目标规划下资本结构优化方式研究——以龙湖集团为例

Research on Capital Structure Optimization Method under Target Planning—Taking Long Hu Group as an Example

摘要: 由于新冠肺炎疫情不断反复等多种因素的影响，最近一年政府陆续推出了一系列支持民营房企融资的政策，使更多企业选择通过外部资金进行融资。但是较高的资产负债率会降低企业经营的稳健性，因此本文以龙湖集团为例，以影响资本结构的多种因素为目标，利用EViews进行显著性检验并运用LINGO对目标规划模型求解，得出当前龙湖集团目标资本结构中的负债占比大于公司实际资本结构中的负债占比。本文建议龙湖集团积极响应政策，适当提高资本结构中的负债占比，利用财务杠杆效应来提高企业盈利。

Abstract: Due to the impact of various factors such as the continuous recurrence of the new crown pneumonia epidemic, the government has successively introduced a series of policies to support the financing of private housing enterprises in the past year, so that more enterprises choose to raise funds through external funds. However, a high asset-liability ratio will reduce the soundness of enterprise operation, so this paper takes Long Hu Group as an example, takes a variety of factors affecting the capital structure as the goal, uses EViews to test the saliency test, and uses LINGO to solve the target planning model, and obtains that the proportion of liabilities in the current target capital structure of Long Hu Group is greater than the proportion of liabilities in the actual capital structure of the company. This article suggests that Long Hu Group actively respond to the policy, appropriately increase the proportion of debt in the capital structure, and uses financial leverage to improve corporate profitability.