中小房地产企业融资问题及对策研究

发布时间：2018-01-01 10:13

本文关键词：中小房地产企业融资问题及对策研究　出处：《南京大学》2014年硕士论文　论文类型：学位论文

【摘要】：作为本国国民经济的支柱产业,房地产业在国民经济的扮演着重要的角色。房地产行业对资金需求量极大,且每个项目通常持续3-5年,与其前后关联的产业多达五十余项,兼具了投资与消费的双重功能,对经济发展的影响可谓举足轻重。我国的房地产市场经历了十多年的繁荣时期,房地产行业对资金需求的程度急速增加。2011年开始国家对房地产业的调控趋紧,扩容“限购”升级“限贷”银行政策不断收紧,信贷资源不断收缩,过分依赖银行贷款进行融资的单一渠道受到挑战。我国中小房地产企业自身本已存在管理不善,信用保证缺失等问题,达不到商业银行的贷款门槛,在这样的宏观调控背景下,必然会遭遇融资瓶颈。本文在剖析中小房地产企业融资现状及融资困局成因的基础上,提出了几种新兴的融资渠道,以拓展中小房地产企业直接融资的方式,建立适合中小房地产企业的多层次的资本平台。目前来看,信托是仅次于银行贷款的第二大融资方式,当前许多房地产企业也正通过信托渠道进行融资,信托投资方式灵活,并已涵盖房地产开发的各个阶段。笔者针对每项融资模式分别对应了一家中小房地产企业的案例分析,其中对REITs做了重点分析,笔者认为REITs将是未来中小企业未来的融资方向。房地产融资方式的多元化是必然的趋势。我国中小房地产企业应当遵循“先内源后外部”的融资理论,优化内部的资产结构。其次选择适合自己的融资方式,不要过分依赖银行贷款,建立多层次的融资体系。
[Abstract]:As the pillar industry of national economy, real estate industry plays an important role in the national economy. There are more than 50 related industries, which have the dual functions of investment and consumption, and play an important role in the economic development. The real estate market of our country has experienced a prosperous period for more than ten years. In 2011, the government began to tighten the control of the real estate industry, expand the capacity of "limited purchase, upgrade", "limit lending" bank policies continue to tighten, credit resources continue to shrink. Excessive reliance on bank loans for financing of a single channel has been challenged. China's small and medium-sized real estate enterprises have their own problems such as poor management, lack of credit guarantee, can not reach the threshold of commercial bank loans. Under the background of such macro-control, financing bottleneck will inevitably be encountered. Based on the analysis of the current financing situation and financing difficulties of small and medium-sized real estate enterprises, this paper puts forward several new financing channels. In order to expand the direct financing of small and medium-sized real estate enterprises, to establish a multi-level capital platform suitable for small and medium-sized real estate enterprises. At present, trust is the second largest financing mode after bank loans. At present, many real estate enterprises are financing through trust channels, and trust investment is flexible. And has covered the various stages of real estate development. The author of each financing model corresponding to a small real estate enterprise case analysis, in which the focus of the REITs analysis. The author thinks that REITs will be the future financing direction of small and medium-sized enterprises in the future. The diversification of real estate financing methods is an inevitable trend. Chinese small and medium-sized real estate enterprises should follow the financing theory of "first inside and then outside". Optimize the internal asset structure. Secondly, choose the appropriate financing mode, not rely on bank loans too much, and establish a multi-level financing system.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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