房地产行业上市公司资本结构优化研究.doc

房地产行业上市公司资本结构优化研究 中文摘要：房地产业是我国支柱产业之一，对于带动相关几十个产业发展，扩大就业等一系列问题具有积极作用。目前我国房地产开发企业数量众多，但具有一定规模的企业还非常有限，由于房地产行业资本密集型的特点，资金一直是影响房地产企业生存和发展的重要因素。在我国当前经济形势下，房地产企业的资产负债率普遍偏高，企业融资结构不合理，企业过分依赖银行借款，融资渠道单一，短期负债比例高于长期比例，内源融资比例偏低，直接 融资比例较小。企业资本结构不够合理，使房地产开发企业缺乏抵御市场风险的能力，在国家紧缩银根时企业资金链会非常紧张，严重影响企业长远发展。在近几次的宏观调控实践中，由于资金链的断裂而导致破产的房地产企业不计其数，因此，选择合理的负债规模，选择合适的融资结构对房地产开发企业尤为重要。针对房地产企业资本结构存在的问题，本文将就这一问题展开深入研究。由于房地产上市公司在众多房地产开发企业中极具代表性，相信通过对行业中上市企业资本结构问题的研究，将会给我国企业特别是房地产企业资本结构的优化提供思路。 关键词：资本结构， 房地产行业， 融资结构 Abstract：The real estate industry is one of pillar for our country，It promotes the development of several related industrial，and enlarges the job，it has positive role for others as well．At present，the number of our Property development Enterprise is numerous，but the scale for many of them are limited，as an intensive capital industry of the real estate，Its debt-to—asset ratio is higher than others．therefore the fund has been the important effects for its survival and development．Under current economic situation，the real estate enterprise’s capital structure exists many problems．such as the proportion of Equity financing is lower than debt financing，the proportion of short-term debt is higher than the long—term debt，the enterprise relies on the bank loan excessively，the enterprise capital structure is not reasonable，the financing channels is relatively unitary．these problems can cause crisis for Enterprise’S development．With these capital structure，many enterprises will lack ability to resist the market risk，when our country tight the money，the capital chain will be tight，it will influence the enterprise’S long-term development seriously．In fact，numbers of corporation bankrupt. because of the broken for the capital chain．Therefore，chooses the reasonable debt scale，determines the reasonable capital structure is very important．In this article we will research the problem deeply in present situation．Because the real estate listed company has the representation extremely in the numerous enter