新“国五条”背景下房地产企业融资风险控制问题探讨

发布时间：2018-03-21 07:54

  本文选题：新“国五条”　切入点：房地产企业　出处：《江西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：自改革开放起,房地产行业在我国政府的大力支持下,经历了数十年的迅猛发展,已经成为国民经济支柱性产业之一,为社会经济的长足发展做出了一定的贡献。然而近几年,由于楼市过度火爆,大多数一二线城市的房价屡创新高,远远超出了消费者的承受能力,民众颇有微词。在这样的社会背景下,政府接连出台了一系列房地产调控政策,包括国八条、国六条、国十条、新国八条等。随着上述政策的调控效果被冲淡,政府为进一步稳定房价,抑制投资投机性购房,于2013年2月20号又推出了新“国五条”,继续加大房地产市场调控力度。 现阶段,我国房地产企业融资格局仍以银行信贷为主,在房地产资金来源中银行信贷占比超过60%,无疑给房地产企业和商业银行带来了较大的系统风险。尤其是近年来,银行贷款利率持续上升,使得融资成本越来越高,银监会又不断要求缩减房地产信贷投放量,进而加大了房地产企业的融资难度。此外,目前房地产市场观望气氛浓厚,刚性购买需求不足,资金回流受阻,房地产企业极易出现资金短缺、偿付能力受限等问题,融资风险进一步加剧。.因此,探索在新“国五条”背景下如何破解房地产企业多渠道融资、强化融资风险控制、构建融资风险防范体系对于房地产企业持续健康发展具有非常重要的现实意义。 本文主要采用规范研究方法,适当运用比较分析法,从房地产企业融资风险控制的一般理论阐述入手,叙述新“国五条”的出台背景和具体内容,总结新政出台前后房地产企业融资状况的变化,剖析房地产企业融资风险控制中存在的问题,并深入研究房地产企业融资风险控制失效的具体原因,在借鉴国外房地产企业成功经验的基础上进而提出强化房地产企业融资风险控制的建议。 除引言和结论外,论文在结构上分四章阐述房地产企业融资风险控制的有关问题。 第一章主要概述了房地产企业融资风险控制的基本理论。首先介绍了房地产企业融资风险控制的基本概念,对房地产企业、融资、融资风险、融资风险控制进行层层界定。其次对融资风险控制的一般理论进行简要阐述,包括风险控制的基本流程和融资风险控制的一般策略。最后分析了房地产企业融资风险的类型与风险控制的特点。 第二章是新“国五条”背景下房地产企业融资风险控制的现实分析。在介绍新“国五条”的出台背景和内容的基础上,总结新政出台前后房地产企业融资状况的变化,以此剖析我国房地产企业融资风险控制中存在的问题,主要表现为：商业信用风险控制不足；银行贷款风险控制效果不理想；股票、债券融资困难,风险分散受阻；应交税费压力长存,支付风险扩大；资金沉淀严重,风险控制难度加大；融资风险控制存在滞后性等方面。之后,为了解当前房地产企业融资风险大小,运用Z-score模型对选取的样本进行Z值测算,发现我国房地产行业整体面临较高的财务风险,风险控制未能发挥应有的作用。由此,进一步深入分析房地产企业融资风险控制存在问题的内部原因和外部原因。其内部原因包括少数企业管理层融资风险控制观念不足；融资渠道较少,结构不合理；企业内部监管制度不健全；资金管理缺乏长期规划；融资风险预警制度不完善；部分企业缺少风险控制部门和有经验的专业人才；房地产行业实力参差不齐,抗风险能力低等。其外部原因包括相关法律制度不完善；金融体系不健全；国家宏观调控政策的影响作用大；外部监管制度不完备等。 第三章以美国、日本、英国为例,总结国外房地产企业融资风险控制的经验,从而探讨对我国的启示：融资方式选择应以直接融资为主；创新金融工具和健全金融结构体系；政府政策引导房地产融资市场有序发展。 第四章在梳理房地产企业融资风险控制整体思路的基础上提出具体的对策建议。就企业内部而言,这些建议包括应建立现代风险控制理念,增强风险防范意识；扩宽融资渠道,实现融资方式多元化；加强阶段性融资结构优化管理；健全企业内部监管制度；合理安排资金规划,加强资金管理；建立融资风险预警系统；培养和引进先进的融资风险管理人才等。就外部环境而言,这些建议包括应完善房地产融资的法律法规建设；培育和发展房地产金融市场,进行金融产品创新；大力加强会计师事务所诚信建设；加强政府政策引导,强化房地产企业融资的监管；利用房地产企业联合开发,建立融资风险共担机制等。
[Abstract]:Since the reform and opening up, the real estate industry in our government's strong support, after decades of rapid development, has become one of the pillar industries in the national economy, to make a certain contribution for the rapid development of social economy. However, in recent years, due to excessive property hot, most of the second city residents record high, far beyond the affordability of consumers, people complained. In this background, the government has introduced a series of real estate macro-control policies, including eight countries, six countries, ten countries, Eight Control Regulations on House Prices and so on. With the above policy regulation effect is diluted, the government to further stabilize prices, inhibit speculative investment, in February 20, 2013 launched a new "five countries", continue to increase efforts to control the real estate market.
At this stage, the financing pattern of real estate enterprises in China is still dominated by bank credit in real estate funds in bank credit accounted for more than 60%, no doubt to the real estate enterprises and commercial banks brought bigger systematic risk. Especially in recent years, bank lending rates continued to rise, the cost of financing is more and more high, the China Banking Regulatory Commission it requires reducing the real estate credit amount, and increase the real estate enterprise financing difficulty. In addition, the current real estate market strong wait-and-see atmosphere, the purchase of rigid demand, the return of funds blocked, real estate enterprises prone to a shortage of funds, solvency problems such as the limited financing risk further intensified. Therefore, in the new exploration "five states" under the background of how to solve the real estate enterprise financing channels, strengthen financial risk control, construction financing risk prevention system for the real estate enterprises with sustainable and healthy development It is very important and practical.
This paper mainly adopts normative research method, the appropriate use of comparative analysis, from the general theory of real estate enterprise financing risk control of the expounding, narrative background and specific content of the new "five countries", summarizes the changes before and after the introduction of the New Deal real estate enterprise financing situation, analyzes the existing financing risk control of real estate enterprises in the problem. Specific reasons and in-depth study of the real estate enterprise financing risk control failure, on the basis of drawing on the successful experience of foreign real estate enterprises and puts forward to strengthen the real estate enterprise financing risk control suggestions.
In addition to the introduction and conclusion, the thesis is divided into four chapters to explain the related problems of financing risk control in real estate enterprises.
The first chapter mainly introduces the basic theory of real estate enterprise financing risk control. This paper first introduces the basic concepts of real estate enterprise financing risk control, the real estate enterprises, financing, financing risk, financing risk control layer definition. Secondly this paper briefly describes the financing risk control of the general theory, including the general process and basic strategy the financing risk control risk control. Finally analyzes the financing risk of real estate enterprise types and risk control.
The second chapter is the analysis of the reality of the new "Five" background of real estate enterprise financing risk control. Based on the introduction of the new "Five" the background and content of the new deal, summarizes the changes before and after the introduction of the real estate enterprise financing situation, analyzes China's real estate enterprise financial risk control problems in the existing capital and the main performance is: the insufficiency of commercial credit risk control; risk control effect of bank loans is not ideal; the stock, bond financing difficulties, risk dispersing blocked; tax payable payment pressure forever, increase the risk of serious sedimentation of funds, risk control; difficulty; financing risk control lag and so on. After that, in order to understand the current financing risk the real estate enterprise size, using Z-score model to calculate the Z value of selected samples, found that China's real estate industry as a whole face high financial risk, the risk of failing to control To play its due role. Thus, further analysis of the real estate enterprise financing risk control problems of the internal causes and external causes. The internal causes include a few managers of the enterprise financing risk control concept; financing channels and unreasonable structure; internal supervision system of enterprise funds management is not perfect; the lack of long-term planning; early warning system of financial risk not perfect; some enterprises lack of professional risk control departments and experienced uneven; the real estate industry strength, anti risk ability is low. The external causes include the relevant legal system is not perfect; the financial system is not perfect; the impact of the national macro-control policy role; external supervision system is not perfect.
The third chapter to the United States, Japan, Britain, summed up the foreign real estate enterprise financing risk control experience, so as to explore the enlightenment to our country: financing choices should be based on direct financing; financial innovation and financial system; the government policy to guide the orderly development of the real estate financing market.
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