中国县域中小型房地产企业融资问题研究

发布时间：2018-11-23 08:44

【摘要】：房地产业作为关系国计民生的基础性产业,在改善居民居住条件,创造就业机会,带动相关产业发展,增加政府财政收入等方面发挥了重要作用。但是,受外部环境的影响和以及自身条件的制约,我国县域房地产企业的规模普遍较小,与大型房地产企业相比,无论是有形资产,还是无形资产,都存在较大的劣势,使其很容易出现融资困境。在当前金融环境下,县域中小型房地产企业融资的挑战和机遇并存；一方面,货币政策和信贷政策紧缩,使得中小房地产企业银行贷款更加艰难；市场利率偏高,使得中小房地产企业融资成本上升；人民币贬值预期和美元走强,加大中小房地产企业海外融资成本和汇率风险；另一方面,IPO改革降低了中小房地产企业进入资本市场的难度,有利于县域中小房地产企业融资由间接融资向直接融资转变,提高中小房地产企业融资规模,降低中小房地产企业融资成本。在此环境和背景下,加强对县域经济中小型房地产企业融资问题的研究,具有重要的理论意义和实践价值。本文采用文献研究法和案例分析法,从房地产融资的基本概念和基本理论出发,阐述了我国县域经济中小型房地产企业发展现状以及金融环境现状,对我国县域经济中小型房地产融资存在的问题及其原因进行了研究,针对性地提出解决我国县域经济中小型房地产企业融资困境的建议。通过本文的研究,得出如下结论：1、我国县域经济中小型房地产企业融资主要存在融资渠道单一、融资结构不合理、外资引入渠道不畅以及缺乏长期稳定资金源的支持等问题。2、造成我国县域经济中小型房地产企业融资困境的原因主要有外部原因和内部原因,外部原因包括宏观经济政策影响、融资体系不健全、政策法规不完善、银行风险与收益不对称,内部原因包括县域经济中小型房地产企业自身实力有限、内部管理机制不健全和信用文化建设滞后。3、针对县域经济中小型房地产企业融资存在问题,需要拓展县域经济中小型房地产企业融资渠道,调整县域经济中小型房地产企业融资渠道结构,完善与中小型房地产企业融资相关的政策和法规,建立县域经济中小型房地产企业支撑机制,加强县域经济中小型房地产企业发展。
[Abstract]:The real estate industry, as a basic industry related to the national economy and the people's livelihood, has played an important role in improving the living conditions of residents, creating employment opportunities, promoting the development of related industries and increasing government revenue. However, influenced by the external environment and restricted by its own conditions, the scale of the county real estate enterprises in our country is generally smaller. Compared with the large real estate enterprises, both tangible assets and intangible assets have greater disadvantages. Making it easy to raise money. Under the current financial environment, the financing challenges and opportunities of the small and medium-sized real estate enterprises in county region coexist, on the one hand, the tightening of monetary policy and credit policy makes the bank loans of small and medium-sized real estate enterprises more difficult. The high market interest rate makes the financing cost of small and medium-sized real estate enterprises rise, the expectation of RMB depreciation and the strength of the dollar increase the overseas financing cost and exchange rate risk of small and medium-sized real estate enterprises. On the other hand, the reform of IPO reduces the difficulty for small and medium-sized real estate enterprises to enter the capital market, which is conducive to the transformation from indirect financing to direct financing of small and medium-sized real estate enterprises at county level, and to improve the financing scale of small and medium-sized real estate enterprises. Reduce the financing cost of small and medium-sized real estate enterprises. In this environment and background, it is of great theoretical significance and practical value to strengthen the research on the financing of small and medium-sized real estate enterprises in county economy. Based on the basic concept and theory of real estate financing, this paper expounds the present situation of the development of small and medium-sized real estate enterprises in county economy and the present situation of the financial environment by using the method of literature research and case analysis. This paper studies the problems and causes of the small and medium-sized real estate financing in the county economy of our country, and puts forward some suggestions to solve the financing dilemma of the small and medium-sized real estate enterprises in the county economy. Through the study of this paper, the following conclusions are drawn: 1, the financing of small and medium-sized real estate enterprises in the county economy of our country has a single financing channel, and the financing structure is unreasonable. The reasons for the financing difficulties of small and medium-sized real estate enterprises in our county economy are mainly external reasons and internal reasons, such as the lack of channels for the introduction of foreign capital and the lack of support from long-term stable sources of funds. The external reasons include the influence of macroeconomic policy, the imperfect financing system, the imperfect policies and regulations, the asymmetry of bank risk and income, and the internal reasons including the limited strength of small and medium-sized real estate enterprises in county economy. The internal management mechanism is imperfect and the construction of credit culture lags behind. 3. In view of the problems existing in the financing of small and medium-sized real estate enterprises in county economies, it is necessary to expand the financing channels for small and medium-sized real estate enterprises in county economies. Adjust the financing channel structure of the small and medium-sized real estate enterprises in the county economy, perfect the policies and regulations related to the financing of the small and medium-sized real estate enterprises, and establish the supporting mechanism for the small and medium-sized real estate enterprises in the county economy, Strengthen the development of small and medium-sized real estate enterprises in county economies.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F299.233.42

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