我国房地产企业境外融资方式的比较研究

发布时间：2018-03-26 18:41

本文选题：房地产　切入点：境外　出处：《上海交通大学》2013年硕士论文

【摘要】：20世纪90年代以来，房地产行业始终是拉动我国经济增长的支出产业之一。由于其自身的资金密集性特征，，房地产企业的融资活动在其经营过程中扮演着重要角色,也是能否创造利润的关键环节。受近年来我国房地产宏观调控政策的影响，境内融资难度不断增加，不少境内房企将目光放到了海外资本市场。是否考虑境外融资、如何选择最适合的境外资本市场、如何挑选最优的境外融资模式成为诸多房地产企业关注的问题。本文将从我国房地产发展情况出发，首先分析境外融资研究的必要性并对已有研究成果进行简要梳理。其次，通过对相关资本结构及融资理论的简单回顾，分析企业的融资动机及方式、介绍本文的研究方法。而后，对我国境内房企的主要融资方式及其特征进行介绍。再次，对多种境外融资模式进行介绍，并通过各种境外融资模式个体间的对比、境外融资模式与境内融资模式的对比，结合实际案例分析境外融资模式对房地产企业的适应性及优缺点，并关注其中的融资风险。最后，通过上述理论及案例研究，尝试为我国房企选择合适的境外融资方式提供普遍适用的参考标准，并对房地产企业境外融资进行展望。通过本文的研究，希望对于我国房地产企业选择境外融资方式提供一定的参考价值及借鉴意义。
[Abstract]:Since the 1990s, the real estate industry has always been one of the expenditure industries to stimulate the economic growth of our country. Because of its characteristics of capital density, the financing activities of the real estate enterprises play an important role in the process of its operation. It is also a key link in whether we can create profits. Under the influence of China's macro-control policies on real estate in recent years, the difficulty of domestic financing is constantly increasing. Many domestic housing enterprises have focused their attention on overseas capital markets. Whether to consider overseas financing? How to choose the most suitable overseas capital market and how to choose the best overseas financing mode have become the concern of many real estate enterprises. Starting from the development of real estate in China, this paper first analyzes the necessity of overseas financing research and briefly combs the existing research results. Secondly, through a brief review of the relevant capital structure and financing theory, This paper analyzes the financing motivation and methods of enterprises, and introduces the research methods of this paper. Then, it introduces the main financing methods and their characteristics of domestic housing enterprises. Thirdly, it introduces a variety of overseas financing modes. And through the individual comparison of various overseas financing modes, the comparison between the overseas financing model and the domestic financing model, combined with the actual cases, the paper analyzes the adaptability, advantages and disadvantages of the overseas financing model to the real estate enterprises. Finally, through the above theory and case study, this paper tries to provide a universal reference standard for Chinese housing enterprises to choose the appropriate overseas financing methods, and to look forward to the overseas financing of real estate enterprises. Through the study of this paper, we hope to provide some reference value and significance for Chinese real estate enterprises to choose overseas financing methods.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.4;F275

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