合创房地产公司的融资方式研究

发布时间：2018-02-28 17:04

本文关键词： 房地产融资方式融资策略　出处：《中南大学》2014年硕士论文　论文类型：学位论文

【摘要】：房地产行业作为资金密集型行业,融资需求大、期限长,在我国国民经济中发挥着重要作用,但长期以来由于受外部环境原因和自身原因影响,融资渠道单一,特别是中小房地产企业。近年来在一系列房地产融资的政策限制下,房地产企业的融资形势更加严峻,如何拓宽融资渠道,解决资金缺口成为房地产企业的当务之急。合创房地产公司作为一家处于成长阶段的中型房地产公司,资金来源过分集中于银行贷款,融资方式单一,这不仅增加了融资风险,也影响其长远发展。探索合适的融资组合,并在改善传统融资方式的基础之上,融合创新型融资方式,多元化融资成为合创公司的未来融资方向。合创公司应该在现有融资理论和研究成果的基础上,结合融资环境特点,试图探讨现阶段适合合创房地产公司的非银行融资方式,改善目前的过于单一的融资方式。当前房地产企业的主要融资方式有内源融资、银行贷款、上市融资、发行债券、项目融资、私募股权投资、合作开发等,都各有优点和缺点。合创公司目前融资的最大问题就是渠道过于单一,集中于银行贷款,但是也存在着外部机会的内部优势,所以完全具有实行非银行融资方式的可行性。非银行融资方式的选择受到很多因素的影响,比如企业生命周期、项目开发阶段、融资成本和效率以及自身的优势和劣势等,具体如何选择融资方式要综合考虑以上因素,以及融资目标和原则。基于以上不同的影响因素和目标原则,合创公司可以选择的非银行融资方式也不同,只有综合考虑才能找出最适合合创的融资方式和融资组合。
[Abstract]:As a capital-intensive industry, the real estate industry has a large financing demand and a long term, which plays an important role in the national economy of our country. But for a long time, because of the external environmental reasons and its own reasons, the financing channel is single. Especially small and medium-sized real estate enterprises. In recent years, under the restrictions of a series of real estate financing policies, the financing situation of real estate enterprises has become more serious. How to broaden the financing channels, As a medium-sized real estate company in the growing stage, the source of funds is too concentrated on bank loans and the financing method is single, which not only increases the financing risk, but also increases the risk of financing. It also affects its long-term development. Exploring the appropriate financing portfolio, and on the basis of improving the traditional financing methods, combining innovative financing methods, diversified financing has become the future direction of financing. On the basis of the existing financing theories and research results and the characteristics of the financing environment, the joint venture company should try to explore the non-bank financing mode suitable for the joint venture real estate company at this stage. The main financing methods of current real estate enterprises include endogenous financing, bank loans, listing financing, bond issuance, project financing, private equity investment, cooperative development, etc. Each of them has its own advantages and disadvantages. The biggest problem with HEC's financing at present is that it has too single channels and focuses on bank loans, but it also has the internal advantages of external opportunities. Therefore, it is completely feasible to implement non-bank financing. The choice of non-bank financing is influenced by many factors, such as enterprise life cycle, project development stage, financing cost and efficiency, and its own strengths and weaknesses. Specifically, how to choose the financing mode should consider the above factors, as well as the financing objectives and principles. Based on the above different influencing factors and objective principles, the non-bank financing methods that the joint venture company can choose are also different. Only comprehensive consideration can find out the most suitable financing mode and financing portfolio.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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