A Case Study On The Capital Structure Adjustment Of Vanke's Struggle For Control

With the continuous development of China's market economy,the rationality of capital structure is a key factor for the growth of enterprises.The capital turnover period of the real estate industry is relatively long and there are more requirements for capital supply,so the management also attaches great importance to the capital structure.This industry is an important industry of the national economy and the hottest industry in the country,which effectively promotes the development of other industries and becomes one of the pillars of national industries.If enterprises can reasonably use financial leverage,it will bring great value to shareholders and enterprises.If it cannot be used reasonably,certain negative financial leverage effect will be generated,which is not conducive to the sustainable development of enterprises.Therefore,capital structure decision is a very important financial decision in the operation of a company.In order to make real estate enterprises develop stably for a long time,it is necessary to understand the current situation of capital structure and find the way to optimize the capital structure.Based on China Vanke control during the battle for case analysis,Vanke group is a leader of real estate industry,and in 2015 to 2017 occurred in the struggle for control of the industry's problems,through the nearly five years of dynamic adjustment of capital structure observation,before and after the battle for control of capital structure adjustment speed,degree of deviation from the target and path,in order to analysis the Vanke capital structure adjustment in the struggle for control of the behavior change and the impact of.Then according to the annual report analysis of its financial situation and operating results before and after the fight for control of the capital structure adjustment brought about by the economic efficiency.Finally,based on the data,the paper draws a conclusion and analyzes the impact of the fight for control right on the capital structure adjustment and adjustment efficiency of enterprises.According to the situation of the capital structure adjustment and the adjustment path of Vanke group during the fight for control right,this paper gives some Suggestions on how to optimize the capital structure and improve the ownership structure.It can provide reference and reference for the domestic real estate industry in the aspects of the way of capital structure adjustment,the choice of equity structure,financing channels and risk aversion,and can provide certain inspiration for its own enterprises according to the situation of Vanke.Through data analysis,this paper believes that the competition for control right has no negative impact on the business performance of enterprises.If the management team is excellent,the business performance may be improved to some extent.However,malicious and continuous equity competition will damage enterprise value,not conducive to the effective adjustment of capital structure,but also increase financial risks,not conducive to the sustainable development of enterprises.Therefore,we should optimize the debt financing method and take measures to improve the equity structure.In this paper,the dynamic adjustment elements of capital structure are combined with a single case,and the selected case occurs during the struggle for control rights,which has a certain impact on the speed,deviation degree,adjustment path and adjustment efficiency of capital structure adjustment.Therefore,it has representative significance and can propose targeted effective countermeasures.