房地产上市公司资本结构优化分析-工商管理专业论文.docx

房地产上市公司资本结构优化研究 专 业： 会计学 硕 士 生： 侯雪晨 指导教师： 张建儒 摘 要 随着我国市场经济的不断发展，资本结构的合理性已成为企业成长的关键。 房地产业作为资金密集型产业，对于资本结构的关注更是慎重，对资金供给要求 较高。在国外，资本结构的研究一直是财务研究领域的热点，但是大部分仅仅集 中在对企业资本结构影响因素的研究上，很少有人研究最优资本结构的测度。作 为国民经济发展的重要产业，它有效地带动了相关产业的发展，成为国民经济的 支柱产业之一。然而，数量多、规模小、资质有限是这个行业的通病，不够合理 的资本结构使企业缺乏抵御风险的能力，不利于企业长远发展。要使我国房地产 业能够健康稳定的发展，就应该充分了解其资本结构现状，找出优化资本结构的 途径。 本文立足于资本结构，阐明目前我国房地产上市公司资本结构现状，揭示了 目前房地产上市公司在资本结构上所表现的现实问题，针对这些问题找出其资本 结构问题的成因，然后在静动态模型分析的基础上深入分析影响房地产上市公司 资本结构的影响因素，利用部分调整模型测度最优资本结构，并对该类公司资本 结构优化的具体政策提出可行性建议，找出房地产企业资本结构调整与优化路径。 关键词： 资本结构，调整速度，最优资本结构 Studies on real estate listed company capital structure optimization Specialty: Accounting major Name: Hou xuechen Instructor: Zhang jianru ABSTRACT With the continuous development of market economy in our country, the market economic system gradually established, the reasonable capital structure has become the key to enterprise development, and growth. The real estate industry as a capital-intensive industry, focusing on the capital structure is more cautious, higher requirements on money supply. In foreign countries, the capital structure research has always been the hot spot of the financial research field, but mostly focused on the study of the influence factors of enterprise capital structure, few people study the optimal capital structure of the measure. As an important industry in the development of national economy, it effectively drive the development of relevant industries, become one of the pillar industry of national economy. Quantity, small scale, qualifications, however, limited are common fault in this industry, unreasonable capital structure makes the enterprises lack the ability to resist risk, is not conducive to long-term development of enterprises. To make our country real estate industry can be healthy and stable development, should fully understand its capital structure present situation, find out the ways to optimize the capital structure, it has important practical significance. Based on capital structure, o