發(fā)布時間：2018-03-20 06:08

  本文選題：房地產(chǎn)　切入點：陽光股份　出處：《湖南大學》2013年碩士論文　論文類型：學位論文

【摘要】：企業(yè)資本結(jié)構(gòu)是現(xiàn)代財務管理中核心理論之一,也是企業(yè)籌資決策的核心，關(guān)系到企業(yè)的生存與發(fā)展。我國房地產(chǎn)業(yè)曾是國家主要經(jīng)濟支柱產(chǎn)業(yè)之一，但隨著房地產(chǎn)業(yè)的迅猛發(fā)展，泡沫開始形成。不斷擴大的房地產(chǎn)泡沫不僅危及我國經(jīng)濟長遠發(fā)展，也不利于民生與社會和諧穩(wěn)定。為此，國家對房地產(chǎn)展開了嚴厲的宏觀調(diào)控。作為資本密集型產(chǎn)業(yè)且長期以來以高資產(chǎn)負債率為特征的房地產(chǎn)企業(yè)，如何在國家宏觀經(jīng)濟環(huán)境變動背景下，結(jié)合企業(yè)自身的特征因素，動態(tài)地優(yōu)化公司資本結(jié)構(gòu)，對企業(yè)在宏觀經(jīng)濟不利時保持可持續(xù)發(fā)展意義重大。 本文在對以往資本結(jié)構(gòu)理論梳理的基礎(chǔ)上，系統(tǒng)地分析了本輪國家房地產(chǎn)宏觀調(diào)控對房地產(chǎn)業(yè)的影響。再以陽光股份房地產(chǎn)公司為研究對象，對陽光股份資本結(jié)構(gòu)現(xiàn)狀、所受調(diào)控政策影響與問題、優(yōu)化策略進行了分析研究。首先，系統(tǒng)分析了房地產(chǎn)行業(yè)及陽光股份資本結(jié)構(gòu)的內(nèi)外部經(jīng)濟環(huán)境，在此基礎(chǔ)上指出房地產(chǎn)行業(yè)的資本結(jié)構(gòu)現(xiàn)狀及陽光股份資本結(jié)構(gòu)現(xiàn)狀；其次，通過與同行業(yè)優(yōu)秀企業(yè)的比較分析，找出陽光股份資本結(jié)構(gòu)在當前的經(jīng)濟環(huán)境下存在的主要問題；再有，，在分析陽光股份資本結(jié)構(gòu)優(yōu)化目標與優(yōu)化策略的后，在陽光股份靜態(tài)最優(yōu)資本結(jié)構(gòu)的基礎(chǔ)上，綜合考慮外部經(jīng)濟環(huán)境、陽光股份自身因素以及公司的財務彈性要求，指出陽光股份最優(yōu)資本結(jié)構(gòu)區(qū)間為55%～65%；最后，提出優(yōu)化陽光股份資本結(jié)構(gòu)應采取的策略。 本文的創(chuàng)新之處在于在已有理論基礎(chǔ)上系統(tǒng)分析了外部經(jīng)濟環(huán)境對新興市場房地產(chǎn)企業(yè)資本結(jié)構(gòu)產(chǎn)生的影響，以及提出了一個動態(tài)最優(yōu)資本結(jié)構(gòu)研究思路與具體的操作方法。為當前受房地產(chǎn)宏觀調(diào)控影響的房地產(chǎn)企業(yè)資本結(jié)構(gòu)優(yōu)化提供現(xiàn)實的借鑒。
[Abstract]:The capital structure of enterprises is one of the core theories in modern financial management, and it is also the core of enterprise financing decision, which is related to the survival and development of enterprises. China's real estate industry was once one of the main pillar industries of national economy. However, with the rapid development of the real estate industry, the bubble began to form. The expanding real estate bubble not only endangers the long-term economic development of our country, but also does not benefit the people's livelihood and social harmony and stability. The state has carried out strict macro-control over real estate. As a capital-intensive industry and characterized by high asset-liability ratio for a long time, the real estate enterprises, how to combine the characteristic factors of the enterprises under the background of the change of the national macroeconomic environment, Dynamic optimization of corporate capital structure is of great significance for enterprises to maintain sustainable development under adverse macroeconomic conditions. On the basis of combing the previous capital structure theory, this paper systematically analyzes the influence of the national real estate macro-control on the real estate industry. Then taking the Sunshine Stock Real Estate Company as the research object, the paper analyzes the present situation of the sunshine stock capital structure. The influence and problems of the regulation and control policy, the optimization strategy is analyzed. Firstly, the paper systematically analyzes the internal and external economic environment of the real estate industry and the capital structure of Sunshine shares. On this basis, the paper points out the present situation of the capital structure of real estate industry and the present situation of the capital structure of sunshine shares. Secondly, through the comparative analysis with the excellent enterprises of the same industry, the paper finds out the main problems existing in the capital structure of sunshine shares in the current economic environment. Secondly, after analyzing the optimization objectives and strategies of the capital structure of the sun shares, on the basis of the static optimal capital structure of the shares, the external economic environment, the factors of the shares themselves and the financial elasticity requirements of the company are considered synthetically. It is pointed out that the optimal capital structure range of sunshine shares is 55 / 65, and finally, the strategies to be adopted to optimize the capital structure of sunshine shares are put forward. The innovation of this paper lies in the systematic analysis of the impact of the external economic environment on the capital structure of real estate enterprises in emerging markets on the basis of existing theories. The paper also puts forward a dynamic optimal capital structure research idea and concrete operation method, which provides a practical reference for the real estate enterprise capital structure optimization which is affected by the real estate macro-control at present.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F299.233.4

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