我国商业地产企业创新融资工具组合应用研究

发布时间：2018-03-18 18:49

  本文选题：商业地产　切入点：REITs　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：对于房地产业来说,资金就是企业的生命线,融资工具的使用,关系着企业能否持续健康发展。近年来,我国房地产调控政策对市场产生了巨大影响,土地价格上涨,融资渠道收窄,销售难度增加,众多房地产企业开始将“轻资产”作为企业长远发展的战略。在这样的大环境下,我国房地产企业特别是商业地产企业如何扩宽融资渠道,创?.新融资工具,利用资本市场激发资产活力,具有十分现实的意义。本文从针对地产企业融资现状、常用融资工具的分析阐述开始,引出全球其他先进国家和地区的资本市场中有利于商业地产企业开发运营的融资工具种类,并一一进行说明。进而立足我国房地产市场,将凯德集团这一具有新加坡资本背景的大型外资房地产集团作为重点研究对象,分析其在国内开发商业地产过程中重点使用并取得较好效果的“地产+资本”配对组合融资模式,通过对其代表性的CRCT产品的主要业绩指标和整个资本价值链设计的分析,提炼出适合我国商业地产开发运营企业可以借鉴的地方。同时,通过系统梳理我国目前的房地产金融监管政策的相关法规发展和主要商业地产企业在创新融资工具应用方面做出的探索和尝试,找出我国目前开展创新融资模式的阻碍,并相应提出具有针对性的可操作的解决方案,希望对我国相关商业地产企业未来提升企业专业性和拓展融资渠道提供切实的支持。
[Abstract]:For the real estate industry, capital is lifeline of enterprises, the use of financing tools, related enterprises can sustainable and healthy development. In recent years, China's real estate control policy had a tremendous impact on the market, the price of land, financing channels narrow, difficult to increase sales, many real estate companies will be "asset light" as for the long-term development of the enterprise strategy. In this environment, the real estate enterprises in China especially commercial real estate enterprises to broaden the financing channels, create?. the new financing tool, the use of capital market assets to stimulate vitality, has great practical significance. This paper from the real estate enterprise financing present situation, analysis of common financing tool exposition start, leads is conducive to enterprise development and operation of commercial real estate financing tools to other global advanced countries and regions in the capital market, and explain them one by one. And based on our real The real estate market, the CapitaLand group which has a background of large foreign capital Singapore real estate group as the research object, analysis of the domestic commercial real estate development in the process of use and good effect of the "real estate + capital" match financing model, through the analysis of the main performance indicators of the representative of the CRCT products and the whole capital value chain design, extract the suitable for China's development and operation of commercial real estate companies can learn from the place. At the same time, through combing relevant laws and regulations of China's current real estate financial regulatory policy and the development of major commercial real estate enterprises in the application of innovative financing tools to explore and try to find out the current development financing mode innovation the obstacles, and put forward specific operational solutions, hope to the future of commercial real estate related enterprises in China enhance enterprises Professional and expanding financing channels provide practical support.

【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F832
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本文编号：1630853