首开地产永续债融资问题研究

发布时间：2018-07-05 04:14

本文选题：房地产融资 + 永续债　；参考：《深圳大学》2017年硕士论文

【摘要】：房地产行业是国民经济的重要支柱产业,在社会生活中占据了尤为重要的角色,融资问题成为一直以来困扰房地产企业的重要难题。从企业内部资本结构来看,房地产企业过度使用财务杠杆导致负债率居高不下,阻碍了企业的再融资能力;从外部融资环境来看,国家政策调控、银行信贷规模收缩、房地产信托限制等使得融资问题成为制约我国房地产行业健康发展的瓶颈。所以,如何拓宽融资渠道、增加企业现金流,同时稳定资产负债率、优化企业资本结构成为房地产行业首要解决的问题之一。此时,永续债应运而生,它作为一种夹层融资工具,同时具有“股权”和“债权”的双重属性。这种新型的融资方式在国内还鲜有研究,本文选取了目前A股房地产企业永续债发行量最大的公司——首开股份,作为案例企业,对其发行的永续债融资的行为进行研究。本文首先介绍了研究的背景、意义以及我国房地产行业的现状、融资方式和融资过程中存在的问题,接着引入永续债,介绍了其发展历史、基本概念、特点和目前我国的发行现状。之后,笔者结合首开地产发行永续债的案例,对永续债的发行过程、条款设计进行了全面描述,同时结合相关的法律法规深入分析了永续债的会计处理、税务处理。接着,笔者根据首开股份的发展战略以及近几年的财务状况分析了其发行永续债的动因,包括补充企业资金、降低资产负债率、提升信用评级等。在案例分析逐步深入的过程中,笔者同时分析了永续债融资、债务融资、股权融资在成本、收益和风险方面的不同,并采用事件分析法对发行永续债产生的市场效应进行研究,最后分析了首开股份发行永续债给企业带来的影响。通过案例分析,笔者总结了房地产企业发行永续债的优势和实务应用中亟待解决的问题,并提出相应的对策和建议,为后续试图使用永续债融资的发行企业提供有益借鉴与参考,探索永续债的健康发展之路。
[Abstract]:The real estate industry is an important pillar industry of the national economy, which occupies a particularly important role in the social life. The financing problem has been an important problem puzzling the real estate enterprises all the time. From the point of view of the internal capital structure of the enterprise, the excessive use of financial leverage by real estate enterprises leads to a high debt ratio, which hinders the refinancing ability of the enterprises; from the external financing environment, the state policy controls and controls, and the scale of bank credit shrinks. The real estate trust restriction makes the financing problem become the bottleneck which restricts the healthy development of the real estate industry in our country. Therefore, how to widen the financing channels, increase the cash flow, stabilize the asset-liability ratio and optimize the capital structure of the enterprise become one of the most important problems to be solved in the real estate industry. At this time, sustainable debt emerged as a mezzanine financing tool, with the dual attributes of "equity" and "creditor's rights" at the same time. This new type of financing method is seldom studied in China. This paper selects the company with the largest issuance of sustainable debt of A-share real estate enterprises as a case to study the financing behavior of sustainable debt issued by A-share real estate enterprises. This paper first introduces the background and significance of the research, as well as the current situation of the real estate industry in China, financing methods and problems in the financing process, then introduces the sustainable debt, introduces its development history, basic concepts, Features and current distribution situation in China. After that, the author combined with the case of the first real estate issuance of sustainable debt, the issue process of sustainable debt, clause design for a comprehensive description, combined with the relevant laws and regulations in-depth analysis of sustainable debt accounting, tax treatment. Then, according to the development strategy of the first stock and the financial situation in recent years, the author analyzes the motivation of issuing sustainable debt, including replenishing the capital of the enterprise, reducing the ratio of assets and liabilities, improving the credit rating, and so on. In the process of case analysis, the author also analyzes the differences in cost, income and risk among sustainable debt financing, debt financing and equity financing, and studies the market effect of issuing sustainable debt by event analysis. Finally, the paper analyzes the impact of the initial issue of sustainable debt on the enterprise. Through case analysis, the author summarizes the advantages of real estate enterprises in issuing sustainable debt and the problems to be solved in practical application, and puts forward corresponding countermeasures and suggestions. It provides useful reference and reference for the enterprises that try to use the financing of sustainable debt to explore the healthy development of sustainable debt.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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