论文总字数：18347字

摘 要

随着我国经济发展，房地产行业逐渐发展壮大。但是，房地产行业的发展问题愈来愈突出。我国房地产上市企业的资本结构也引起了广泛的关注。

资本*情况进行描述后，通过采集样本房地产上市公司资产负债表中的数据，对其资产负债率、资本结构类型进行分析判断，并与其他行业上市公司资本结构进行对比，得出我国房地产上市公司负债比例较高，公司运营风险较大，融资渠道单一的结论。同时对我国房地产上市公司资本结构优化问题进行简单探讨，提出我国房地产上市公司可通过遵循最优资本结构、建立风险管控体系、积极开拓多元融资渠道等策略措施，对资本结构进行优化调整。

最后得出的结论是：要对我国的上市房地产公司资本结构进行优化调整，国家需建立健全相关政策来规范房地产行业的发展；同时，企业自身也要及时调整资本结构，规范融资行为，促使我国房地产行业健康发展。

关键词：房地产；上市公司；资本结构；优化策略

Discussion on The Capital Structure of Chinese Real Estate Listed Companies

Abstract

With the economic development in China, the real estate industry has grown up. However, due to lack of proper and effective supervision, the development of real estate industry arises some problems and they are becoming more and more prominent. Among them, the capital structure of Chinese real estate listed companies deserves attention.

Capital structure of real estate listed company in our country reflects its capital formation of the company"s assets, through the analysis of enterprise capital structure, can understand the source of funds of enterprises and financial situation, to evaluate the running state of the enterprise, provide financial information for investors, creditors and other related information users. The listed companies’ capital structure is often disclosed in the form of a balance sheet. As a representative of China"s real estate industry, study the capital structure of real estate listed companies in China and can provide references for optimizing the capital structure of most non-real estate listed companies. In the description analysis to our country real estate industry as a whole, by collecting sample data in the balance sheet of real estate listed companies, the asset-liability ratio, the types of capital structure is analyzed, and compared with other industry capital structure of listed companies, it is concluded that China"s real estate listed company capital structure used more risks, short-term debt is higher, the company operating risk. At the same time, the capital structure of listed companies of our country estate for a simple optimization problem, it is concluded that China"s real estate listed companies by following the optimal capital structure, establishing the risk control system, policy measures such as improving cash flow management, and to optimize the capital structure adjustment.

Finally came to the conclusion of the discussion that our country real estate listed companies need to adjust capital structure optimization. Also, the state needs to establish and improve relevant policies to regulate the development of the real estate industry; at the same time, the enterprises themselves must promptly adjust the capital structure, standardize the financing behavior, and promote the healthy development of the real estate industry in our country.

Keywords: Real estate;Listed companies;Capital Structure;Optimization strategy

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 1

1.4 文献综述 1

第二章 资本结构理论综述 4

2.1 MM理论 4

2.2 权衡理论 4

2.3 代理理论 4

2.4 信号理论 5

2.5 优序融资理论 5

第三章 我国房地产上市公司资本结构分析 6

3.1 我国房地产上市公司资本结构现状 6

3.2 我国房地产上市公司资本结构存在的问题及成因 8

3.2.1 我国房地产上市公司资本结构存在的问题 8

3.2.2 我国房地产上市公司资本结构问题的成因分析 9

第四章 我国房地产上市公司资本结构优化策略 10

4.1 遵循最优资本结构 10

4.2 建立风险管控体系 10

4.3 积极开拓多元化融资渠道 10

结 论 12

致 谢 13

参考文献（References） 14

第一章 绪 论

1.1 研究背景

改革放开以后，我国进入社会经济快速发展时期，房地产行业发展迅速，并逐渐成为我国经济发展的重要支柱产业。房地产行业的健康发展可以支撑和带动整个国民经济的发展。迄今为止，我国房地产市场发展波澜起伏，从繁荣到低谷，再重回巅峰后趋于平静，房地产行业在我国社会经济发展过程中发挥着重要的推动作用，其未来发展状态也是社会各界关注的重要内容。

与此同时，房地产企业在发展过程中不断出现许多问题,其中资本结构问题较为明显。房地产行业的发展以及国民需求的增长，使得房价水涨船高。房价的快速增长引起了房市的大量泡沫，而国民收入的增长速度远远赶不上房价的增长速度。对于房地产行业的运营，国家也采取了一定的措施进行规范促使房价逐渐趋于平缓，但这并没有从根本上解决问题。

1.2 研究目的及意义

我国房地产行业的发展受到国家宏观调控和开发控制，这是一个很难预测的发展趋势,在中国商业地产的发展中潜在的问题已经强调了很长时间。在中国,房地产公司通常有较多的负债尤其是短期负债。因此,大量资金需要收回偿还债务,因此房价自然上涨。虽然在实践中，债务管理对企业有一定的好处，企业可以通过财务杠杆获得利润，但过高的杠杆率会导致企业风险，这不利于企业的长远发展。

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