Research On Capital Structure Optimization Of WEFZ Real Estate Company

After more than 20 years of rapid development,the real estate industry plays a pivotal role in China’s overall economic scale.As a capital-intensive industry,in order to meet the needs of development,many real estate enterprises borrow a lot of debt for financing,but long-term debt will not only cause the imbalance of the capital structure of enterprises,affect the realization of enterprise value,and even lead to financial risks at the national level,affecting the sustainable development of social economy.Especially in the current economic downturn environment,the state has increased the regulation of the real estate industry,real estate enterprises need to deal with larger business and financing pressure,in this context to WEFZ company as an example of real estate enterprise capital structure research,explore the solution of optimizing capital structure,so as to solve real estate enterprise capital demand,reduce the enterprise financial leverage makes sense.Taking WEFZ company capital structure as the main research object,in full reading relevant literature and WEFZ company internal data,using the literature research,comparative analysis method,econometric analysis and other research methods,combined with the related theory of modern capital structure,combing the WEFZ corporate financing and capital structure present situation,on this basis to find WEFZ problems of corporate capital structure.Taking enterprise value as the measurement standard,using Eviews software to build a linear regression measurement model from two levels of debt structure and equity structure,it is found that asset-liability ratio,interest-bearing debt/total invested capital and enterprise value have obvious negative correlation,non-current debt ratio and enterprise value have obvious positive correlation.The first big shareholder and top ten shareholders of shareholding ratio and enterprise value has significant negative correlation between capital structure optimization,thus put forward debt optimization: one is the implementation of "small traders" light capitalization operation mode,increase business funding for medicine,health and adjust management strategy of the real estate business,increase internal capital accumulation,reduce capital requirements,so as to reduce the total amount of liabilities;Second,expand long-term financing channels,integrate industrial chain resources to build an Internet financial platform,and balance the ratio of long-term and short-term liabilities;Third,make full use of commercial credit,integrate the equity of corporate assets,introduce asset securitization,and reduce the company’s interest-bearing liabilities.Ownership structure optimization: first,increase the proportion of managers holding shares,reduce ownership concentration;Second,the introduction of strategic institutional investors,reduce the proportion of non-tradable shares.