房地产行业上市公司资本结构.docVIP

摘 要 房地产行业是关系国计民生的重要行业，了解房地产行业资本结构的影响因素，对于理解房地产企业融资偏好，控制金融风险都有着非常重要的意义。目前，国内房地产行业存在房地产企业整体资产负债率较高、融资渠道过于单一、短期借款比例大于长期借款比例、融资结构不合理等现象，不利于企业的长期经营和管理。不同的融资渠道有不同的融资成本和经营成本，企业在筹资资金的时候要以融资成本和经营风险最小化和企业利益最大化为目标，优化资本结构就显得尤为重要。本文通过资本结构理论，对房地产行业上市公司的资本结构影响因素进行了分析。最后，本文从重视公司规模，实施多元化经营经营战略、控制负债比率，优化债务结构、拓宽融资渠道，实行多元化融资、合理利用非负债税盾、增强企业自身盈利能力等方面对房地产行业资本结构的优化提出了相应的建议。 关键词： Abstract Real estate industry is important industry of national economy and peoples livelihood relationship, understand the influencing factors of the capital structure of the real estate industry, to understand the real estate enterprise financing preference, control the financial risk has very important significance. At present, the domestic real estate industry, real estate enterprise overall asset-liability ratio is higher, the financing channel is too single, short-term borrowing rate is greater than the proportion of long-term loans, the phenomenon such as irrational financing structure, is not conducive to long-term operation and management of the enterprise. Different financing channels of financing costs and operating costs of enterprises when to raise money for the cost of financing and operating risk minimization and the enterprise benefit maximization as the goal, to optimize the capital structure is particularly important. In this article, through the capital structure theory, the factors affecting capital structure of listed companies of real estate industry is analyzed. Finally, this paper attaches great importance to the company size, the implementation of diversified management strategy and control the debt ratio, optimize the debt structure, broaden the financing channels, a diversified financing, reasonable use of debt tax shield, enhance their own profitability aspects such as the optimization of capital structure of real estate industry puts forward the corresponding Suggestions. Keywords: Real Estate；Capital structure；Influence factor 资本结构是指企业全部资本的构成及其比例关系。 中国房地产开发企业从2000年的27303家增长到2013年的