商学院__万科集团资本结构分析_毕业论文正文

摘要

近年来我国的市场经济不断地发展,政府大力开展供给侧改革，而房地产行业作为我国经济重要的支柱产业之一，其重要性不仅体现在其开发投资对国内生产总值的直接贡献，更重要的是它能带动其他关联企业的发展从而拉动消费，从而实现侧面拉动需求，提高了国民生产总值。在我国的宏观调控大背景下，企业资本结构组成是否合理，深刻的影响着公司的经营。

本文将以万科集团为例，主要采用了实证研究法、案件研究法、文献研究法等研究方法，首先，以现存的资本结构的相关理论和案例研究结合的方式，在对相关资本结构理论分析的基础上，研究万科的资本结构和经营状况，然后，对其特征进行总结，发现和提出资本结构不合理之处及其原因所在，最后提供有效的应对措施，从而使企业优化资源配置，提高资金使用效率和筹资能力，达到企业价值的最大化。万科集团作为中国房地产行业的杰出代表，通过对部分房地产上市公司的资本结构的分析，能为本行业的资本结构优化提供一些借鉴。

关键词：房地产行业；万科集团；资本结构；优化配置；企业价值

ABSTRACT

In this paper，in recent years ,the market economy is developing continously and steady in our country . And the government is strengthening structural reform of the supply front to increase the quality and efficiency of supply system and provide a growth impetus for sustainable economic development . While the real estate industry as one of the most important pillar industries of our country’s economy , its importance is not only reflected by its development and investment will contribute to the gross domestic product directly, but the more importantly is that it can promote the development of other associated enterprises so as to boost consumption , and provide indirect contribution to gross domestic product (GDP). Under the background of macroeconomic regulation and control in our country, the enterprise capital structure is reasonable and deeply affected by the operation of the company.

This paper takes Vanke as a an example and mainly adopts the empirical approach, case study, literature research and other research methods . First of all, according to the existing relevant theory and case study of capital structure , on the basis of analyzing the related theory , to study the capital structure and operating performance of Vanke . Then, summarize its characteristics, and find out the unreasonable part of its capital structure . Finally , put forward effective countermeasures, so as to make the enterprise to optimize the allocation of resources, improve the service efficiency of funds , develop the ability of raising funds ,and achieve the maximization of enterprise value. Vanke is an excellent representative of China's real estate industry . It will provide us with some reference for the industry’s capital structure optimization.through the analysis of it .

Key words：real estate industry ;Vanke Co.,Ltd.;capital structure;optimization of resource distribution; enterprise value

目录

摘要.....................................................................................I ABSTRACT........................................................................................................II 一、前言. (1)

(一)选题的背景与意义 (1)

1. 选题的背景 (1)

2. 选题的意义 (2)

(二)国内外的研究现状 (2)

1. 国外研究现状 (2)

2. 国内研究现状.......... .. (3)

二、资本结构的理论综述 (4)

(一) 资本结构的概念 (4)

(二) 影响资本结构的因素 (5)

三、万科集团的基本情况.......................................................... . (6)

(一) 公司的经营状况 (6)

(二) 公司的资本结构状况 (7)

1. 债务比率 (7)

2. 负债结构 (8)

3.股本结构 (9)

四、万科集团存在的问题分析及解决措施 (10)

(一) 公司存在的问题 (10)

1.企业负债规模较大 (10)

2.企业负债结构不合理 (10)

3.企业股权结构存在问题 (10)

（二）万科集团资本结构的优势 (11)

（三）公司资本结构的优化建议 (11)

结论 (13)

参考文献 (14)

致谢 (16)