| 财务权变理论视角下W集团资本结构调整研究 |
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| 引用本文： | 吕斌.财务权变理论视角下W集团资本结构调整研究[J].宜春学院学报,2021(2):55-63. |
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| 作者姓名： | 吕斌 |
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| 作者单位： | 兰州财经大学会计学院 |
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| 摘 要： | 伴随“白银时代”到来,轻资产模式成为房企实现可持续性发展的必然选择,但资本结构问题却成为房企转型道路上的绊脚石。在财务权变理论分析视角下,文章从路径依赖、外部环境、内部因素综合分析W集团资本结构调整的全过程。发现W集团在30年复杂变迁的外部环境影响中,已经利用战略调整、经营模式转型成功完成了股权融资依赖向内源融资与债务融资过渡的挑战,但W集团依然面临现金需求大、偿债压力大、轻资产转型速度较慢等发展瓶颈。
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| 关 键 词： | 资本结构调整 财务权变理论 融资结构 宏观政策 公司治理 可持续发展 |
Capital Structure Adjustment of W Group from Perspective of Financial Contingency Theories |
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| LV Bin.Capital Structure Adjustment of W Group from Perspective of Financial Contingency Theories[J].Journal of Yichun University,2021(2):55-63. |
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| Authors: | LV Bin |
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| Institution: | (School of Accounting,Lanzhou University of Finance and Economics,Lanzhou 730020,China) |
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| Abstract: | With the coming of the“Silver Age”,the light asset model has become an inevitable choice for housing enterprises to achieve sustainable development,but the capital structure problem has become a stumbling block on the road of housing enterprises’transformation.From the perspective of financial contingency theory,this paper comprehensively analyzes the whole process of capital structure adjustment of W Group from path dependence,external environment and internal factors,and finds that W Group has successfully completed the challenge of transition from equity financing dependence to endogenous financing and debt financing through strategic adjustment and business model transformation during the 30 years of complex changes in external environment.However,it still faces some development bottlenecks,such as large cash demand,heavy debt repayment pressure,and slow transition of light assets. |
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| Keywords: | adjustment of capital structure financial contingency theory financing structure macro policy corporate governance sustainable development |
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