Research On Capital Structure Optimization Strategy Of Evergrande Group

With the strengthening of relevant policies for the real estate industry control,in the original industry of high leverage and high debt background,more and more real estate enterprises capital structure problems,real estate leading companies Evergrande Group led the thunderstorm caused the real estate industry to their own capital structure situation,"three red line" policy control and control and The control of the "three red lines" policy and the centralized management of real estate loans by the "two red lines" will make the real estate industry face a major change in its survival environment,and the capital structure of enterprises will gradually come to the surface.A reasonable capital structure can guarantee the healthy operation of real estate enterprises,and the problems of Evergrande Group are inseparable from its capital structure.In this paper,we analyze the capital structure of Evergrande Group in depth and propose corresponding optimization measures to help Evergrande Group solve the current capital structure problem and get out of the predicament and improve the enterprise value.Under the regulation of macro policies,the optimization of capital structure of the real estate industry itself should be the focus of attention of the industry at this stage.Based on the current national macro policy and the current situation of real estate industry,this paper combines the relevant theoretical basis with the relevant research on capital structure at home and abroad for in-depth analysis.When analyzing the problems of capital structure of Evergrande Group,we do not use simple financial index analysis to find the problems,but combine the relevant analysis with the influencing factors of the enterprise itself as the basis,which makes the analysis results more specific and in-depth;in the use of methods,we apply the evaluation method of financial performance to the evaluation of capital structure of the enterprise and adopt two options to test whether the optimal capital structure interval is reasonable.This paper takes Evergrande Group as a single case study,analyzes its capital structure and proposes optimization measures.Firstly,using factor analysis and efficacy coefficient method,we analyze the current situation of capital structure of Evergrande Group horizontally and vertically,and find that the capital structure of Evergrande Group lags behind other real estate companies in Hong Kong,and the scores of each influencing factor are not satisfactory,and the overall trend is decreasing.Secondly,the optimal capital structure interval of Evergrande Group was measured,and the gearing ratio of the enterprise under the optimal capital structure was determined by using the static optimization equation,and then the optimal capital structure was adjusted to the form of interval by combining the internal and external factors affecting the capital structure,and the optimal capital structure interval of Evergrande Group was finally determined to be(75.0036% — 78.7700%)and the interval obtained by using two testing schemes whether it is reasonable or not.Finally,the capital structure influencing factors of Evergrande Group are analyzed by applying hierarchical analysis method,and it is concluded that Evergrande Group has problems such as excessive debt scale,aggressive strategy implementation,obvious short-termization of debt and low quality of corporate earnings by combining relevant influencing factors.According to the problems of capital structure of Evergrande Group,corresponding optimization countermeasures and safeguard measures are proposed,hoping to help Evergrande Group solve the debt crisis and optimize its own capital structure.