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

PAGE\*MERGEFORMAT1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'income,therealestateindustryisgraduallyfacingatransitiontofull-servicedevelopment.Full-servicedevelopmentisadiversifieddevelopmentintegratinglife,commerce,housing,andtourism.However,inthisdevelopmentprocess,thecontinuousincreaseinthedemandforfundshascausedtheasset-liabilityratiooftherealestateindustrytosoaryearafteryear,stayinghigh,andtherehavebeenmanyproblemsinthecapitalstructureoftheenterprise,whichhaveaffectedtheprofitanddevelopmentoftheenterprise.Theadjustmentofthecapitalstructureisthefoundationandcoreofrealestatecompanies'changingthestatusquo.Onlybyadjustingthecurrentcapitalstructureinatimelymannercanthecompany'sfundsbeefficientlyusedtosupportthecontinuoustransformationofthecompanyandachieveitsstrategicgoals.Fromtheperspectiveofdynamiccapabilities,thispaperanalyzesCOFCORealEstate'scapitalstructureadjustmentfromfouraspects:externalperception,resourceintegration,growthabilityandmanagementability,andfindsthatithasunreasonablefinancingstructure,reducedcapitalutilizationefficiencyandequitydispersion.ProposedmeasuresareproposedtoprovideacertainreferencefortheoptimizationofCOFCOrealestatecapitalstructure,andthenstrengthencorporateriskmanagementandenhancecorporatecompetitiveness.Keywords:DynamicCapabilities;COFCORealEstate;CapitalStructure目录TOC\o"1-3"\h\u