| The state for the real estate enterprise control policy has been introduced,"14 five-year plan" once again stressed the importance of’Housing not speculation",and adhere to the implementation of Three stable" long-term goals.With the constant restriction of policy,the real estate industry is facing unprecedented changes.The era of increasing borrowing and financing,which led to high debt and high leverage,is coming to an end.Reasonable capital structure can guarantee the safety of cash flow of real estate enterprises,reduce the financial risk of enterprises and enhance profitability.L company is in the middle position of the real estate industry,the momentum of development in recent years,but from the financial point of view is not optimistic,so in-depth analysis of L company’s current financial data,and then establish a reasonable capital structure,it is of great significance to optimize and adjust its capital.Reasonable capital structure can guarantee the safety of cash flow of real estate enterprises,reduce the financial risk of enterprises and enhance profitability.L company is in the middle position of the real estate industry,the momentum of development in recent years,but from the financial point of view is not optimistic,so in-depth analysis of L company’s current financial data,and then establish a reasonable capital structure,it is of great significance to optimize and adjust its capital.Through sorting out the literature on capital structure optimization,the paper expounds the related concepts of capital structure and capital structure optimization methods.On this basis,a real estate industry in 1-company as the object of study,the use of static capital structure-based,dynamic capital structure-oriented combination of methods,determine the reasonable capital structure of L Company.First of all,the basic situation of H Company,the financial situation and other analysis and evaluation,and the company’s 2017-2021 data horizontal and vertical comparative analysis,found that the company has a high level of debt,debt structure is not reasonable,there are defects in the equity structure.Secondly,through the static optimization method to determine the reasonable capital structure at a certain point,the reasonable asset-liability ratio of L company should be about 55%,which is much lower than the current asset-liability ratio of the company.Thirdly,considering the internal and external factors of L company,using the entropy weight method to give weight to each factor,and then adjusting the static capital structure,the reasonable capital structure range of L Company is obtained.Finally,according to the weight of influence factors obtained by dynamic analysis,aiming at the problems of capital structure of L company,the paper puts forward some optimization suggestions,such as strengthening the management of inventory and accounts receivable,making full use of diversified financing tools,introducing external shareholders appropriately,perfecting internal control system,strengthening innovation and transformation to enhance profitability,etc.,it is expected to provide reference for managers to better understand the capital structure of enterprises and adjust the management strategy of enterprises. |
