S置业公司房地产开发项目夹层融资案例分析

发布时间：2018-02-04 02:36

本文关键词： 房地产企业融资夹层融资案例启示发展　出处：《苏州大学》2014年硕士论文　论文类型：学位论文

【摘要】：从1998年我国开始实施住房制度改革后，房地产交易进入市场流通领域，房地产行业经过20多年的发展，已经成为我国经济增长的重要支柱。房地产业是一个典型的资金密集型产业，充足的资金支持对房地产业的发展至关重要。目前，我国房地产企业融资仍主要集中依赖银行信贷（通过金融机构的间接贷款），这种传统的融资方式已经很难满足房地产业发展的资金需求，房地产企业融资面临前所未有的严峻挑战，亟待开拓新的融资渠道。然而，我国资本市场尚不发达，房地产企业股权融资方式获取十分有限。因此催生出一种新的融资方式——夹层融资。夹层融资作为股本与债务之间的中间产品，拥有股权与债权的双层特点，，形式灵活，为处于宏观调控政策下的房地产企业融资提供了一条新的出路。鉴于此，本文通过选择将S置业公司房地产开发项目采取的夹层融资案例作为研究分析对象，从夹层融资的基本理论入手，结合国内外的一些研究理论与成果，对S置业公司的夹层融资方式进行了深入研究，并从S置业公司的房地产开发项目的夹层融资案例中得出启示。夹层融资兼有的股权和债权的双重特性，解决了企业融资渠道单一的现况，不仅可以解决企业的债务资金的需要，同时可以为企业注入股本，增加企业的自有资金比例水平。夹层融资能够对房地产企业持续健康发展起到一定的积极作用，也有助于推动房地产金融体系的多元化发展。
[Abstract]:Since 1998, China began to implement the housing system reform, real estate transactions into the market circulation, the real estate industry after more than 20 years of development, has become an important pillar of China's economic growth. Real estate industry is a typical capital-intensive industry, and adequate financial support is very important to the development of real estate industry. The financing of real estate enterprises in our country still mainly depends on bank credit (through the indirect loans of financial institutions, this traditional financing method has been difficult to meet the real estate development of capital needs. The financing of real estate enterprises is facing an unprecedented severe challenge, and it is urgent to open up new financing channels. However, the capital market of our country is still not developed. Therefore, a new financing method, mezzanine financing, has been created. As an intermediate product between equity and debt, mezzanine financing has the double characteristics of equity and creditor's rights. The flexible form provides a new way out for the real estate enterprise financing under the macro-control policy. In view of this, this paper chooses the case of mezzanine financing adopted by the real estate development project of S Real Estate Company as the research object, starting with the basic theory of mezzanine financing. Combined with some domestic and foreign research theories and achievements, the S home company's mezzanine financing method is studied deeply. And from S real estate development project of mezzanine financing cases to draw inspiration. Sandwich financing has the dual characteristics of equity and creditor's rights to solve the situation of single financing channels of enterprises. It can not only solve the debt capital needs of the enterprise, but also inject equity into the enterprise. The mezzanine financing can play a positive role in the sustainable and healthy development of real estate enterprises and also help to promote the diversified development of the real estate financial system.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F275

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