JK Capital Structure Optimization Design

During the 15 years from 2004 to 2019,China's real estate industry has developed at a high speed.In the 15 years since the introduction of the "bidding and hanging" system in 2004,the real estate industry has gradually developed into one of the important basic industries that can affect China's GDP growth,fiscal policy and investment orientation,and is an irreplaceable industry to promote the steady development of China's social economy.Real estate industry is different from other general industries.It belongs to capital-intensive industry.It is very vulnerable to the influence of macro-control policies.As a dense industry which needs a lot of capital injection,how to obtain capital is the first issue to be considered in real estate industry.The different structure and proportion of capital will have a significant impact on the operation,profitability and ownership structure of real estate.Good capital structure is conducive to the good operation of a large number of real estate enterprises.The capital structure of enterprises is generally reflected by the solvency and financing ability of enterprises.The solvency and financing ability of enterprises are closely related to the future earnings ability of enterprises.They can reflect the financial status of enterprises and the level of enterprise development.Therefore,it is of great significance to study the capital structure of large listed real estate companies.Real estate enterprises especially need to pay attention to optimizing their own capital structure.Excellent capital structure can obtain a large amount of capital and low-cost capital,greatly improve the performance of enterprises,and greatly promote the good development of the entire real estate industry.As we all know,the real estate industry is characterized by excessive concentration of equity,single financing channels and high debt,which is inseparable from its long repayment cycle and large product investment.This paper analyses the problems existing in the capital structure of listed real estate enterprises in China,combines the theoretical research results at home and abroad,uses the static model of capital structure to determine the optimal capital structure point,and analyses the impact of various factors at home and abroad as well as the enterprises themselves on the calculation of the optimal capital structure,so as to determine the dynamic optimization interval of the capital structure of JK real estate enterprises.Among them,the basic status of JK real estate capital structure is analyzed and described by using horizontal and vertical data analysis method,and the possible problems in JK real estate capital structure are analyzed based on the analysis of operation status,profitability,operation ability and debt paying ability.Finally,according to the actual data of JK real estate,through the static model of capital structure,the optimum capital structure point of JK real estate is 72.6%.Because the static model of capital structure has many preconditions,it can not reflect the reality very accurately.Finally,the dynamic optimization theory of capital structure is used to optimize it,and the optimum range of asset-liability ratio of JK real estate is obtained.(65.6%-77.6%)and put forward corresponding adjustment measures.