| In today's society,the rapid development of science and technology and market economy has promoted the growth of enterprises.As a basic and leading industry in the national economy,the real estate industry has played an important role in promoting economic development.Real estate belongs to capital-intensive industry.With it rapid development,many problems have gradually emerged.The typical feature is the sustained high asset-liability ratio.Against the backdrop of the current domestic economic downturn.With the increase of the state's regulation and control of real estate,the government's changeable regulation policies also bring huge risks to real estate enterprises.The real estate industry is generally facing severe financing pressure.Some enterprises in the industry generally have the situation of declining profitability,high debt ratio and unreasonable capital structure.These phenomena affect the operating performance of real estate listed enterprises and slow down the whole process.In 2018,under the orientation of "no speculation in housing",the state continued to implement a strict regulation and control policy on real estate.Affected by the policy,the financing of enterprises was blocked,sales were restricted,the progress of projects was strictly checked,the overall sales of the real estate industry declined,and the profit margin of listed real estate enterprises generally declined.Real estate enterprises need a lot of funds as support.Financing difficulties have always been a problem faced by real estate enterprises.In reality,many real estate enterprises are bankrupt because of the problems of capital turnover.Therefore,real estate enterprises must pay attention to their own capital structure.Capital structure is an important index to measure the development of enterprises.To improve the value of real estate enterprises in an all-round way and realize their long-term development,it is extremely important to optimize the capital structure of listed real estate enterprises,which has important practical significance for promoting the healthy development of the entire real estate industry.This paper mainly uses literature research method,comparative analysis method and factor analysis method to understand the literature outline related to capital structure through literature research method.Based on the research results of capital structure theory at home and abroad,taking Lushang real estate as the research object,9 real estate companies in the same industry are selected as samples,and compared with the financial data of Lushang real estate.By literature analysis and comparative analysis,the total capital composition,debt composition and equity composition of the enterprise are analyzed in detail,and the capital conclusion of the enterprise is obtained.There are a series of problems in the structure,such as unreasonable debt structure,single financing mode,excessive concentration of equity,insufficient awareness of stakeholders and insufficient concepts of operators.The causes of these problems are found and analyzed according to the actual situation.In the part of evaluation and analysis,the combination of static and dynamic methods is used to provide a path for the optimization of enterprise capital structure.By analyzing the weights of internal and external factors,combining with dynamicadjustment factors,the optimization model of enterprise capital structure is constructed,and the optimal debt ratio range of enterprise is determined to be [67.823%-81.29%].According to the calculation interval,enterprises can adjust the capital structure quantitatively.To formulate a capital structure optimization plan that is in line with the actual situation.Finally,some safeguard measures are put forward to solve the problems existing in the capital structure.These measures can provide reference for enterprises to formulate capital structure optimization rules from various aspects,so as to ensure the healthy development of enterprises. |
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