绿城中国动态融资战略与财务风险研究

发布时间：2018-04-14 02:04

本文选题：房地产行业 + 动态融资战略　；参考：《浙江工商大学》2017年硕士论文

【摘要】：在我国现阶段,房地产行业仍是国民经济的支柱性产业,一旦房地产行业陷入高风险状态,宏观经济就可能出现系统性风险。作为资金密集型产业,房地产行业资金投入大、回收期长、流动性较弱,在频繁的政策变动和激烈的市场竞争中,房地产企业容易陷入财务困境。因此,制定科学的动态融资战略,筹集企业生存发展所需资金,有效控制与防范企业的财务风险,有利于促进房地产行业的可持续健康发展,也有助于国民经济稳步健康成长。绿城中国控股有限公司(股票代码:3900.HK,简称"绿城中国")是中国知名房地产公司,曾屡次三番遭遇资金链危机,但通过融资战略的动态调整,虽未能从根本上消除财务风险,却总能在险象环生的财务困境里转危为安,将财务风险控制在一定的范围内。本文以绿城中国的动态融资战略与财务风险为研究对象,在分析绿城中国财务风险的基础上,将其融资战略动态调整划分为三个阶段,从融资规模、融资方式、股利政策、资本结构四个方面对绿城中国的动态融资战略进行分析,研究动态融资战略与财务风险之间的内在机理。总结绿城中国在融资战略制定和财务风险防范方面的经验与教训,为我国房地产企业融资战略的制定与财务风险防范提供有益的建议。基于对绿城中国案例的研究,本文主要得到以下结论:第一,房地产企业的融资战略应当根据其财务风险状况进行动态调整。第二,房地产企业的财务风险可以通过制定动态融资战略进行实时防控。第三,高财务杠杆的融资战略可能引发较高的财务风险。第四,开拓与创新融资工具有利于降低财务风险。第五,借助项目转让引入战略投资者,甚至通过大股东放弃控制权,可以帮助房地产企业防范资金链断裂,将财务风险控制在一定范围之内。通过绿城中国案例研究,本文总结了可供国内房地产企业借鉴的经验及启示:第一,提升自身经营管理水平是房地产企业控制财务风险的根本手段。第二,制定科学的动态融资战略能够有效控制财务风险。第三,建立财务风险预警机制是防范财务风险的重要手段。第四,开拓与创新融资工具有利于降低财务风险。第五,引入战略投资者甚至放弃控制权也是防范财务风险的重要方式。本文研究的创新点体现在研究的切入点和案例的新颖性两方面。就研究切入点而言,本文以动态调整的融资战略为切入点,突出了"融资战略—财务风险—融资战略调整—财务风险控制"这一动态调整过程,不同于已有研究文献从企业生命周期视角分析融资策略与财务风险防范问题。从研究对象看,绿城中国在融资创新方面具有特殊性。例如,绿城中国首次在IPO前成功运用可转换债券融资,首次利用高息债券融资等等,均成为中国地产企业里程碑式的债务管理交易,使得本文的研究案例具有新颖性。
[Abstract]:At present, the real estate industry is still the pillar industry of the national economy. Once the real estate industry falls into a high risk state, the macro economy may have systemic risks.As a capital-intensive industry, real estate industry is prone to financial distress due to its large investment, long payback period, weak liquidity and frequent policy changes and fierce market competition.Therefore, it is beneficial to promote the sustainable and healthy development of the real estate industry and to promote the steady and healthy growth of the national economy by making a scientific dynamic financing strategy, raising the funds needed for the survival and development of the enterprises, and effectively controlling and preventing the financial risks of the enterprises.Green City China Holdings Co., Ltd. (stock symbol: 3900.HK, or "Green City China") is a well-known real estate company in China. It has repeatedly encountered a crisis in the capital chain, but through the dynamic adjustment of its financing strategy, it has failed to fundamentally eliminate financial risks.But it can always turn the corner in the dangerous financial distress, and control the financial risk in a certain range.This paper takes the dynamic financing strategy and financial risk of Green City China as the research object. On the basis of analyzing the financial risk of Green City China, the dynamic adjustment of its financing strategy is divided into three stages, from the financing scale, the financing mode, the dividend policy.This paper analyzes the dynamic financing strategy of Green City China from four aspects of capital structure, and studies the internal mechanism between dynamic financing strategy and financial risk.This paper summarizes the experience and lessons of financing strategy formulation and financial risk prevention in Green City China, and provides useful suggestions for the formulation of financing strategy and financial risk prevention for Chinese real estate enterprises.Based on the case study of Green City in China, this paper draws the following conclusions: first, the financing strategy of real estate enterprises should be dynamically adjusted according to their financial risk.Secondly, the financial risk of real estate enterprises can be prevented and controlled in real-time by making dynamic financing strategy.Third, the financing strategy of high financial leverage may lead to higher financial risk.Fourth, the development and innovation of financing tools are conducive to reducing financial risk.Fifthly, the introduction of strategic investors through project transfer, or even the relinquishment of control by large shareholders, can help real estate enterprises to prevent the breakage of the capital chain and control financial risks within a certain range.Through the case study of Green City in China, this paper summarizes the experience and enlightenment that can be used for reference by domestic real estate enterprises: first, to improve their own management level is the fundamental means for real estate enterprises to control financial risks.Second, the establishment of a scientific dynamic financing strategy can effectively control financial risks.Third, the establishment of financial risk warning mechanism is an important means to prevent financial risks.Fourth, the development and innovation of financing tools are conducive to reducing financial risk.Fifth, the introduction of strategic investors or even give up control is also an important way to prevent financial risks.The innovation of this paper is reflected in two aspects: the breakthrough point and the novelty of the case.As far as the research entry point is concerned, this paper focuses on the dynamic adjustment process of "financing strategy-financial risk-financing strategy adjustment-financial risk control" with the financing strategy of dynamic adjustment as the starting point.Different from the existing research literature, this paper analyzes the financing strategy and financial risk prevention from the perspective of enterprise life cycle.From the point of view of the research object, Green City China has particularity in financing innovation.For example, Green City China successfully used convertible bond financing before IPO for the first time, used high-interest bond financing for the first time, and so on. It has become a landmark debt management transaction of Chinese real estate enterprises, which makes the research case of this paper novel.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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