Research On Optimization Of Capital Structure Of Real Estate Listed Companies

How to optimize the capital structure of enterprises has long been the core problem of enterprise financing,investment and operation.The capital structure of enterprises will have an extremely important influence on the enterprise's operating efficiency.Therefore,for any enterprise,the choice of a unique perspective on the enterprise capital structure optimization research,and thus the development of the corresponding capital structure optimization measures,is the only way to promote the healthy development of enterprises.The real estate industry belongs to the capital-intensive industry,the optimization of the capital structure should be placed in a more prominent position,what measures to achieve the goal of capital structure optimization is the center of shareholders,creditors and financial research.Economic value added(EVA)is a comprehensive factor affecting the optimization of capital structure,the value of its concept is to maximize the value of the enterprise.At present,the academic circles generally believe that the optimal capital structure is to make enterprise value maximum,and the capital structure is the most favorable to shareholders.The goal of optimizing the capital structure of the enterprise is to maximize the value of the enterprise,and the capital structure is the best capital structure when the EVA value is the largest.This paper uses the method of theory analysis combined with case study,from the goal of maximizing enterprise value,select the measure of enterprise creation--economic value added(EVA),the capital structure and EVA theory,the present situation,problems and causes analysis of the real estate capital structure of listed companies,we put forward specific measures to optimize the capital structure from the perspective of EVA based on real estate listed companies.At the same time,this paper established the real estate listed companies EVA formula and take Vanke Real Estate Group(000002)as an example,calculate Vanke EVA from 2013 to 2015 and compare Vanke with other nine listed companies.According to the characteristics,problems and causes of Vanke's capital structure,we put forward the specific measures to optimize the capital structure of Vanke.Through the research on the real estate to optimize the capital structure of listed companies,and take Vanke as an example,I hope to play a role,so can the real estate capital structure optimization of listed companies to make their own modest,optimize their capital structure and thus help promote the healthy development of China's real estate industry.