我国房地产开发企业融资现状及其优化

发布时间：2018-03-17 11:20

本文选题：房地产开发企业　切入点：融资现状　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着中国经济的快速发展和投资方式的多样化,房地产及其相关的投融资活动成为大家关注的焦点。自1998年商品房改革以来,房地产经济推动中国经济快速稳步发展。近几年,房地产市场更是火爆,一、二线城市房价逐步攀升,巨大的销售利润使得房地产开发企业进一步扩大开发规模,以高昂的价格向政府买地盖房。然而这笔高昂的资金从何而来,我们不得而知。房地产开发企业利用信贷资金,通过财务杠杆解决其资金需求。近几年房地产行业的快速增长,进一步捆绑了银行业,并以滚雪球方式占用了大量信贷资金,但房地产市场易受国家政策调控,加剧了整体经济的风险。并且,如今随着我国对房地产业宏观调控政策的出台和银行银根的紧缩,银行逐步提高了对房地产企业的融资门槛,融资问题日益成为房地产开发企业壮大发展的关键问题。对于大型的房地产开发企业而言,由于其规模大、信誉高,且消化负债的能力强等原因,相对来说较容易通过银行获得资金,然而中小型的房地产开发企业,出于各种因素的限制,就没那么顺利,就必须寻求别的途径进行融资。因而,房地产信托,私募基金,以及类永续债等融资方式应运而生。但由于房地产行业本身的复杂性与长期性,加之当下的法律环境,监管力度还不到位,房地产融资结构依然存在不少的问题。因此,优化房地产企业融资结构是非常必要的。本文总共分为六章,首先介绍选题背景、研究意义,以及国内外的研究现状,其次,通过研究我国房地产开发企业融资现状,发现我国房地产开发企业一方面比较依赖信贷融资,另一方面又有多元化的趋势,以恒大地产近6年的融资结构变化作为案例分析。然而,我国房地产开发企业融资结构依然存在很多不合理的地方,如自有资金规模小,财务杠杆较高导致风险高等。最后,笔者分两个角度提出优化对策,一方面从房地产开发企业自身来说,针对具体因素提出建议,另一方面,从政府的角度出发,为房地产融资结构提供更好的平台和环境提出建议。
[Abstract]:With the rapid development of China's economy and diversification of investment modes, real estate and its related investment and financing activities have become the focus of attention. Since 1998, the real estate economy has promoted the rapid and steady development of China's economy. The real estate market is even hotter. Housing prices in the first and second tier cities are gradually rising, and huge sales profits have led real estate development enterprises to further expand their development scale and buy land and build houses from the government at high prices. However, where does this high money come from? We don't know. Real estate development companies use credit funds to meet their capital needs through financial leverage. The rapid growth of the real estate industry in recent years has further tied up the banking sector and used a large amount of credit capital in a snowball way. However, the real estate market is vulnerable to state policy control, which exacerbates the risks to the overall economy. Moreover, with the introduction of macro-control policies on the real estate industry in China and the tightening of bank money, banks have gradually raised the financing threshold for real estate enterprises. Financing is increasingly becoming a key issue in the growth and development of real estate development enterprises. For large real estate development enterprises, because of their large scale, high reputation, and strong ability to absorb debts, and so on, It's relatively easy to get money from banks, but small and medium-sized real estate developers, because of various constraints, have to look for other ways to raise money because of a variety of constraints. Therefore, real estate trusts, private equity funds, However, due to the complexity and long-term nature of the real estate industry itself, and the current legal environment, the supervision is still not in place, and there are still many problems in the financing structure of real estate. It is necessary to optimize the financing structure of real estate enterprises. This paper is divided into six chapters. Firstly, it introduces the background of the topic, the significance of the research, and the current research situation at home and abroad. Secondly, through the study of the financing status of real estate development enterprises in China, It is found that the real estate development enterprises in our country rely on credit financing on the one hand, and on the other hand, have the trend of diversification, taking Evergrande Real Estate financing structure change in the past 6 years as a case study. There are still many unreasonable aspects in the financing structure of real estate development enterprises in our country, such as small scale of own capital, high financial leverage, high risk and so on. Finally, the author puts forward the optimization countermeasures from two angles. On the one hand, from the perspective of the real estate development enterprises themselves, it puts forward suggestions for specific factors, on the other hand, from the perspective of the government, to provide a better platform and environment for the real estate financing structure.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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