M房地产公司融资模式研究

发布时间：2018-04-14 18:21

本文选题：房地产 + 私募股权基金　；参考：《内蒙古大学》2014年硕士论文

【摘要】：随着我国政府房地产调控政策持续性地对房地产行业的严格限制,大量的房地产公司不得不面临着各种各样的资金问题。尤其当前我国房地产公司以间接融资为主的银行贷款融资方式,在国家政策调控和信贷政策的影响下,融资困顿显现无疑,项目建设资本金比例的提升,房企为了满足项目建设的要求,以及银行贷款的条件,房企想方设法通过关联公司贷款,虚增资本金到位情况。来满足项目建设的资金需求。金融危机的席卷全球,造成金融机构融出资金意愿的大大降低,中国房地产企业想从金融机构取得融资的愿望开始大打折扣。同时,美国“两房”破产,美国购房者的住房贷款大量不按时还款,这一阴影也投射到了中国房地产市场,市场总的投资规模受到抑制,房企不得不更加深切的关注融资方式、渠道和及时有效利用手中的资金,降低项目建成风险；而购房者也迟疑于当前消费还是等待,显然这对房企回款又形成了障碍。然而,在此次大潮中没有受到冲击的投资基金、私募基金,在潮落之后把投资信心放到了中国的一些中、小城市的房地产市场,通过设立房地产投资基金的方式来进行股权投资,签订回购协议,把抄底房地产作为一种机会。这给中国的房地产公司创新融资方式又提供了新的思路。而一些房地产商在这种背景下也开始由主要使用银行贷款转向选择新的融资方式。M公司是一家投资控股公司,主营业务是房地产建设,现房地产业务稳定发展。但M公司也面临严峻的资金短缺问题,多个项目应国家政策要求同时在建或开工,而从金融机构申请融资的需求无法得到审批,从其他渠道获取资金变成了M公司的唯一选择。本文通过对M公司融资需求的分析,举出改善房地产公司融资的途径与模式、拓宽房地产融资渠道,解决房地产公司资金来源的可靠性、提高资金使用效率、降低融资成本与融资风险的问题。在研究中实现对于融资理论在实践中的审视,在应用中更加深入地把握相关的融资理论,结合实际发展适合于中国房地产公司发展的融资理论,为提高房地产公司融资提供理论支持,进而对于相关融资理论进行必要的发展与补充。找出问题并解决问题,实现行业融资模式的进一步创新,进而解决象M公司一样的房地产公司融资难的问题。
[Abstract]:With the strict restriction of the government's real estate regulation and control policy, a large number of real estate companies have to face a variety of financial problems.Especially at present, under the influence of national policy regulation and credit policy, the financing difficulties of real estate companies in our country, which are mainly indirect financing, have become apparent, and the proportion of project construction capital has been increased.In order to meet the project construction requirements, as well as bank loan conditions, housing companies managed to increase the capital through the loans of affiliated companies in place.To meet the financial needs of the project construction.With the financial crisis sweeping the world, the willingness of financial institutions to raise funds has been greatly reduced, and the desire of Chinese real estate companies to obtain financing from financial institutions has begun to be greatly reduced.At the same time, the bankruptcy of "Fannie and Freddie" in the United States, and a large number of housing loans by US homebuyers that are not repaid on time, have also cast a shadow on the Chinese real estate market. The total scale of investment in the market has been suppressed, and housing enterprises have to pay more attention to financing methods.Channels and timely and efficient use of the funds in hand to reduce the risk of completion of the project; buyers are also hesitant to spend or wait, which obviously has created a barrier to the return of the housing companies.However, investment funds, private equity funds, which were not hit by the current tide, put their investment confidence in some small cities in China's real estate market after the downturn.Through the establishment of real estate investment funds to carry out equity investment, signed repurchase agreements, to take the bottom of the real estate as an opportunity.This gives China's real estate companies innovative financing ways to provide new ideas.Under this background, some real estate companies also began to choose a new financing method. M company is an investment holding company, whose main business is real estate construction, and the real estate business is developing steadily.But M also faces severe funding shortages, with projects being built or started at the same time as required by state policy, and the need to apply for financing from financial institutions cannot be approved, making obtaining funding from other sources the only option for M.Based on the analysis of the financing needs of M Company, this paper puts forward the ways and models to improve the financing of real estate companies, widen the financing channels of real estate companies, solve the reliability of the sources of funds of real estate companies, and improve the efficiency of the use of funds.The problem of reducing financing cost and financing risk.In the research, we should examine the financing theory in practice, grasp the relevant financing theory more deeply in the application, and combine the actual development with the financing theory suitable for the development of the Chinese real estate company.In order to improve the financing of real estate companies to provide theoretical support, and then to the relevant financing theory necessary development and supplement.Find out the problem and solve the problem, realize the further innovation of the industry financing mode, and then solve the financing problem of the real estate company like M company.
【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42

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