会计学院知识库

资本结构是财务学理论的核心内容，也是企业做出决策的内在依据，一直都是各界研究的重难点。对于企业而言，资本结构犹如“命脉”，保持合理就会提升价值，创造收益，反之，就会制约发展，引发风险。因而，企业应该不断优化自身的资本结构以促进可持续发展。

我国多数房地产企业的资本结构都存在一些问题，而该行业又极易受到外界干扰因素的影响，比如，经济发展不平稳会给房企带来较大的风险，经济政策颁布实施会让房企陷入融资困难的境地等。目前我国房地产市场正处于深度调整期，融资“三道红线”的出台给房地产行业带来了极大的压力，通过倒逼企业主动降负债的方式来减少房地产行业的泡沫化。在这样的背景下，房地产企业的资本结构问题更加严重。金地集团是我国房地产行业中比较有竞争优势的一个企业，但是，近年来企业财务状况不容乐观，债务集中到期，频繁还款给企业的现金流带来较大压力，资本结构的问题不断显露。因此，对金地集团金的资本结构研究显得迫在眉睫。

本文以资本结构相关理论为出发点，梳理结论，将其运用到实际的案例分析中，通过纵向分析和横向分析相结合的方式，发现其资本结构较为不合理的地方，主要体现在不断上升的负债比率、比例失衡的债务结构、缺乏新的融资方式以及内源资本储备严重不足等问题。之后，在财务权变理论提出的分析框架下，逐一分析影响金地集团资本结构的具体因素。在此基础上，以熵权法为主，财务权变理论为辅，构建模型，分析计算权重占比最大的指标，将此作为后续优化的重点，并综合静态最优方程和动态最优调整数的结果，认为金地集团的最优资本结构是一个区间段，具体为[69.45%,74.45%]。最后，针对金地集团存在的问题以及与目标资本结构的差距，提出通过适当增加股权融资比例、调整债务结构、多元化融资、增强偿债能力、提高内源融资比例五个具体优化对策，并且为了使得金地集团的优化方案更加具有可行性，本文从内、外部两个方面提出了保障措施。

Capital structure is the core content of financial theory and the internal basis for enterprises to make decisions. It has always been an important and difficult point in research from all walks of life. For enterprises, the capital structure is like the "lifeline" . Staying reasonable will increase value and create income, and on the contrary, it will restrict development and cause risks. Therefore, enterprises should constantly optimize their own capital structure to promote sustainable development.

Most real estate enterprises in China have some problems with their capital structure, and the industry is highly susceptible to the influence of external disturbances, for example, unsustainable economic growth will pose significant risks to real estate companies, as well as economic awareness and implementation，policies will bring financial hardship, etc. At present, China's real estate market is in a period of deep adjustment, and the introduction of the "three red lines" of financing has brought great pressure on the real estate industry.The gun in the real estate business is being reduced by forcing companies to properly reduce debt. In this case, the financial position of the real estate agents has deteriorated. Jindi Group is one of the more competitive enterprises in China's real estate industry, however, in recent years, the financial situation of the enterprise is not optimistic, the concentration of debt maturity, frequent repayments put greater pressure on the cash flow of the enterprise, and the problems of the capital structure continue to reveal.Therefore, it is urgent to study the structure of the Gemdale Group.

Based on capital construction theory, this article integrates decisions and applies them to real debt analysis. By combining vertical analysis with flat analysis, it has been found that its capital structure is irrational, characterized mainly by increasing assets. Debt levels, debt inequality, a lack of new funding mechanisms, and a severe shortage of internal resources. Then, under the framework of the proposed analysis of the urgency of finance, certain factors affecting the structure of the Gemdale Group were analyzed one by one. The model is built and analyzes and counts for large weight accounts. The Gemdale Group index is considered to be the main focus after the merger, and combined with the results of the equatic optimization equation and the adjusted number of variables, it is believed that the best Gemdale Group break, especially [69.45%, 74.45%]. Finally, in line with the problems of the Gemdale Group and the target capital gaps gap, five strategic plans have been proposed to effectively increase funding levels, restructure debt, diversify funding, strengthen solvency, and increase the number. internal and external security.