牛牛游戏厅安卓,{原始关键词}

    <dir id='h10sl'><del id='h10sl'><del id='h10sl'></del><pre id='h10sl'><pre id='h10sl'><option id='h10sl'><address id='h10sl'></address><bdo id='h10sl'><tr id='h10sl'><acronym id='h10sl'><pre id='h10sl'></pre></acronym><div id='h10sl'></div></tr></bdo></option></pre><small id='h10sl'><address id='h10sl'><u id='h10sl'><legend id='h10sl'><option id='h10sl'><abbr id='h10sl'></abbr><li id='h10sl'><pre id='h10sl'></pre></li></option></legend><select id='h10sl'></select></u></address></small></pre></del><sup id='h10sl'></sup><blockquote id='h10sl'><dt id='h10sl'></dt></blockquote><blockquote id='h10sl'></blockquote></dir><tt id='h10sl'></tt><u id='h10sl'><tt id='h10sl'><form id='h10sl'></form></tt><td id='h10sl'><dt id='h10sl'></dt></td></u>
  1. <code id='h10sl'><i id='h10sl'><q id='h10sl'><legend id='h10sl'><pre id='h10sl'><style id='h10sl'><acronym id='h10sl'><i id='h10sl'><form id='h10sl'><option id='h10sl'><center id='h10sl'></center></option></form></i></acronym></style><tt id='h10sl'></tt></pre></legend></q></i></code><center id='h10sl'></center>

      <dd id='h10sl'></dd>

        <style id='h10sl'></style><sub id='h10sl'><dfn id='h10sl'><abbr id='h10sl'><big id='h10sl'><bdo id='h10sl'></bdo></big></abbr></dfn></sub>
        <dir id='h10sl'></dir>

        1. <form id='a007s'></form>
            <bdo id='a007s'><sup id='a007s'><div id='a007s'><bdo id='a007s'></bdo></div></sup></bdo>

                1. <form id='fuu8y'></form>
                    <bdo id='fuu8y'><sup id='fuu8y'><div id='fuu8y'><bdo id='fuu8y'></bdo></div></sup></bdo>

                        当前位置: 代写一篇论文多少钱 > 经济管理论文 > 恒大地产融资结构问题与应对策略

                        恒大地产融资结构问题与应对策略

                        时间:2020-01-03 10:28作者:陈双双 郭晖
                        本文导读:这是一篇关于恒大地产融资结构问题与应对策略的文章,恒大地产应积极地培养人才,不断地提高公司的人才素质和综合竞争能力,增强公司的经济实力,为公司的融资结构注入新的活力。

                          摘    要:牛牛游戏厅安卓,{原始关键词} 房地产企业作为我国资金密集型企业,需要大量的资金支持,以及合理的融资方式和融资渠道。本文通过对恒大地产上市公司融资结构的研究,发现其融资方式主要偏向于外部融资等问题,主要是由于资本市场发展不完善、公司治理结构不健全造成,因此需要改善公司治理结构,提高公司融资效率。

                          关键词:牛牛游戏厅安卓,{原始关键词} 融资结构; 优化建议; 恒大地产;

                          一、我国上市公司融资结构特点

                          WOGUOSHANGSHIGONGSIANZHAOZIJINLAIYUANDEBUTONG,RONGZIFANGSHIZHUYAOFENWEINEIYUANXINGRONGZIHEWAIYUANXINGRONGZI。NEIYUANRONGZIZHUYAOSHIYIKAOGONGSIZIYOUDELIUCUNSHOUYIHEZHEJIULAIJINXINGTOUZI,JUYOUDICHENGBEN、DIFENGXIANDEYOUDIAN。WAIYUANRONGZIZHUYAOYIKAOWAILAIZIJINJINXINGTOUZI,QIZHONGGUQUANRONGZIHEZHAIQUANRONGZISHIWOGUOWAIYUANXINGRONGZIDEZHUYAOQUDAO。GONGSIZHENGCHANGDEJINGYINGYUFAZHANXUYAODALIANGDEZIJINZHICHI,CHULEYIKAOGONGSINEIYUANXINGZIBENWAI,ZHUYAOHAISHIXUYAOWAIYUANRONGZIDEZHICHIYUXIEZHU。GONGSISHOUXIANJINXINGNEIYUANRONGZI,DENGDAOGONGSIFAZHANHEQIANJINYIHOU,HUIJINXINGWAIYUANXINGRONGZI,YINWEIZHEISHISHANGSHIGONGSIYIJUBEIZUGOUDECHENGSHOUFENGXIANDENENGLI,JIEZHUWAIBUZIJINKEYIGENGHAODIJINXINGFAZHAN。ZAIRONGZIJIEGOUZHEIYIFANGMIAN,WOGUOSHANGSHIGONGSIYUXIFANGFADAGUOJIAQIAQIAXIANGFAN。XIFANGFADAGUOJIAYIJUZUIJIARONGZILILUN,RONGZIJIEGOUSHOUXIANXUANZEDERONGZIFANGSHISHINEIYUANRONGZI,QICISHIWAIBURONGZI。

                          二、恒大地产融资结构现状

                          (一)内源融资占比低,外部融资相对于内部融资偏多。

                          TONGGUOBIAO1KEYIKANCHU,MUQIANHENGDADICHANDEWAIYUANRONGZIZHANBIYAOGAOYUNEIYUANRONGZI,QIRONGZIQUDAOZHUYAOYIKAOYUWAIYUANRONGZI。YOUQISHIZAIJINSINIAN,WAIYUANXINGRONGZIDEBILIGAODA90%YISHANG,ZUIGAODADAOLE96.96%,RANER,NEIYUANXINGRONGZIZHANBIDIDAOLE3.04%,ZHEIZHONGQINGKUANGYUWOGUOSHANGSHIGONGSIMUQIANDERONGZIJIEGOUXIANGTONG。HENGDADICHANYIJIWOGUOQITASHANGSHIGONGSIRONGZIJIEGOUGANGHAOYUZUIYOURONGZIJIEGOULILUNXIANGFAN,YILAIYUWAIYUANRONGZI,ERHULVELENEIYUANRONGZIDEZHONGYAOXING,ZHEIZHONGRONGZIPIANHAOBULIYUQIYEDEJINGYINGHEFAZHAN。(BIAO1)

                          (二)股权融资占比低,债权融资相对于股权融资偏多。

                          通过表2可以发现,恒大地产在进行外源性融资时,又比较偏好于债权融资。在2016年,最高达到了90.6%,而股权融资的比例近四年来都低于10%。恒大地产大量的债权融资有利于增加公司的信用价值,为企业之后发行债务融资提供了有力的支持。因为,恒大地产意识到债权融资对企业发展的推动作用,股权融资的偏好会使上市公司的业绩普遍下滑,这是偏好于股权融资的必然结果。然而,我国上市公司同恒大地产相反,目前的融资结构存在着极大的不合理性,过度的依赖于股权投资,没有充分认识到债权融资的重要性。(表2)
                         

                        恒大地产融资结构问题与应对策略
                         

                          (三)长期负债占比低,短期负债相对于长期负债偏多。

                          HENGDADICHANZHANGQIZHUYAOSHIYIKAODUANQIJIEKUAN,RANERHENGDAZUOWEIFADICHANQIYE,KAIFAXIANGMUYUNXINGDEZHOUQIJIAOZHANG,XUYAODALIANGZHANGQIWENDINGDEZIJINZHICHI。DUANQIJIEKUANBINGBUNENGMANZUGONGSIJINGYINGYUFAZHAN,BINGQIEHUIZAOCHENGGONGSIRONGZIJIEGOUSHIHENG,YIDANYUDAODUANQIZHAIWUJIAODUO,GONGSIJIANGHUIXIANRUWEIJI。YIJUHELIDEFUZHAIJIEGOU,DUANQIFUZHAIYINGGAIYUZHANGQIFUZHAIJIBENZHANYOUXIANGTONGDEBIZHONG。RANER,ZAIWOGUODADUOSHUSHANGSHIGONGSIDESHENGCHANJINGYINGHUODONGZHONG,DUANQIFUZHAISUOZHANBIZHONGYUANYUANCHAOGUOLEZHANGQIFUZHAI,ZHEIZHONGBUHELIDEPIANHAOHUISHIDEDABUFENSHANGSHIGONGSIMIANLINZHEHENGAODEJINGYINGFENGXIAN,BINGQIEJIANGHUIDAILAIJUDADEZIJINWENTI,YINGXIANGGONGSIRONGZIHUODONGHESHENGCHANJINGYINGDEZHENGCHANGYOUXUJINXING。

                          表1 2014~2018年恒大地产内源、外源融资占比一览表
                        表1 2014~2018年恒大地产内源、外源融资占比一览表

                          ZILIAOLAIYUAN:HENGDADICHAN2014-2018NIANBAO,XIATONG

                          表2 2014~2018年恒大地产股权、债权融资占比一览表
                        表2 2014~2018年恒大地产股权、债权融资占比一览表

                          三、恒大地产融资结构现存问题原因分析

                          (一)资本市场发展不健全。

                          WOGUOZIBENSHICHANGMUQIANZHENGCHUYUCHENGZHANGJIEDUAN,GEFANGMIANDOUBUGOUJIANQUANBUGOUWANSHAN,FAZHANXIANGBIYUXIFANGQITAFADAGUOJIAJIAOHUANMAN。SUOYI,HENGDADICHANMUQIANDERONGZIJIEGOUCUNZAIYISHANGWENTI,ZHUYAOTIXIANZAIRONGZIJIEGOUXIANGGUANFALVFAGUIJIANSHEBUWANSHAN,BUNENGGOUYOUXIAOQIESHIDIYUESHUZIBENSHICHANG,WOGUOMUQIANDEZIBENSHICHANGGUIMOZHENGTIPIANXIAO,ZAIJIASHANGJIANGUANTIXIDEBUJIANQUAN、DIXIAOLV。ERQIE,NENGGOUJINRUGUPIAOSHICHANGDELIUTONGGUSUOZHANBILIJIAODI,BUNENGGOUMANZUZIBENSHICHANGDUOYUANHUADERONGZIXUQIU。ZHAIQUANSHICHANGYOUYURONGZIGONGJUDEDANYIXINGYIJIFANSUODEFAXINGXIANZHITIAOJIAN,SHIQIFAZHANYIZHICHUYUHUANMANDEZHIHOUZHUANGTAI。GENJUYISHANGXIANXIANG,ZIBENSHICHANGCHENGXIANCHULEYANZHONGDEJIEGOUXINGSHIHENG,DAOZHIHENGDADICHANYIJIWOGUOQITASHANGSHIGONGSIGENGPIANHAOYUXUANZEGUQUANRONGZI。

                          (二)公司治理结构不完善。

                        牛牛游戏厅安卓,{原始关键词}   HENGDADICHANDERONGZIJIEGOUBUHELIXINGDAOZHIGONGSIZHENGTIDEYEJIBUGAO、ZIJINDESHIYONGXIAOLVJIAODI,HENDAYIBUFENYUANYINLAIYUANYUGONGSIZHILIJIEGOUDEBUHELIXING。WOGUODABUFENDESHANGSHIGONGSISHIYOUYIQIANYUANYOUDEGUOYOUQIYEGAIZHIERLAIDE,JINGLILEGUFENZHIGAIZHIDEGUOCHENG,GAIZHIHOUDESHANGSHIGONGSIZHIZHUZHONGYANQIANDELIYI。GONGSIZAIZHILIFANGMIAN,DUIJINGYINGZHEDEJIANGUANHEGULIJIZHIDOUBUGOUWANSHAN,DADUOSHUDEGUANLICENGDOUSHIGENJUZIJIDEYIYUANLAIXUANZERONGZIFANGSHI,XUANZEGUQUANRONGZIZHEIZHONGWAIYUANXINGRONGZI,CONGERHUSHILENEIYUANRONGZIDEZHONGYAOXING,ZAOCHENGLEZHEIZHONGBUHELIDEPIANHAO,ZHEIYESHIZAOCHENGWOGUOSHANGSHIGONGSIRONGZIJIEGOUBUHELIDEZHUYAOYUANYINZHIYI。

                          (三)短期负债成本低。

                        牛牛游戏厅安卓,{原始关键词}   DUANQIFUZHAISHIYINWEIQIJIAODIDECHENGBENSHENSHOUSHANGSHIGONGSIDEPIANAI,DUANQIFUZHAIKEYIJIEJUEGONGSILINSHIXINGDEZIJINXUQIUWENTI,YINWEIDUANQIRONGZIDECHOUJISUDUJIAOKUAI,BINGQIERONGZICHENGBENXIANGDUIZHANGQIFUZHAIJIAODI。DANSHI,DICHENGBENDEBEIHOUYINZANGZHEJUDADEFENGXIANHEWEIJI。YIFANGMIAN,DUANQIFUZHAIZAILIXICHENGBENFANGMIANYOUJIAODADEBUQUEDINGXING,MIANDUIDUANQIFUZHAIDAOQIRISHI,RONGYICHUXIANBUNENGANSHICHANGHAIBENJINDEFENGXIAN;LINGYIFANGMIAN,LIYONGDUANQIFUZHAICHOUJIZIJIN,BIXUBUDUANGENGXINZHAIWU,BENCIJIEKUANDAOQIYIHOU,XIACIJIEKUANDELIXIWEIDUOSHAOSHIBUQUEDINGDE,ZHUYAOSHIYINWEIJINRONGSHICHANGSHANGDUANQIFUZHAIDELIXILVHENBUWENDING。

                          四、恒大地产融资结构优化建议

                          (一)提高恒大地产内源融资能力。

                          WOGUOSHANGSHIGONGSINEIYUANRONGZINENGLIRUODEZHUYAOYUANYINSHIQIYINGLISHUIPINGJIAODI,TONGGUOZISHENDEJINGYINGFANGSHIBINGBUNENGMANZUQIYEDEZIJINXUQIU,YINERDABUFENDESHANGSHIGONGSIBAZHUYAODERONGZIFANGSHITOUXIANGLEWAIYUANXINGRONGZI。HENGDADICHANYINGDANGGAIJINQIJINGYINGFANGSHI,NULITIGAOZIJINDESHIYONGXIAOLV,SHIZIJINDEYUNYONGCHANSHENGZUIJIADEXIAOGUO,CONGGENYUANSHANGTIGAOYINGLINENGLI。YIFANGMIANXUYAOXUEHUIZHENGQUEYOUXIAODEZIBENGUANLIFANGSHI,HELIYOUHUAGONGSINEIBUJIEGOU,GENSUISHIDAIFAZHANDEJIAOBUZENGQIANGZISHENDECHUANGXINXING,TIGAOGONGSIDENEIBUXIAOLV,BAOZHENGHENGDADICHANNENGGOUCHUANGZAOGENGDUODELIUCUNSHOUYI;LINGYIFANGMIANGONGSIDENEIYUANRONGZILAIYUANYUGUDINGZICHANDEZHEJIU,GONGSIYOUBIYAOSHISHIXIUDINGYOUGUANGUDINGZICHANDEZHEJIUZHENGCE,GENJUZIBENSHICHANGYIJIGONGSIDEFAZHANXIANZHUANG,ZHIDINGHELIDEZHEJIUNIANXIAN,YIDADAOGAOXIAODEZHEJIULV,TIGAOHENGDADICHANDENEIYUANRONGZINENGLI。

                          (二)适当加大股权融资比例。

                          HENGDADICHANDEGUQUANRONGZIBILIDIYUZHAIQUANRONGZIBILI,DANSHISHIDANGDEGUQUANRONGZIKEYIYOUHUAGONGSIDERONGZIJIEGOU,TIGAOGONGSIDEJINGYINGXIAOLV。HENGDADICHANYIFANGMIANKEYIYINJINXINDETOUZIRENZENGJIAZHUCEZIBEN;LINGYIFANGMIANZAIBAOZHENGGONGSIDAGUDONGZAIBIAOJUEQUANFANGMIANZHANYOUJUEDUIYOUSHIDEJICHUSHANG,KEYITONGGUOFAXINGGUPIAOLAIJINXINGZIJINDERONGTONG,YIMANZUZHANGQIZIJINDELAIYUANXUYAO。

                          (三)完善公司治理结构。

                          ZAIZIBENSHICHANGDEFAZHANZHONG,WOGUOSHANGSHIGONGSIDEZHILIJIEGOUYIZHIBUGOUWANSHAN,GONGSIZHILIXIAOLVSHIFENDIXIA,ZHUYAOSHIQUEFAJIANQUANDEYUESHUHEJILIJIZHI。WANSHANGONGSIDEZHILIJIEGOU,YIFANGMIANHENGDABIXUYAOJIANLIJIANQUANZHIHENGJIZHIHEJIANDUJIZHI,TUIJINZHENGFUJIANGUANBUMENDEZHILILIDU;LINGYIFANGMIANYAOJIANLIYITAOYOUXIAODEJILIJIZHI,WEISHIXIANGONGSIDEZHANGYUANLIYI,XUYAOJIANGGONGSIDELIYIYUGUANLIZHEDELIYIGENGDACHENGDUDILIANXIZAIYIQI。TONGSHI,HENGDADICHANYINGJIJIDIPEIYANGRENCAI,BUDUANDITIGAOGONGSIDERENCAISUZHIHEZONGHEJINGZHENGNENGLI,ZENGQIANGGONGSIDEJINGJISHILI,WEIGONGSIDERONGZIJIEGOUZHURUXINDEHUOLI。

                          参考文献

                          [1] 魏成龙,张洁梅.中国上市公司融资偏好的治理分析[J].中国工业经济,2008(7).
                          [2] 陈文,王飞.负债融资约束与中国上市公司股权融资偏好[J].投资研究,2013.32(7).
                          [3] 丁超,李紫微,王琨.房地产业融资问题现状浅析[J].中国住宅设施,2017(4).
                          [4] 刘珊珊.房地产业的融资方式选择的影响因素研究[J].经济研究导刊,2016(12).

                        联系我们
                        • 写作QQ:
                        • 发表QQ:
                        • 服务电话:
                        • 售后电话:
                        • 邮箱:
                        范文范例

                        豪运棋牌送20金币-牛牛游戏厅安卓,{原始关键词} 欢乐斗牛棋牌下载 番茄棋牌---HOME_Welcome 明豪棋牌---HOME_Welcome 天棋棋牌---HOME_欢迎您