摘要：研究影响上市公司资本结构的因素，不仅对上市公司优化资本结构、降低融资成本、提高经济利润具有重要意义，也有利于公司保持长期稳定和可持续发展。

首先，本文回顾了资本结构的理论，简要分析了资本结构影响公司绩效的理论。其次，本文通过内部和外部的视角，深入挖掘影响上市公司资本结构的因素，并利用过去十年的上市公司数据进行了实证研究。同时，文章对资本结构对公司业绩的影响进行了定性分析。以及选择了任云奇（2020）对房地产公司的实证分析来支持分析。最后，由于房地产是中国国民经济的支柱行业，研究房地产企业的结构优化对国家经济的发展具有重要意义。文章以万科集团为例，分析了该公司资本结构的现状，并提出了优化的建议。

 

关键词：资本结构；资本结构的影响因素；公司业绩；万科集团

 

目 录

摘 要

Abstract

Chapter 1 Introduction of background-1

1.1 The purpose and significance of topic-1

1.2 Research status at home and abroad-1

1.2.1 Influencing factors of capital structure-2

1.2.2 The impact of capital structure on the company-3

1.3 Research content-3

1.4 Research innovation points-4

Chapter 2 Theoretical analysis of capital structure-5

2.1 Capital structure theory-5

2.1.1 Modern capital structure theory-5

2.1.2 New capital structure theory-6

2.2 A Brief Theoretical Analysis of Capital Structure Affecting Firm Performance-7

2.2.1 Theoretical analysis of the influence of the equity structure on the performance of the company-7

2.2.2 Theoretical analysis of the influence of the debt structure on the performance of the company-8

Chapter 3 Empirical research analysis of factors influencing the capital structure of listed companies in China-10

3.1 Influence of macro factors on capital structure and its empirical analysis-10

3.1.1 Influence of macro factors on capital structure-10

3.1.2 Empirical analysis of macro factors-13

3.2 The influence of internal factors on capital structure and its empirical analysis-15

3.2.1 The influence of internal factors on capital structure-16

3.2.2 Empirical analysis of internal influencing factors-17

3.3 Impact and empirical analysis of capital structure on company performance-20

3.3.1 Impact of capital structure on company performance-21

3.3.2 Empirical analysis and analysis of results-21

Chapter 4 Case study -- Vanke's capital structure optimisation-23

4.1 Analysis of the current status and problems of Vanke's capital structure-23

4.1.1 Analysis of capital structure-23

4.1.2 Solvency analysis-25

4.1.3 Higher proportion of bank borrowings-25

4.2 Suggestions for capital structure optimisation-26

4.2.1 Optimisation of equity financing-26

4.2.2 Debt structure-27

4.2.3. Diversify financing sources-27

4.2.4 Business Management-27

Reference-1

Acknowledges