摘要：房地产行业在中国经济中具有举足轻重的地位。此产业属于资金密集型产业，资金的来源，资金的投入量，资金如何安排和使用，都对房地产企业长期可持续发展起着至关重要的作用。探究房地产业资本结构的优化问题意义重大。业内认为，房地产资本结构中股权集中度过高，资产负债率过高，负债结构不合理，融资渠道单一，是房地产上市企业资本结构的通病。本文将从股权结构，债权结构以及融资结构出发，对我国房地产上市公司资产负债现状与问题作出了初步研究与分析，再结合我国地产代表性企业保利地产，对其进行资产负债结构数据的纵向和横向分析，并尝试进行静态优化和动态优化。最后，为我国其他房地产上市公司提供总结性的建议。

 

关键词：房地产；上市公司；资本结构；优化

 

目 录

摘 要

Abstract

Contents

Chapter 1-Introduction-４

1.1urpose and significance of the study-１

1.2Literature review-２

1.2.1Research status abroad-２

1.2.2Domestic research status-３

1.2.3Evaluation of research status-４

1.3Research content and research methods-５

1.4Innovative ideas-５

Chapter 2-Relevant theoretical basis-６

2.1Definition of capital structure-６

2.2Relevant financial indicators affecting the structure-６

2.3Theories related to capital structure-７

2.4Static optimisation model-８

Chapter 3-Analysis  of  the  Current  Situation of Capital Structure of China's Real Estate Listed Companies-１０

3.1Analysis of factors influencing the capital structure of China's real estate listed companies-１０

3.1.1National policies-１０

3.1.2Internal corporate factors-１２

3.2Status of capital structure of listed real estate companies in China-１５

3.2.1From the perspective of equity structure-１５

3.2.2From the perspective of debt structure-１６

3.2.3From the perspective of financing structure-１８

3.3Problems and effects of capital structure of listed real estate companies in China-２０

3.3.1Irrational shareholding structure-２０

3.3.2High gearing ratio and net debt ratio-２１

3.3.3Excessive reliance on bank credit-２２

Chapter 4-Case study of Poly Real Estate-２３

4.1Overview of Poly Real Estate-２３

4.2Longitudinal analysis of Poly real estate capital structure.２３

4.2.1Shareholding Structure-２３

4.2.2Analysis of Poly Real Estate's debt structure and solvency２４

4.2.3Development of Poly Real Estate's Financing Structure ２５

4.3Horizontal analysis of Poly real estate capital structure-２６

4.3.1Debt Structure-２７

4.3.2Financing structure-２８

4.3.3Shareholding Structure-２８

4.4Static optimization of Poly Real Estate's capital structure and dynamic optimization-２９

4.4.1Static Optimization-２９

4.4.2Dynamic Optimization-３０

4.4.3A reasonable interval for the capital structure of Poly Real Estate-３２

Chapter 5 Suggestions for Optimizing Capital Structure    of

Real Estate Listed Companies-３３

5.1Actively and flexibly respond to changes in policies-３３

5.2Suggestions on shareholding structure-３３

5.3Recommendations on debt structure-３４

5.4Suggestions on fund raising-３４

Chapter 6 Conclusion-３６

Reference-３８

Acknowledgements