万科公司的融资策略研究

发布时间：2018-01-04 01:00

本文关键词：万科公司的融资策略研究　出处：《广西师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：在企业的发展进程中,充足的资金来源和完善的资金链是十分重要的。资金、市场和土地并称为房地产产业的三大基本元素,房地产也由于其巨大的资金投入被称为资金密集型产业。由于产品市场价格呈周期性波动变化,房地产产业的兴衰也与经济环境、市场环境、政策环境、法律环境等密切相关,因此必须根据房地产企业面临的经济环境、市场环境、政策环境、法律环境等来调整房地产企业的融资策略。本文主要采用了理论与实践相结合的研究方法,对万科公司的融资策略进行了研究。全文分为六个部分。第一部分是引言。主要对文章的选题背景和研究意义、研究现状以及研究思路和方法进行简要介绍。第二部分是融资的基本理论。分析了房地产行业资金的需求特点,对营运资金的支付特点,对企业融资的要求做出分析,并总结了房地产企业融资的相关理论：平衡理论、新优序融资理论、代理成本理论、控制权理论、项目融资理论。第三部分是房地产企业融资分类、融资方式与融资影响因素。房地产企业主要融资方式有：银行贷款、上市融资、发行企业债券、房地产信托、金融租赁、房地产投资基金、和建筑承包商合作融资等；影响房地产企业融资的主要因素有：政策环境、经济环境、金融市场换环境、土地政策、税收政策等。第四部分是万科公司的融资策略研究。这是本文的重点。在该部分,首先分析了万科公司面临不同融资环境下的融资情况,其次从内源融资和外源融资两个方面对万科公司的融资情况进行了分析,并指出其成功因素和存在问题；最后从内源融资和外源融资两个角度分析了万科公司未来的融资策略。第五部分是万科公司的融资风险控制研究。融资的风险是客观存在的。在该部分,从财务风险控制和经营风险控制两方面对万科公司的融资风险控制措施进行分析。第六部分是万科公司的融资策略对我国房地产行业其他公司的启示。当今国内外经济形势不容乐观,我国房地产企业更面临着银根紧缩的局面。房地产行业的发展与经济环境、政策环境等息息相关,为保证其资金的正常运转,企业的融资策略就必须根据这些环境不断地进行相应的调整。一个企业的成功与否从某个角度上讲取决于该企业的资金来源及对市场预测能力。本文主要通过对万科公司融资策略以及融资风险控制的分析,以期为我国其他房地产企业在融资时提供有益的启示。
[Abstract]:In the process of enterprise development, adequate funds and improve the capital chain is very important. Capital market and land known as the three basic elements of the real estate industry, real estate is also due to the huge capital investment is called the capital intensive industry. Because the market price cyclical changes the real estate industry, the rise and fall with the economic environment, market environment, policy environment, legal environment are closely related, therefore must be based on the real estate enterprises are facing economic environment, market environment, policy environment, legal environment to adjust the real estate enterprise financing strategy.
This paper mainly adopts the method of combining theory with practice, and studies the financing strategy of Vanke Company. The full text is divided into six parts.
The first part is the introduction, which is a brief introduction to the background and significance of the topic, the status of the research, the thinking and methods of the research.
The second part is the basic theory of financing. Analyzes the demand characteristics of real estate funds, payment on working capital, the financing requirements analysis, and summarizes the related theories of real estate financing: balance theory, pecking order theory, agency cost theory, control theory, project financing theory.
The third part is the classification of real estate financing, financing pattern and influence factors. The main financing way of real estate enterprises: financing, bank loans, issuance of corporate bonds, real estate trust, financial leasing, real estate investment funds, cooperation and building contractor financing; the main factors affecting the real estate enterprise financing are: the policy environment, economic environment, financial market environment change, land policy, tax policy and so on.
The fourth part is the research on Financing Strategy of Vanke Company. This is the focus of this article. In this part, firstly analyzes the financing situation of Vanke Company faces different financing environment, the financing situation of Vanke Company from two aspects of internal financing and external financing are analyzed, and points out the success factors and problems; finally the financing strategy of Vanke future analysis from two aspects of internal financing and external financing.
The fifth part is the financing risk control research of Vanke. The risk of financing is objective. In this part, we analyze the financing risk control measures of Vanke from two aspects: financial risk control and operational risk control.
The sixth part is the revelation of the financing strategy of Vanke to other companies in the real estate industry in China.
The domestic and international economic situation is not optimistic, the real estate enterprises in China is facing more tightening situation. The development of real estate industry and economic environment, policy environment are closely related, in order to ensure the normal operation of the capital, enterprise financing strategy must be based on the environment constantly adjusted. The success of an enterprise whether from a perspective of the enterprise depends on the source of funds and the market forecast ability. This paper focuses on the financing strategy of Vanke Company and analysis the financing risk control, with a view to China's other real estate companies in the financing provide useful inspiration.

【学位授予单位】：广西师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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