Research On Capital Structure Optimization Of Huafa Shares Based On REITs Model

At present,under the background of "rental and sale",the competition in the real estate industry has started to shift to the rental housing market.Real estate companies are exploring asset-light transformation to seek new development opportunities and directions.The upgrading of the competition strategy of related enterprises will cause a new round of financing demand.The implementation of the "three red lines" policy in 2020 has further increased the difficulty of financing for real estate companies,and in order to seek breakthroughs and development in the difficult situation,real estate companies have started to actively explore diversified financing paths.Real estate trust investment funds have received more and more market attention.This paper takes Huafa shares as the research object,through analyzing the financing structure problems faced by enterprises before Huafa shares issued REITs and the new demands of transformation and upgrading,focusing on the motives,characteristics and issuance process of Huafa shares rental housing REITs financing,using modern capital structure theory and financial analysis indexes,combined with the goal of optimizing enterprise capital structure,respectively,from the optimization path of asset and liability structure,reducing The objective of capital structure optimization is to explore the optimization path of Huafa’s rental housing REITs in terms of optimizing the capital structure,reducing the cost of financing,improving the return on net assets,and providing a positive response to the residual value of the company.Finally,in order to guarantee the smooth development of China’s REITs,narrow the differences with international standardized REITs,and bring into play the scale effect,this paper puts forward relevant safeguard suggestions targeted at the current situation of China’s REITs development,including actively promoting the practice of standardized REITs,ensuring the quality of underlying assets,improving the credit enhancement safeguard measures,and actively implementing relevant legal and risk control systems.