大同房地产开发有限公司融资渠道研究

发布时间：2018-06-12 09:57

本文选题：大同房地产公司 + 融资渠道　；参考：《成都理工大学》2013年硕士论文

【摘要】：房地产行业是资金密集型行业,资金和土地是房地产开发的两条腿,如果说土地资源是房地产开发的命脉,那么资金就是房地产开发的血液。没有资金,就不会有房地产开发,土地可以用资金去拿到,资金是房地产项目成功开发的关键。由此可见,选择合适的融资渠道,取得稳定的资金支持,对房地产企业的发展具有重要的意义。本文研究具有的现实意义为：针对大同房地产公司的特点,研究适合的融资渠道,拓宽融资渠道以及规范管理公司融资渠道选择；根据不同的融资方式,找出共性元素,进行分析,研究适合企业融资策略,为企业资金管理和资金筹集提供借鉴,通过后期不断总结,达到增强融资经济性目的；引入融资风险分析和融资决策分析,评价各种融资风险对企业的影响程度,为融资方案的实施和保险提供条件和支持,使得融资管理更加系统和科学。本文以大同房地产开发有限公司的融资为例展开分析,所得结论及文章的成果如下：(1)从实例项目的动、静态盈利分析来看,项目税前、税后全部投资净现值与税后资本金投资净现值均大于零；内部收益率均大于基准收益率和贷款利率；每年累计盈余资金大于零,故从盈利能力和偿债能力分析来看,该项目是可行的。项目的投资利润较高,具备良好的经济效益,为项目的融资奠定了基础,大同房地产公司应根据项目开发的进度及资金需求计划选择合适合作开发的融资渠道。(2)大同房地产公司具备法人资格,项目融资条件符合银行贷款要求。融资渠道的偿还风险将对大同房地产公司投资的该项目进展产生决定性的影响。利率风险表现在加息导致融资成本提高的同时,投资利润下降,销售回款放缓。还有面临着国家严厉的宏观调控政策不断出台的政策风险以及预售楼款回笼的风险,因此,大同房地产公司应未雨绸缪,及早做好销售预测计划,根据市场环境调整销售价格,促使资金尽快回笼。(3)大同房地产公司应根据所处的融资环境,结合大同房地产公司自身的企业情况,以预测出的资金需求量为基础,分析出大同公司可以采用的融资方式,制定几种适合大同房地产公司的融资方式组合方案,并进行可行性的分析和指导。并分别根据住宅、别墅、高档住宅区、经济适用房、廉租房、保障性住房等,选择合理的融资渠道。积极采用开发商卖方信贷、合作开发、夹层融资、信托融资、工程转包融资、获得外单位投资等不被大型房地产企业垄断的方式进行融资。合作融资开发模式不仅可以使得大同房地产公司获得资金而且可以保证项目按期开工建设,同时可降低融资成本但是要做好合作开发模式的风险识别与预防。创新大同房地产公司的融资渠道应采用完善内部治理结构,加强科学管理,建立长期银企合作关系和提升资金使用效率等保障措施,只有这样公司的企业经营和发展才能健康持续的发展。本文在以下二点略有创新：一是本文针对我国房地产融资的现状,提出了大同房地产公司合作融资渠道策略及风险识别与控制的方法,具有较强的实践指导意义；二是在查阅了大量有关房地产的法律、政策文件的基础上,提出以预测出的资金需求量为基础,分析出大同公司可以采用的融资方式,制定几种适合大同房地产公司的融资方式组合方案,并进行可行性的分析和指导。并分别根据住宅、别墅、高档住宅区、经济适用房、廉租房、保障性住房等,选择合理的融资渠道等创新建议。
[Abstract]:The real estate industry is a capital intensive industry, capital and land are the two legs of real estate development. If land resources are the lifeblood of real estate development, then capital is the blood of real estate development. Without funds, there will be no real estate development. Land can be obtained with funds. Capital is the key to the successful development of real estate projects. Therefore, it is of great significance for the development of real estate enterprises to choose appropriate financing channels and obtain stable financial support. The practical significance of this study is to study the suitable financing channels, broaden the financing channels and standardize the choice of financing channels for the management of the Real Estate Company. The way of financing, finding common elements, analyzing, studying the financing strategies of enterprises, providing reference for the management of capital and raising funds for enterprises. Through the continuous summary of the later period, the purpose of enhancing the financing economy is to be achieved, and the financial risk analysis and financing decision analysis are introduced to evaluate the influence degree of various financing risks to the enterprises. The implementation and insurance provide conditions and support to make financing management more systematic and scientific. This paper takes the financing of Datong Real Estate Development Co., Ltd. as an example. The conclusions and the results of the article are as follows: (1) the net present value of all investment after tax, after tax, and after tax capital investment from the dynamic of the case project and the static profit analysis. The net present value is greater than zero, and the internal rate of return is greater than the benchmark yield and the loan interest rate; the accumulated surplus capital is more than zero each year. Therefore, from the analysis of profitability and solvency, the project is feasible. The investment profit of the project is high and has good economic benefit, which lays the foundation for the financing of the project, and Real Estate Company The appropriate cooperative development financing channels should be selected according to the project development progress and the fund demand. (2) Datong Real Estate Company has the legal person qualification, the financing conditions of the project meet the bank loan requirements. The repayment risk of the financing channel will have a decisive influence on the progress of the project invested by the Datong Real Estate Company. The interest rate risk performance At the same time, the increase in the cost of financing has led to the increase in the cost of financing, the decline in investment profits, the slowdown in the sales return, and the risk of the constant policy of the country's severe macro-control policies and the return of the funds for the sale of the buildings. Therefore, the Datong Real Estate Company should take precautions and make a good sales forecast plan as soon as possible and adjust the sales price according to the market environment. (3) Datong Real Estate Company should base on the financing environment of Datong itself, based on the enterprise situation of Datong Real Estate Company itself, based on the forecast of capital demand, analyze the financing way that Datong company can adopt, and make several financing mode combination scheme suitable for Datong Real Estate Company. According to the feasibility analysis and guidance, and according to the housing, villas, high-grade residential areas, affordable housing, low rent housing, affordable housing, and so on, choose reasonable financing channels. Actively adopt the developer seller credit, cooperative development, interlayer financing, trust financing, Engineering Subcontract financing, and obtain external unit investment and other large real estate enterprises are not monopolized. The cooperative financing development model can not only make the Datong Real Estate Company get funds but also guarantee the construction of the project on time, but also can reduce the cost of financing but should do well the risk identification and prevention of the cooperative development model. The innovation of the Real Estate Company's financing channel should be to improve the internal governance structure, Strengthening scientific management, establishing long-term bank enterprise cooperation and improving the efficiency of capital use, and so on. Only in this way can the company's business and development be healthy and sustained development. This article is slightly innovative at the following two points: first, this article aims at the current situation of real estate financing in China, and puts forward the cooperative financing channel policy of Datong Real Estate Company. The method of risk identification and control has a strong practical guiding significance. Two, on the basis of consulting a large number of laws and policies concerning real estate, based on the forecast of the demand for funds, this paper analyzes the financing methods that Datong company can adopt and sets up several financing methods suitable for the Real Estate Company in Datong. The plan, and the feasibility of the analysis and guidance, and according to housing, villas, high-end residential areas, affordable housing, low rent housing, affordable housing, and so on, the choice of reasonable financing channels and other innovative suggestions.
【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.42

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