play better.In On the base of the financial leverage measurement, the article adopted the entropy weight measurement and expert weight modified index comprehensive weightdetermination, multi-objective decision of maximum entropy technology and groupdecision making in the overall deviation method to optimize the financing structure ofthe cases,60%ratio is a real estate company’s optimal financing structure, the resultsand articles for financial leverage level of analysis is consistent.Recently, in the realestate market, the competition fierce increasingly, financing source of the growingtension, cost of debt a rising. Obeying the enterprise’s leverage rules, make full use offinancial leverage positive effect, combined with the practical situation of businessesand make reasonable financing combination judgment optimize capital composition forthe entrepreneurs or managers it is very important also is very be necessary.