Research On Capital Structure Optimization Of Real Estate Listed Companies

Capital structure has always been the core of enterprises’ concern,and its main content is whether the enterprise’s resource allocation is efficient.A large number of research results show that in the choice of financing decision,enterprises often deviate from the target capital structure because of information asymmetry,financing constraints and many other constraints.Because of the adjustment cost,enterprises need to constantly adjust their capital structure in a changing environment.The core of capital structure theory is to promote the improvement of the overall capital structure quality of enterprises through the way of capital structure optimization.For the real estate industry in China,with the continuous warming of the real estate market and rising house prices,the real estate industry has become a new growth point of the national economy,which has had an important impact on the whole national economy.But nowadays,there are many problems in the real estate industry,such as high asset-liability ratio,single financing method and high proportion of short-term debts.These problems are also the main reasons for the bankruptcy of many real estate enterprises,and the more fundamental reason is the unreasonable capital structure of real estate.Therefore,optimizing the capital structure of real estate listed companies can ensure the stability and long-term development of the real estate industry.In this paper,Vanke Group is selected as the case study object,guided by MM theory and its revision,trade-off theory and pecking order financing theory,and after analyzing the research background,research purpose and significance of the current situation of capital structure in real estate industry,the methods of literature research,case analysis,multi-objective programming,quantitative analysis and comparative analysis are systematically used to carry out the research.By analyzing the present situation of Vanke Group’s capital structure,comprehensively considering the external influence of policies and the internal influence factors of capital structure,based on the theory of capital structure optimization,this paper constructs the capital structure optimization model and adjustment interval,with a view to optimizing the capital structure.First of all,on the basis of summarizing the research theory of capital structure,this paper discusses the characteristics and present situation of the real estate industry structure,such as high asset-liability ratio and high dependence on external funds.The main reasons for these problems are still that the real estate industry has a large demand for funds,and the development of China’s financial market is not perfect enough,and equity financing is not easy,which leads to the unreasonable capital structure of real estate enterprises from time to time.Secondly,taking Vanke Group as an example,this paper analyzes its current operating status,capital structure and financing status,and probes into the capital structure of Vanke Group through horizontal and vertical comparative analysis.It is found that Vanke’s capital structure has a series of problems such as high asset-liability ratio.Thirdly,by analyzing the multi-objective attribute of capital structure optimization,the concrete performance of enterprises’ pursuit of value maximization is to improve their profitability,operational ability,anti-risk ability and development ability,and build an optimization model of capital structure based on these influencing factors.Using the multi-objective programming method,the capital structure optimization model is constructed,and then the entropy weight method is used to dynamically adjust,and the optimal interval of capital structure is[75.72%,78.09%],and the expected effect of the optimal interval of capital structure is tested.Finally,some suggestions are put forward for the optimization of Vanke Group’s capital structure,so as to provide reference for the optimization of real estate industry’s capital structure.