The Research On The Optimization Of Capital Structure Of Real Estate Listed Companies In China

The real estate industry plays an important role of China's economy,and it is an important industry to strengthen the national economy and improve people's life,but also around the government to achieve an important means of economic growth.However,in China's current economic situation,a considerable number of real estate business asset-liability ratio is high.Moreover,this part of the real estate business financing structure is usually unreasonable,they rely on long-term bank loans,their short-term debt ratio higher than the long-term ratio,and their internal financing and direct financing ratio is smaller.In the enterprise,the irrational structure of the enterprise capital will lead to a series of financial problems,it will not only make the real estate business to resist market risk reduction,but also make the capital chain will become extremely fragile,it seriously affected the sustainable development of enterprises.Therefore,the choice of a reasonable scale of debt,select the appropriate financing structure of the real estate development enterprises is particularly important,the real estate business capital structure there are many problems,this article will be on the optimization of capital structure.Research on the capital structure of listed companies in real estate can help us to better understand these problems.This paper draws on the relevant research results of capital structure at home and abroad,combined with the actual situation of domestic real estate listed companies,and uses the financial data of Gree real estate in 2012-2016 as the sample data,and uses the theory and case combination to carry on the related research on capital structure The The introduction of the capital structure theory research results,looking for Gree real estate capital structure influencing factors.In the course of this study,the following work is mainly done:the author explores the current capital structure of the domestic real estate listed companies and draws the challenge of the capital structure of the real estate enterprises in China under the new environment.Then,the paper analyzes the capital structure of the case firm "Gree real estate",and analyzes the domestic and foreign research results on the influencing factors of the capital structure of the listed enterprises.Combining with the characteristics of the real estate listed companies in China,this paper puts forward the existence of the capital structure The problem:the ownership structure is defective,the debt structure is unreasonable,the external financing is the main financing mode and the financing channel is single and so on.Finally,through the optimal capital structure quantitative model,the optimal capital structure interval of Gree real estate is measured,and the suggestions and countermeasures of capital structure optimization are put forward according to the existing problems of capital structure.The results of this paper show that there are problems in the capital structure of Gree:Adjust its financing structure;reduce the asset-liability ratio;Adhere to enhance the profitability of the company's assets to enhance the level of internal financing;The use of diversified means of financing To change the company's debt composition.