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分类号密级
UDC学校代码10689
硕士学位论文
四川蓝光发展股份有限公司资本结构研究
Research on the Capital Structure of Languang Development
姓名：柳单
导师（职称）：刘志强（教授）
申请学位类别：硕士
专业：工商管理
研究方向：公司金融
学院（中心、所）：商学院
论文完成时间：2023年6月1日摘要
摘要
资本结构在很大程度上决定了企业偿债能力和再融资能力的高低，而资本结
构优化是企业获得更高自有资金收益率的重要环节，其调整过程是企业金融领域
长久以来聚焦的方向之一孀盼夜玫目焖俜⒄梗康夭谐∨菽韵郑?
地产上市公司通过大举借债的方式快速抢占市场的背后，是岌岌可危的信用风险。
与此同时我国政府采取了一系列的宏观调控措施，试图从根本上解决这一负面效
应，这对于房地产公司来说，却是一场巨大的挑战捎诜康夭鲜泄酒毡榫?
有类似的特征，在综合考虑了复杂多变的经济环境等宏观因素影响的基础上，选
取具有代表性的案例企业，对其资本结构现状存在的问题进行分析，以此提出更
加具体化的资本结构优化方式和对策建议，不仅有利于企业价值最大化的实现，
对于我国的经济市场健康发展也具有积极作用虼耍疚慕岳豆夥⒄棺时窘?
构存在的问题和优化对策展开研究。
本文将资本结构理论与案例企业相结合，基于对资本结构相关理论和资本结
构影响因素相关文献的梳理，从蓝光发展的资本结构入手，在对我国目前的经济
市场、金融环境、行业背景以及宏观调控政策进行了较为系统论述的基础上，将
蓝光发展资本结构现状与房地产行业TOP10企业进行横向、纵向对比，深度剖
析了蓝光发展资本结构存在的问题，暴露出蓝光发展在负债融资水平、债务结构
以及融资结构方面均存在一定的缺陷，从而进一步提出优化对策，在探究其资本
结构优化的目标和原则后，建立最优资本结构静态膒筒⑷范ǜ赫实暮侠砘?
间，通过从静态、动态两个维度对蓝光发展资本结构展开优化，提出蓝光发展资
本结构优化需要将资产负债率控制在最优区间中。
通过分析得出了以下结论：（1）目前蓝光发展的资本结构存在资产负债率
高、流动负债占比大、以金融机构融资为主等问题，2021年其净负债率、剔除
预收款后的资产负债率、现金短债比分别为639.14%、93.63%、0.14，“踩”了
三道红线，经营风险逐步加剧。（2）由于蓝光发展以高溢价率拿地，但土地的
城市能级低且土地积压严重，使得企业现金流出现短缺，而其融资方式选择与经
营现状出现偏差，导致了债券违约风险急剧攀升。（3）蓝光发展需要对企业资
产负债率进行合理优化，形成多元化的融资结构，进行战略转型并向外部寻求新
I 摘要
的合作机会，加强风险预警能力，促使蓝光发展资本结构趋于优化。根据以上结
论，本文也提出了一些对我国房地产行业的展望，首先合理平衡企业的债权结构
与股权结构，才能使企业资本结构最优，让企业获得最大化的自有资金收益率。
其次是企业的资本结构优化受内外部因素的影响，主要包含了以企业偿债能力、
发展能力、盈利能力以及财务弹性需求为主的内部因素，与以国家调控政策方针、
金融市场体系等为主的外部因素詈蠓康夭居Ω貌扇【蔡呕投呕?
相结合的资本结构最优化调整对策，通过确定最优资本负债率来构建最优资本结
构，实现企业价值最大化。
关键词：蓝光发展；房地产公司；资本结构；资本结构优化
II Abstract
Research on the Capital Structure of Languang Development
Liu Dan
Master of MBA
Directed by Liu Zhiqiang
Abstract
To a large extent,capital structure determines the solvency and refinancing abilit
-y of enterprises,and capital structure optimization is an important link for enterprises
to obtain higher returns on their own funds,and its adjustment process is one of the
directions that have long been focused on in the field of corporate finance.With the
rapid development of Chinas economy,the real estate market bubble has appeared,
and behind the rapid seizure of the market by borrowing heavily by listed real estate
companies is a precarious credit risk.At the same time,the Chinese government has
adopted a series of macro-control measures to try to fundamentally solve this negative
effect,which is a huge challenge for real estate companies.Since listed real estate
companies generally have similar characteristics,on the basis of comprehensive consi
-deration of the influence of macro factors such as complex and changeable economic
environment,representative case enterprises are selected to analyze the existing probl
-ems of their capital structure,and more specific capital structure optimization metho
-ds and countermeasures can be proposed,which is not only conducive to the realizati
-on of enterprise value maximization,but also has a positive effect on the healthy
development of Chinas economic market.Therefore,this paper will study the existin
-g problems and optimization countermeasures of the capital structure of Sichuan
Languang Development Co.,Ltd.（referred to as“Languang Development”）.
Based on the combing of capital structure theory and literature on capital
structure influencing factors,this paper combines capital structure theory with case
enterprises,starts from the capital structure of Languang Development,and systemati
III Abstract
-cally discusses Chinas current economic market,financial environment,industry
background and macro-control policies,and conducts the horizontal and vertical
comparison and in-depth analysis of the current situation of Languang Development
capital structure with TOP10s enterprises in the real estate industry.After exploring
the goals and principles of its capital structure optimization,establish a static model
of optimal capital structure and determine the rationalization range of debt ratio,and
optimize the capital structure of Languang Development from two dimensions:static
and dynamic.It is proposed that the optimization of the capital structure of Languang
Development needs to control the debt ratio in the optimal range.
Through the analysis,the following conclusions were drawn:(1)At present,the
capital structure of Languang Development has problems such as high asset-liability
ratio,large proportion of current liabilities,and financing by financial institutions,
and its net debt ratio,asset-liability ratio after excluding advance receipts,and cash
short-debt ratio in 2021are 639.14%,93.63%,and 0.14%,respectively,"stepping on"
three red lines,and operational risks are gradually intensifying.(2)Due to the high
premium rate of Languang Development,but the urban energy level of the land is low
and the land backlog is serious,the cash flow of the enterprise is in shortage,and its
financing method selection deviates from the operating status,resulting in a sharp
increase in the risk of bond default.(3)Languang Development needs to reasonably
optimize the asset-liability ratio of enterprises,form a diversified financing structure,
carry out strategic transformation and seek new cooperation opportunities from the
outside,strengthen risk early warning capabilities,and promote the optimization of
the capital structure of Languang Development.Based on the above conclusions,this
paper also puts forward some prospects for Chinas real estate industry,first of all,a
reasonable balance between the debt structure and equity structure of enterprises can
make the capital structure of enterprises optimize and enterprises obtain the maximu
-m return on their own funds.Secondly,the optimization of the capital structure of
enterprises is affected by internal and external factors,mainly including internal
factors mainly based on the needs of enterprise debt repayment,development ability,
IV 。。。以下略
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