宏观调控下CTZX房地产公司融资工具选择研究

发布时间：2018-03-14 08:13

  本文选题：房地产　切入点：宏观调控　出处：《电子科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：自1993年以来,我国对房地产的重要宏观调控共计有六次以上。对房地产宏观调控的目的,正如在十八大报告中提出的要“建立市场配置和政府保障相结合的住房制度,加强保障性住房建设和管理,满足困难家庭基本需求”。当前,调控政策丝毫未放松,受此影响,对大多数房产企业来说,楼盘销量持续低迷,直接影响资金的回笼。老项目又需要成本,新项目没法进展,进退两难,若资金问题不能及时解决,将影响企业可持续发展。本文针对CTZX公司在房地产宏观调控背景下面临的经营困境及融资过程中存在的问题,根据资本结构理论,将财务管理中投资决策的理论方法运用于CTZX公司的筹资决策,找出在资金成本相对较低,收益最大的情况下,股权融资和债权融资的最佳融资组合,提出适合自身条件的缓解CTZX公司融资困境的思路与途径。主要工作如下:1、在收集资料基础上,对CTZX公司未来7年的现金流进行详实分析,测算资金缺口,明确公司对外融资对解决资金瓶颈的重要意义;2、根据资金缺口,在债权融资和资金方无分红情况下的股权融资两种方式下,分别测算企业投资回报率;3、在资金方按股份分红的情况下,测算债权融资和股权融资投资回报率相等时资金方和原股东方分别所占股份比例;4、建立融资方式等价关系式:62.94%≤α≤72.16%,即,当资金方所要求股份比例低于62.94%时,股权融资效益高,应优先考虑股权融资;当资金方所要求股份比例高于72.16%时,债权融资效益高,应优先考虑债权融资;当资金方所要求股份比例介于62.94%和72.16%之间时,两种融资方式收益处于接近的水平,两种融资方式均可选择。5、在上述关系式基础上,进一步提出股权融资和债权融资的最佳融资组合,以实现原股东收益最大化。结论:在融资总额为2.3亿元,资金方所占股份比例为68.64%的情况下,股权融资额最优值是1.0亿元,此时企业原股东收益率将达到20.34%。事实上,当股权融资额在0.85亿元-1.5亿元之间时,企业原股东收益率处于较高的水平,都超过20%,此区间为最优融资区间。本文提出的CTZX公司融资工具选择方法,为CTZX公司融资决策提供了定量的、可操作性的判断依据,帮助企业节约融资成本,提高项目收益。此方法也适用于类似CTZX公司的房地产企业以及其他有融资需求的企业。
[Abstract]:Since 1993, there have been more than six major macroeconomic controls on real estate in China. The purpose of macro-control of real estate is to "establish a housing system that combines market allocation with government security," as proposed in the 18 report. Strengthening the construction and management of affordable housing to meet the basic needs of families in need. "at present, the regulation and control policies have not been relaxed at all. As a result, for most real estate enterprises, sales of real estate continue to be depressed. It has a direct impact on the return of funds. Old projects require costs, new projects cannot progress, and there is a dilemma. If the funding problem is not solved in time, According to the theory of capital structure, this paper aims at the management dilemma and the problems existing in the financing process of CTZX Company under the background of real estate macro-control. This paper applies the theory and method of investment decision in financial management to the financing decision of CTZX company, and finds out the best financing combination of equity financing and debt financing under the condition that the capital cost is relatively low and the income is the greatest. The main work of this paper is as follows: 1. On the basis of collecting data, this paper makes a detailed analysis of the cash flow of CTZX Company in the next 7 years and calculates the fund gap. The significance of external financing to solve the capital bottleneck is clear. According to the fund gap, under the two ways of debt financing and equity financing without dividends, If the return on investment of the enterprise is calculated separately, and if the capital side shares out the dividends according to the shares, When the return on investment of creditor's rights and equity financing is equal, the proportion of shares occupied by the capital side and the original shareholder is 4, respectively, and the equivalent relationship of financing mode is established: 62.94% 鈮，

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