动态能力视角下中粮地产资本结构调整研究.pdfVIP

摘 要 随着我国居民收入的不断提升，地产行业逐渐面临着向全服务开发的转型。 全服务发展是集生活、商业、住宅、旅游于一身的多元化发展。但是在这一发展 进程中，资金需求量的不断提升，导致房地产行业资产负债率连年飙升，居高不 下，企业资本结构出现了不少问题，进而影响了企业的盈利及发展。资本结构的 调整是房地产企业改变现状的基础与核心，只有用适时的方法对现阶段的资本结 构进行调整，才能高效利用企业资金，支持企业不断转型，实现企业战略目标。 本文从动态能力视角出发，从外部感知、资源整合、成长能力以及管理能力四方 面分析中粮地产资本结构调整，发现其存在融资结构不合理、资金利用效率下降 以及股权分散等问题，并有针对性地提出建议措施，以期为中粮地产资本结构优 化提供一定的参考，进而加强企业风险管理，提升企业竞争力。 关键词：动态能力；中粮地产；资本结构 Abstract With the continuous improvement of Chinas residents income, the real estate industry is gradually facing a transition to full-service development. Full-service development is a diversified development integrating life, commerce, housing, and tourism. However, in this development process, the continuous increase in the demand for funds has caused the asset-liability ratio of the real estate industry to soar year after year, staying high, and there have been many problems in the capital structure of the enterprise, which have affected the profit and development of the enterprise. The adjustment of the capital structure is the foundation and core of real estate companies changing the status quo. Only by adjusting the current capital structure in a timely manner can the companys funds be efficiently used to support the continuous transformation of the company and achieve its strategic goals. From the perspective of dynamic capabilities, this paper analyzes COFCO Real Estates capital structure adjustment from four aspects: external perception, resource integration, growth ability and management ability, and finds that it has unreasonable financing structure, reduced capital utilization efficiency and equity dispersion. Proposed measures a