I 摘要 房地产行业是国民经济资金密集型的重要支柱产业，而资金是房地产行业的血液 和生命，充足的企业资本金和合理的负债结构对企业意义非凡。新形势下，以 XAVK 为例，其传统负债结构已经显露弊端，主要表现为负债率过高，从而严重制约了 XAVK 的发展。因此，分析 XAVK 的负债结构现状、形成原因以及提出合理的解决方案刻 不容缓。 本文主要采用了调查访谈和案例研究分析相结合的研究方法，全面地研究了 XAVK 公司的负债结构问题。首先，从 XAVK 公司负债结构现状入手，分析其当前 负债结构的现状、问题及成因，发现 XAVK 公司存在流动负债占比高、负债和资本 结构不合理的问题。其次，本文结合房地产企业负债结构相关理论，通过分析 XAVK 历年财务报表、计算财务指标和关注审计报告资料，深入挖掘其形成现状的根源，通 过对其本质的剖析提出了 XAVK 公司负债结构的优化方案和配套措施，建议 XAVK 应该在不同发展阶段选择不同的负债结构，做好公司的负债经营和现金流管理，不断 探索更适合的资本结构，保持融资的灵活性，以自身的长远利益为重，最终实现负债 结构优化和企业价值最大化的目标。最后，根据所得的研究结论，分别从行业层面和 企业层面提出了针对性的优化建议，指出了本文的不足和局限性，并展望了本人以后 在企业负债结构方面的研究所要依循的方向。 关键词，负债结构, 资本结构, 资本合理配置ABSTRACT III ABSTRACT Used as a capital intensive national economy, the real estate industry has become an important pillar industry. Therein, the capital is the source of the real estate industry, because enough business capital and reasonable liability structure are significant to the the real estate industry. In the current situation, traditional liability structure of XAVK has exhibited its drawbacks which is high liability, and it seriously restricts the development of XAVK. Therefore, it is imperative to analyze the liability structure of XAVK and forming reason of its liability structure, and provide reasonable solution. Our works systematically investigated liability structure of XAVK based on the method of survey interview combining with and case study analysis. Firstly, we analyzed the liability structure, existing problems and forming reasons of XAVK, and found that current liability of XAVK is high, and its liability and capital structure are unreasonable. Secondly, we studied financial statements over the years, calculated financial index and audit report data of XAVK based on theories of the liability structure of real estate enterprises, explore essences of current situation, and put forward optimizing plans and supporting measures of liability structure of XAVK. In the end, we recommend that XAVK should choose suitable capital structure in different stage of development, and keep financing flexible, and put their long-term interests first, which can help achieve the goal of the optimization of liability structure and enterprise value maximization. Keywords: Liability structure, Capital structure, Reasonable allocation of capital目录 V 目录 摘要.................................................................................................................................I ABSTRACT................................................................................................................. III 目录...............................................................................................................................V 第一章 绪 论..............................................................................................................1 1.1 选题背景.......................................................................................................... 1 1.2 研究目的及意义.............................................................................................. 2 1.3 研究思路与方法.............................................................................................. 3 1.3.1 研究思路................................................................................................ 3 1.3.2 研究方法................................................................................................ 3 1.4 研究内容与框架.............................................................................................. 4 1.5 特色及创新点.................................................................................................. 6 第二章 负债结构相关理论及文献综述......................................................................7 2.1 负债结构相关理论.......................................................................................... 7 2.1.1 资本结构理论........................................................................................ 7 2.1.2 MM 理论 ................................................................................................ 8 2.1.3 新优序融资理论.................................................................................... 9 2.1.4 代理成本理论...................................................................................... 10 2.1.5 权衡理论.............................................................................................. 11 2.2 文献综述........................................................................................................ 12 2.2.1 国外文献综述....................................................................................... 12 2.2.2 国内文献综述....................................................................................... 14 2.2.3 文献评述............................................................................................... 16 第三章 XAVK 负债结构分析 ...................................................................................17 3.1 公司简介及行业概况.................................................................................... 17 3.1.1 公司简介.............................................................................................. 17 3.1.2 行业概况.............................................................................................. 21 3.2 负债结构现状................................................................................................ 23 3.2.1 财务报表分析...................................................................................... 23目录 VI 3.2.2 财务指标分析...................................................................................... 29 3.3 负债结构存在问题........................................................................................ 31 3.3.1 与西安中海公司对比.......................................................................... 32 3.3.2 负债结构存在问题.............................................................................. 33 3.4 负债结构问题成因........................................................................................ 35 3.4.1 内部环境因素...................................................................................... 35 3.4.2 外部环境因素...................................................................................... 36 第四章 XAVK 负债结构优化 ...................................................................................39 4.1 负债结构优化的目标及考核........................................................................ 39 4.2 负债结构优化原则与指导思想.................................................................... 40 4.3 负债结构优化的直接措施............................................................................ 41 4.3.1 降低流动负债比例.............................................................................. 41 4.3.2 探索最佳负债和资本结构.................................................................. 42 4.4 负债结构优化的间接措施............................................................................ 43 4.4.1 选择适宜的融资方式.......................................................................... 43 4.4.2 做好财务资金管理.............................................................................. 46 第五章 XAVK 负债结构优化的配套措施 ...............................................................51 5.1 组织架构保障................................................................................................ 51 5.2.1 推进企业战略转型.............................................................................. 51 5.2.2 完善公司内部功能性缺陷.................................................................. 52 5.2 内控制度保障................................................................................................ 52 5.3.1 强化现代企业制度.............................................................................. 53 5.3.2 完善公司内部监督机制...................................................................... 53 5.3 风险管理保障................................................................................................ 54 5.4.1 建立风险预警机制.............................................................................. 54 5.4.2 提高企业员工的风险意识.................................................................. 55 5.4 经营管理保障................................................................................................ 55 5.5.1 重视国家政策和环境变化.................................................................. 56 5.5.2 做好日常负债经营管理...................................................................... 57目录 VII 第六章 总结与展望....................................................................................................59 6.1 总结及建议.................................................................................................... 59 6.2 研究不足和展望............................................................................................ 60