会计学院知识库

  公司的创建与运营离不开各类资本的支持，合理的资本结构能最大程度利用不同资本的优势，助推企业价值提升，因此关于资本结构问题的研究始终是财务管理理论中的热点话题。我国房地产行业曾经在政策推动下发挥了巨大的经济带动作用，但当下过分繁荣的市场给行业发展埋下了很多隐患，其中资本结构不合理成为房地产企业最突出的财务问题，所以国内资本结构研究多集中在房地产行业。但多数研究是大样本实证研究，针对单个案例企业研究较少，因此探索资本结构理论在案例研究中的应用，解决个案资本结构问题成为新的研究方向。

  文章选择房地产上市公司华夏幸福为研究对象，以财务权变理论为分析框架，并融合多种经典资本结构理论的优势，综合分析了华夏幸福资本结构存在的问题以及资本结构调整的决策与效果，最后提出了合理的调整建议。研究发现：华夏幸福在轻资产经营模式的转型途中，负债规模不断暴涨，负债结构严重失衡，并存在明显的债权融资偏好，这类资本结构问题已经严重影响到公司的日常经营和资本市场表现，正一步步将其推向现金流断裂的边缘。华夏幸福虽然通过定向增发、战略引资、信托贷款、公司债券等融资方式积极调整资本结构，但调整的决策和效果并不理想，其中股权融资不具有可持续性，内源融资也未能发挥作用。面对日益恶化的资本结构，华夏幸福应该继续深挖产业新城潜力，整合优势资源与能力，积极尝试从寻求战略合作伙伴、提升运营能力、改变财务政策、加强内部控制等途径持续性地调整资本结构，从而实现可持续性发展。

  The establishment and operation of a company can not be separated from the support of various capitals, and a reasonable capital structure can maximize the advantages of different capitals and boost the enterprise value, so the research on capital structure has always been a hot topic in financial management theory. China's real estate industry has played a huge role in driving the economy under the impetus of policies, but the excessively prosperous market has laid many hidden dangers for the development of the industry, among which the unreasonable capital structure has become the most prominent financial problem of real estate enterprises, so domestic capital structure research is mostly concentrated in the real estate industry. However, most of the researches are large sample empirical studies, and there are few researches on single case enterprises. Therefore, exploring the application of capital structure theory in case studies and solving the problem of case capital structure has become a new research direction.

  This paper chooses CFLD, a listed real estate company, as the research object, takes the financial contingency theory as the analysis framework, and combines the advantages of various classical capital structure theories, comprehensively analyzes the existing problems of CFLD's capital structure and the decision-making and effect of capital structure adjustment, and finally puts forward reasonable adjustment suggestions. It is found that CFLD is experiencing a rapid increase in debt scale, a serious imbalance in debt structure, and a serious preference for debt financing during the transformation of light asset management mode. This kind of capital structure problem has seriously affected the daily operation and capital market performance of the company, and is pushing it to the edge of cash flow break step by step. Although CFLD actively adjusts its capital structure through private placement, strategic investment, trust loans, corporate bonds and other financing methods, the decision-making and effect of adjustment are not ideal, in which equity financing is not sustainable and endogenous financing fails to play its role. Facing the deteriorating capital structure, CFLD should continue to tap the potential of new industrial cities, integrate superior resources and capabilities, and actively try to continuously adjust the capital structure by seeking strategic partners, improving operational capabilities, changing financial policies and strengthening internal control, so as to achieve sustainable development.