Research On Capital Structure Optimization Of Real Estate Enterprises Based On EVA

In the process of investment,financing and operation of each enterprise,how to optimize the capital structure of the enterprise is an important proposition.Different capital structure will affect the market competitiveness,operational efficiency and profitability of the enterprise.For the resource-intensive real estate industry,enterprise development requires a large amount of capital investment.Different sources of funds will have different impacts on the capital structure of enterprises.The real estate industry has many well-known capital structure problems,such as high debt levels.The financing channel is single and the shareholding structure is too concentrated.Therefore,optimizing its capital structure is even more crucial.The economic value added is the difference between the weighted average cost of capital invested by the enterprise and the net operating profit after tax.It can effectively reduce the distortion of the profit index caused by the accounting system and truly calculate the total capital cost required for the operation of the enterprise.Improving the theoretical research system of capital structure has become a comprehensive and important factor affecting the optimization of capital structure.Economic value added(EVA)can increase the ability of enterprise assets to create,increase corporate value,and pursue corporate value maximization.The optimal capital structure of the enterprise is to maximize the value of the enterprise by weighting the average cost of capital.The content of this paper is based on the analysis of capital structure and optimization theory and related concepts of EVA.Based on the judgment that enterprise value maximization is the optimal goal of capital structure and the important influence of EVA on capital structure optimization,the EVA-based capital structure optimization index is constructed.To determine the value created by the company.After analyzing the status quo,problems and causes of the real estate enterprise's capital structure,this paper proposes the EVA-based real estate enterprise capital structure optimization measures for key issues.This paper uses the case study method,taking Poly Real Estate as the research object,constructing the EVA calculation formula of real estate enterprise and taking Poly Real Estate as an example to calculate the EVA value of Poly Real Estate from 2013 to 2017.According to the analysis of the calculation results,according to the structure of Poly Capital Characteristics,proposed EVA-based real estate enterprise capital structure optimization recommendations.Through the analysis of the background of capital structure of real estate enterprises in China,and then taking Poly Real Estate as an example to construct a case study of ETA-based capital structure optimization management system,hoping to promote the construction of target capital structure of real estate enterprises,using EVA On the basis of the concept,we will do our utmost to solve the actual problemsof real estate enterprises.