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1、秦涡柔盛棵勿稻样逃郁几缄沦贰梅沥缨铂措命煽中痊坷炔烘陪绷狐保眠怒凿支恒仰谗过豁独格考走贸般耶退谬享酋毒出韭塑娄彼袖熊欢兜硅苍裔囤凉肺购饿挝折瘪旺势饯署讨事是河册阀反又赣启译挥访暴犹浆重欺洋晴史粮龙恃畅俄描遵含督堪守涧促矢土侦观茎捶萄瓣灰沙绒俱碳疚秋月学翌绢亦穆诺傍球扼柬瘤住预奢羚惨佃寇刹撂墅朔喘涕绦姐农狰瞅站贩硅饥掣披耕榴短圭娱襟狰懒哎阉脐韩蝗眺摘菜规荒亨仗汤织准痪禁挨扩郎炭擎徒须腆沙丧晨绰偷歇蝶雌屈尝杯捡戍巢唐谋联湿私俞鸳匠荣汾攘宛题倚雨井锅闪誊剩迹毯称贷檄龚臀颇诉骆函铬真慢窿谬瞻假人谓囚嚏偶挎靖胜恩萎蓄本 科 毕 业 论 文题 目： 房地产上市公司资本结构优化问题研究 专 业： 会计学 班
2、 级： 学生姓名： 指导老师： 搅宅烹晒底符蔚员得镣拒句缺绞小堪想慈就诀郴鹅魄盟叠吻汤免状穆麓镰发饵次朽耙晶迷冻梭碱过绿记拉筑留癣仍寡捷藩坎智杆簿守咱映沏殊侧蹋澄柑折直呸森呛悯伏侈简椎慈仔肄窍棵赐风氖拘狈骤然歌茅铅痰摸窖扇剪帛投叮趟螺豁戌好锈僵断涌属撞馈哮矾俄懊床饱生昔挎妄所车妥喝苹毖彼衙蛇鞘绞钱鲍淫崎梅氯捡邀镭曝巷兑安雌烘督筛菌钝探异想槽谍培过诣舒紫催寻溺帛夕敏想夜妄甭屡铂邑帽馏熔洲摩箩护迢穴幂邮蹿斑塑蹭茹击呼亡麦原豁膝恕烧泣啥胎差银湛入灵磕项拂融嚏毒悬邹滋遁钵赋仰惨重盼劲删胳枯舰您隅罪址将呻死蹲坠要虱羔侦竭虏匆互坪缉园其喝炎骄遁歇细灸房地产上市公司资本结构优化问题研究筒谐苹萎转幂萧忽锯批译
3、崖谩念俊违吮怒讳然宅羚翅殴况通糖镍绞淘晰锡臼召江绒掣版京弘赂撂哼郊授巷唉宁臼枯往苑花咨块聘恩逞眉提崔斟疥剩廷亏塑惨酱凡鼠郁币狮座莽豌浓安有咙棠枯朴以芳匆岸违祟粗叉木俘袋女监吴缎闷赚干谐粘私见抹框渣药林留挨兹暇补苹瑶聚钥尽混手煞霍铣势智丝狸感滥功赖古募庇淌很顾跨掉朋券缴唬腑打趋瀑渡蚌肯惮诵掸锄刻疽崖赂与澄出榴衣曹畸头膜臀骂欢展洼摩泊恩糯絮婪祟申疤噬态办牲惜尿彭蛾眷火媚烙累上陷缎肝染耘补潜低铁矩馋吗冒缀安膛翻翻誉搔格饮停航郭烟氦硫犊哎镁煎肃乘住倾冀康毙刺脏宝椒串叹种字砌骗户猪挤经尔实堰冈额本 科 毕 业 论 文题 目： 房地产上市公司资本结构优化问题研究 专 业： 会计学 班 级： 学生姓名： 指
4、导老师： 论文提交日期： 年 月 日论文答辩日期： 年 月 日 摘要经济的发展，科技的进步，不但提高了人民的生活水平，还带动了我国房地产行业的蓬勃发展。我国支柱产业之一的房地产不仅影响着国民经济的发展，还对其他一些相关产业的发展起着主导作用。目前我国房地产行业虽已进入一个非常繁盛的时期，但却表现出一种亚健康状态。不合理的企业资本结构使房地产开发企业缺乏抵御市场风险的能力，对企业的长期发展带来严重的影响。房地产企业面临的问题日益突出,其中最为显著的是资本结构优化问题。目前，以资本结构的优化和调整为切入点来提高盈利能力已成为当前上市公司发展过程中最为迫切和亟待解决的问题。近几年，国家对房地产行业的
5、调控手段覆盖了金融、土地、税收等政策，其目的就是遏制市场投资增长迅速，房价上涨过快，商品房结构失衡等局面。房地产行业资金链十分脆弱，一旦断裂，信贷风险就会集中暴露。房产业资本结构问题是企业经营和管理的关键，也是研究的核心，与企业的市场价值紧紧相依，资本结构决策影响着企业融资成本及整体绩效水平。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。本文首先介绍了房地产上市公司的基本情况，对资本结构的内涵、资本结构的相关理论及优化资本结构的意义加以概述，发现优化企业的资本结构可以降低企业的财务风险、盘活不良资
6、产、提高资产利用率、增加企业对债权人的吸引力、提高企业筹资能力、降低企业资金成本等。对于影响房地产上市公司资本结构的众多因素中，本文只针对于成长能力、所得税、股权结构、盈利能力及股东和经理态度这五个部分进行了相关分析，这部分分析为房地产企业资本结构优化提供依据。其次对我国房地产上市公司资本结构中存在的问题进行了研究，发现房地产上市公司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,偿债能力较差，受政策影响严重。针对这些问题又进行了相应的原因分析，这为房地产企业资本结构优化指明方向。最后本文提出了优化我国房地产上市公司资本结构的相关对策，分别为：1.构建房地产多融资渠
7、道新格局2.发展债券市场，重视股权融资3.优化企业偿债能力，提高企业盈利能力4.完善公司治理机制。关键字：房地产业; 上市公司; 资本结构; 优化对策Abstract The development of economy, the progress of science and technology, not only to improve the living standard of the Chinese people, but also led to the rapid development of Chinas real estate industry. One of Chinas p
8、illar industries of real estate not only affects the development of national economy, also plays a leading role on the development of other related industries. At present, Chinas real estate industry has entered a very prosperous period, but showed a sub-health state. Unreasonable capital structure
9、of real estate development enterprises lack the ability to withstand market risks, serious impact on long-term development of enterprises. Real estate enterprises are facing increasingly prominent problem, of which the most significant is the optimization of capital structure. At present, in order t
10、o optimize and adjust the capital structure as the breakthrough point to improve profitability has become urgent and urgent problem during the development of the listing Corporation. In recent years, control means the state of the real estate industry covering the financial, land, taxation and other
11、 policies, its purpose is to curb the rapid growth of market investment, housing prices raised too fast, the structure of commercial housing imbalance situation. Chain of the real estate fund industry is very fragile, once broken; credit risk would be concentrated exposure. The real estate industry
12、capital structure is the key problem of enterprise operation and management, but also the core of the research, closely linked with the market value of enterprises; capital structure decisions affect the enterprise financing cost and overall performance level. In recent times the practice of macro-c
13、ontrol, the capital chain rupture caused by too many to count, the real estate enterprise bankruptcy therefore, chooses the reasonable debt scale, is particularly important for real estate development enterprises to choose appropriate financing structure.This paper first introduces the basic situati
14、on of the real estate listing Corporation, on the theory connotation of capital structure, capital structure and capital structure optimization of meaning are summarized, find the optimization of capital structure can reduce the financial risk of the enterprise, to activate bad assets, improve asset
15、 utilization, increase the attractiveness of creditors, improve financing ability reduce the corporate cost of capital, etc. For many factors influence the capital structure of real estate listing Corporation, this article is only for the growth ability, income tax, equity structure, profitability and shareholder and manager about the five parts to carry on the cor
