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

The "14th Five-year Plan" emphasizes the positioning of "housing not speculation" again.With the implementation of the "three red lines" policy and the promotion of the "two red lines" of real estate loan concentration management,the survival of the real estate industry is about to face great changes,and the era of expansion with high debt and high leverage will eventually come to an end.Capital structure plays a key role in coping with industry trends and preventing risks such as capital chain fracture.Reasonable capital structure can ensure the capital security of real estate enterprises,realize the maximization of enterprise value,and escort the healthy and stable development of enterprises.Based on the current situation of the real estate industry,this paper selects Rise Sun Real Estate Development Co.,Ltd.as the case study object,analyzes its capital structure and designs optimization plans.First of all,the Rise Sun Real Estate Development Co.,Ltd.2016 to 2020,the operating conditions and financial conditions of review and analysis,using the comparative analysis on the Rise Sun Real Estate Development Co.,Ltd.capital structure between industry trend of longitudinal and transverse comparison analysis,the results found that Rise Sun Real Estate Development Co.,Ltd.capital structure exists high debt levels and excessive reliance on current liabilities,the high dependency of bank lending,Enterprises operating income does not increase profits and other problems.Second,in the capital structure optimization Rise Sun Real Estate Development Co.,Ltd.,select optimal design enterprise value maximization as the goal,through static optimization party first to determine the optimal capital structure static,then take the entropy weight method to the company’s internal and external factors affecting the weight calculation,to determine the direction of capital structure dynamic optimization,the external environment according to the final optimization results and real estate industry,The final capital structure optimization interval of Rise Sun Real Estate Development Co.,Ltd.was determined as [70.98%,76.39%],and the optimization effect under the capital structure is estimated.Finally,the comprehensive Rise Sun Real Estate Development Co.,Ltd.overall situation,aiming at specific problems Rise Sun Real Estate Development Co.,Ltd.,put forward to speed up the recovery of funds careful expansion,balancing the structure of corporate debt,explore the new era of financing and financing strategy plan four solutions,able to cope with a new era for Rise Sun Real Estate Development Co.,Ltd.requirements,to achieve long-term development.