我国房地产企业融资模式研究

发布时间：2018-06-12 01:47

本文选题：房地产 + 融资模式　；参考：《山东大学》2011年硕士论文

【摘要】：房地产业是我国的支柱产业之一,是推动我国经济快速增长的产业之一,房地产业的健康稳定发展对我国经济的增长将产生深远的影响,房地产业的发展可以带动一系列相关产业的发展,为社会提供就业机会。房地产业是典型的资金密集型产业,有效解决该行业的融资问题是促进其健康发展的途径。我国房地产资金来源主要以银行贷款为主,其他金融方式如上市融资、信托融资、债券融资以及基金融资等占比例较小,融资结构比较单一。近几年,政府出台的一系列金融信贷政策,提高了房地产企业贷款的门槛,提高了房地产企业的自有资金比例,加上2008年次贷危机诱发的金融危机,使得一半以上的房地产企业面临资金链断裂之患,迫使房地产企业调整资本结构,积极寻找新的融资渠道。本文首先对我国房地产业的发展中遇到的问题进行了阐述,并由此引出本文的研究目的是解决房地产企业融资问题。接着介绍了房地产融资模式的理论基础——资本结构理论和有效市场理论,然后分析了我国房地产行业发展状况及融资现状,找出房地产企业融资存在的问题,并深入分析了房地产企业融资问题的根源,最后根据资本结构理论,在资本结构最优化(加权平均资本成最低)的框架内,建立了房地产企业的融资模型,提出了房地产企业的融资模式。通过论证研究,本文旨在消化国家宏观金融政策变动的冲击,化解房地产开发企业资金链断裂危机,解决当前房地产企业融资渠道单一的问题,帮助它们找到一条可行多元化融资优化模式,以实现企业的可持续发展。本文的创新之处是在资本结构的框架内研究了房地产企业的融资模式；不但根据企业价值最大化理论建立了房地产企业的融资模型；还探讨了房地产企业融资的政治成本。
[Abstract]:The real estate industry is one of the pillar industries of our country and one of the industries that promote the rapid economic growth of our country. The healthy and stable development of the real estate industry will have a profound impact on the economic growth of our country. The development of real estate industry can drive the development of a series of related industries and provide employment opportunities for the society. The real estate industry is a typical capital-intensive industry, and the effective solution to its financing problem is the way to promote its healthy development. The main sources of real estate funds in China are bank loans, other financial methods such as listed financing, trust financing, etc. Bond financing and fund financing account for a small proportion, financing structure is relatively single. In recent years, a series of financial and credit policies introduced by the government have raised the threshold of loans for real estate enterprises, increased the proportion of their own funds, and added to the financial crisis induced by the subprime mortgage crisis in 2008. More than half of the real estate enterprises are faced with the problem of capital chain breakage, forcing the real estate enterprises to adjust their capital structure and actively seek new financing channels. Firstly, this paper expounds the problems encountered in the development of the real estate industry in China. The purpose of this paper is to solve the financing problem of real estate enterprises. Then it introduces the theory foundation of real estate financing mode-capital structure theory and efficient market theory, then analyzes the development and financing status of real estate industry in our country, and finds out the problems existing in the financing of real estate enterprises. At last, according to the theory of capital structure, the financing model of real estate enterprise is established under the framework of capital structure optimization (weighted average capital being the lowest). This paper puts forward the financing mode of real estate enterprises. Through demonstration and research, this paper aims at digesting the impact of the change of national macro financial policy, resolving the crisis of capital chain breakage in real estate development enterprises, and solving the problem of single financing channel of real estate enterprises at present. To help them find a feasible and diversified financing optimization model to achieve the sustainable development of enterprises. The innovation of this paper is to study the financing model of real estate enterprises within the framework of capital structure; This paper not only establishes the financing model of real estate enterprise according to the theory of maximizing enterprise value, but also probes into the political cost of real estate enterprise financing.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F293.33

【引证文献】