8824109_程清玲_动态能力视角下中粮地产资本结构调整研究_动态能力视角下中粮地产资本结构调整研究.docx

1题目:动态能力视角下中粮地产资本结构调整研究姓名:程清玲摘要随着我国居民收入的不断提升地产行业逐渐面临着向全服务开发的转型。全服务发展是集生活、商业、住宅、旅游于一身的多元化发展。但是在这一发展进程中资金需求量的不断提升导致房地产行业资产负债率连年飙升居高不下企业资本结构出现了不少问题进而影响了企业的盈利及发展。资本结构的调整是房地产企业改变现状的基础与核心只有用适时的方法对现阶段的资本结构进行调整才能高效利用企业资金支持企业不断转型实现企业战略目标。本文从动态能力视角出发从外部感知、资源整合、成长能力以及管理能力四方面分析中粮地产资本结构调整发现其存在融资结构不合理、资金利用效率下降以及股权分散等问题并有针对性地提出建议措施以期为中粮地产资本结构优化提供一定的参考进而加强企业风险管理提升企业竞争力。关键词：动态能力；中粮地产；资本结构AbstractWiththecontinuousimprovementofChina'sresidents'incometherealestateindustryisgraduallyfacingatransitiontofull-servicedevelopment.Full-servicedevelopmentisadiversifieddevelopmentintegratinglifecommercehousingandtourism.Howeverinthisdevelopmentprocessthecontinuousincreaseinthedemandforfundshascausedtheasset-liabilityratiooftherealestateindustrytosoaryearafteryearstayinghighandtherehavebeenmanyproblemsinthecapitalstructureoftheenterprisewhichhaveaffectedtheprofitanddevelopmentoftheenterprise.Theadjustmentofthecapitalstructureisthefoundationandcoreofrealestatecompanies'changingthestatusquo.Onlybyadjustingthecurrentcapitalstructureinatimelymannercanthecompany'sfundsbeefficientlyusedtosupportthecontinuoustransformationofthecompanyandachieveitsstrategicgoals.FromtheperspectiveofdynamiccapabilitiesthispaperanalyzesCOFCORealEstate'scapitalstructureadjustmentfromfouraspects:externalperceptionresourceintegrationgrowthabilityandmanagementabilityandfindsthatithasunreasonablefinancingstructurereducedcapitalutilizationefficiencyandequitydispersion.ProposedmeasuresareproposedtoprovideacertainreferencefortheoptimizationofCOFCOrealestatecapitalstructureandthenstrengthencorporateriskmanagementandenhancecorporatecompetitiveness.Keywords:DynamicCapabilities;COFCORealEstate;CapitalStructure目录一、基础理论1（一）资本结构理论21.MM理论22.权衡理论2（二）动态能力理论3二、中粮地产资本结构调整分析3（一）中粮地产介绍3（二）中粮地产资本结构调整概况4（三）动态能力视角下中粮地产资本结构调整分析51.外部感