房地产开发项目的融资成本及风险分析

发布时间：2019-04-26 21:18

【摘要】： 融资成本是为筹集和使用资金所耗费的成本,是一个重要的财务指标。对于房地产开发项目而言,在整个开发周期内,项目的现金流和融资成本是有着密切的内在联系。对房地产开发项目现金流的分析可以对房地产开发项目的财务状况以及融资成本有一个直观的了解。因此,能够为房地产开发项目的投资者做出正确的融资决策。本文旨在探索房地产开发项目周期内现金流对融资成本的影响程度,并建立项目融资成本的计算模型,最终达到降低融资成本以及融资风险的目标。因此,本文的研究目标如下: 建立基于房地产开发项目现金流的融资成本计算模型; 分析影响房地产开发项目融资的风险因素并提出合理化的建议。为了达到这些研究目标,在文章的第一部分,首先分析了目前房地产开发项目相关的一些重要因素,然后运用财务管理中资金时间价值的理论构建了融资成本的计算模型,这些因素既是影响房地产开发项目的因素,也是模型的组成部分,包括房地产开发项目的成本、收益、开发周期等。在模型的基础上,不同条件下的融资成本得以计算,并使投资者能够比较不同融资方法下,现金流波动的不同对融资成本造成的影响。由于计算融资成本的模型是由参数构成的,任何参数的变化都会对融资成本的大小造成影响。因此,本文在第二部分着重分析了这些因素,并结合中国房地产开发市场以及金融市场的实际状况进行了房地产开发项目的融资风险分析。这对于投资者做出正确的融资决策同样是很有帮助的。最后一个部分是在前面对房地产开发项目融资成本和风险进行综合分析的基础上,找到了目前国内房地产开发项目融资的一些问题,据此提出了一系列降低房地产开发项目融资成本及融资风险的合理化建议。
[Abstract]:Financing cost is the cost of raising and using funds, and it is an important financial index. For the real estate development project, the cash flow and financing cost of the project are closely related in the whole development cycle. The cash flow analysis of the real estate development project can have an intuitive understanding of the financial situation and financing cost of the real estate development project. Therefore, can for the real estate development project investor to make the correct financing decision. The purpose of this paper is to explore the influence degree of cash flow on financing cost in real estate development project cycle, and to establish the calculation model of project financing cost so as to achieve the goal of reducing financing cost and financing risk. Therefore, the research objectives of this paper are as follows: establish the financing cost calculation model based on cash flow of real estate development project; This paper analyzes the risk factors that affect the financing of real estate development projects and puts forward some reasonable suggestions. In order to achieve these research goals, in the first part of the article, we first analyze some important factors related to the current real estate development projects, and then use the theory of time value of capital in financial management to construct the calculation model of financing cost. These factors are not only the factors that affect the real estate development projects, but also the components of the model, including the cost, income and development cycle of the real estate development projects. On the basis of the model, the financing cost under different conditions can be calculated, and the investors can compare the impact of different cash flow fluctuations on the financing cost under different financing methods. Since the model for calculating the financing cost is composed of parameters, any change of the parameters will affect the size of the financing cost. Therefore, in the second part, this paper focuses on the analysis of these factors, and analyzes the financing risk of real estate development projects according to the actual situation of China's real estate development market and financial market. This is also helpful for investors to make the right financing decisions. The last part is based on the comprehensive analysis of the financing cost and risk of the real estate development project, and finds out some problems of the financing of the domestic real estate development project at present. Based on this, a series of reasonable suggestions are put forward to reduce the financing cost and financing risk of real estate development projects.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2006
【分类号】：F293.3

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