摘 要 ⅠAbstract Ⅱ第一章 资本结构概述 11.1资本结构相关概念及界定 11.2理论基础 2第二章 万科集团企业相关信息 32.1万科集团介绍及筹资历史 32.2万科集团资本结构的研究背景和意义 42.3万科集团的历年股权结构及财务数据 4第三章 万科集团的资本结构现状及产生的问题 63.1 控制权依旧疏松 63.2 融资渠道多样化而非多元化 63.3 财务风险较高 7第四章 万科集团资本结构不合理的原因 74.1 管理者的放任 74.2 房地产金融市场不完善 84.3 房地产资本停滞期和回报周期长 8第五章 万科集团资本结构优化对策 95.1 增加控制权的稳定性 95.2 增加筹资渠道，多元化融资 105.3 合理利用财务杠杆系数，增强财务弹性 11结束语 12致 谢 13参考文献 14摘 要本文先论述了有关资本结构的概念及理念，界定了本文谈论的资本结构是广义上的全部资产，包含了短期资产和长期资产。列出了净收益理论、经营业收益理论、MM理论代理理论、等级筹资理论。然后以房地产公司中极具代表性之一的万科企业股份有限公司（简称万科集团）为例，简单介绍了公司的背景和融资历史以及相关财务信息。接着，根据万科的实际情况对其资本结构现状进行分析，利用之前的理论基础，通过股权结构，资产负债率、财务风险等方面的问题，分条诠释各其存在的内部缺陷及外部环境的制约，再寻找对应的解决办法如股权的集中，融资渠道的多元化，企业经营能力的提升来优化资本结构，促使企业综合资本最低，实现企业价值的最大化，最终来帮助企业稳定和持续发展。
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Abstract
As A capital intensive enterprise, real estate companies tend to become the hot spots of social concern, while Vankes equity battle is the largest corporate takeover and antitakeover battle in the history of ashare. On December 17, 2015, an internal speech of Wang Shi publicly *景先生毕设|www.jxszl.com +Q: @351916072@ 
challenged the Baoneng system, and Vankes shareholding competition officially entered the stage of positive meat fighting. On the night of June 9, 2017, Chinas Evergrande transfer of 14.07% of Vankes shares to Shenzhen iron and steel, finally broke the deadlock. The problem of Vankes shareholding structure has led to my exploration of the capital structure of Vanke group. In this paper, the concept and concept of capital structure are discussed, and the capital structure discussed in this paper is all assets in a broad sense, including shortterm assets and longterm assets. The paper lists the theory of net income, the theory of operating income, the theory of theory of MM theory and the theory of level financing. Then in real estate company in one of the representative of China Vanke Co., Ltd. (hereinafter referred to as Vanke group) as an example, introduced the background of the company history and relevant financial information and financing. Then, according to the actual situation of China Vanke is analyzed about the present situation of the capital structure, using the previous theoretical basis, through the equity structure, assetliability ratio, financial risk problems, such as slitting interpret all its internal defects and the restriction of the external environment, to find the corresponding solution such as equity concentration, the diversification of financing channels, the ability of the enterprise management to optimize capital structure, make enterprise capital, realizing the maximization of enterprise value, finally to help enterprises to stable and sustainable development.
Key words: solvency; Analysis of indicators; Financial risk
资本结构概述
1.1资本结构相关概念及界定
资本结构的含义是企业各种资本的价值构成以及这些价值构成的比例关系，是企业一定时期筹资组合的结果。从微观的角度看，它是企业融资的结果，决定了企业的产权归属，也可反映出企业的财务状况；宏观角度来看，它反映了市场经济状况下企业的金融关系，也就是将资本和信用作为纽带，通过投资和借贷构成的股东、债券人和经营者三者之间相互制约的利益关系。
现代财务理论对资本结构界定为广义和狭义两种定义。狭义的资本结构是指企业各种长期资本的构成及其比例关系，尤其是指长期债务资本与长期股权资本之间的构成及其比例关系。而本文主要概述的是广义的资本结构，是指企业全部资本的构成及其比例关系。从两者关系上可以理解为在狭义定义的内容上增加了短期资本的构成及其比例关系。

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