珲春市鼎力房地产开发公司融资路径研究

发布时间：2018-01-03 01:03

本文关键词：珲春市鼎力房地产开发公司融资路径研究　出处：《吉林大学》2014年硕士论文　论文类型：学位论文

【摘要】：自1998年房改以来，，我国房地产行业经过了十多年的高速发展，房地产开发的队伍不断扩大，为提高国家竞争力发挥了无法忽视的作用。房地产在国民经济中的地位越来越重要，房地产是国民经济发展的支柱产业，其发展的快速与否决定了我国经济的增长方式、就业结构、收入水平和在国际中的竞争地位。房地产行业的发展带动了其他相关行业的快速发展，由此可见，在现阶段，加大房地产行业的投入，保持其健康稳定的发展，将对宏观经济的整体发展有着重要的意义。房地产行业的快速发展需要源源不断的资金支持，房地产业需要很大的前期投入，投资周期长，资金回流速度慢，房地产投资风险大。我国金融体系建设不够完善，缺乏为中小房地产企业提供服务的中小金融机构，金融机构的金融产品单一，中小房地产的贷款融资渠道有限。在资本市场上进行直接融资有着较高的门槛，对融资企业的规模、盈利能力和偿债能力有着较高的要求。中小房地产企业的规模较小，盈利不稳定，难以达到资本市场融资的门槛要求。因此，与其他行业不同，房地产行业面临着更严峻的融资难题。珲春市鼎力房地产公司是位于珲春市的一家民营企业，公司的主营业务是从事地产的开发和销售。公司成立时间短，规模小，盈利不稳定，是一家典型的中小房地产公司。基于以上分析，本文以珲春市鼎力房地产公司为例，分析了中小房地产企业的融资路径现状及存在的问题。分析结果显示，鼎力房地产公司目前主要依赖于内源融资，外源融资受限。在外部融资路径中，鼎力房地产公司首选债权融资方式，且融资方式单一，主要依靠商业信用贷款的方式。鼎力房地产公司不能在资本市场上直接进行融资，股权融资路径受到了很大的限制。导致鼎力房地产公司融资路径存在问题的原因不仅仅限于公司自身存在的问题，我国金融机构体系不够完善和创业板资本市场的建设存在问题是导致鼎力房地产公司融资难题的又一重要问题。因此，为了扩宽鼎力房地产公司的融资渠道，我国应加强中小金融扶持体系的建设，为中小房地产企业的发展设立发展基金，成立中小房地产企业信用担保体系。同时，我国应完善现有创业板资本市场的建设，扩宽创业板资本市场上市公司的行业涵盖范围，吸引更多具有潜力的中小房地产企业进入创业板资本市场进行直接融资。前人关于融资路径分析的研究多局限于中小企业总体，没有限定行业。本文在分析时，以房地产行业为研究对象，并以珲春市鼎力房地产公司为实例，研究比较具体，能为我国中小房地产企业的发展提供一定参考意义。
[Abstract]:Since 1998, housing reform, China's real estate industry after more than 10 years of rapid development, real estate development team continues to expand, play an increasingly important role in improving national competitiveness. The real estate is becoming more and more important in the national economy, the real estate is the pillar industry of the national economy, its rapid development and determines whether or not China's economic growth, employment structure, income level and in the international competitive position. The development of the real estate industry has driven the rapid development of other related industries, thus, at this stage, real estate industry investment, to maintain the healthy and stable development, the overall development of the macro economy has the vital significance.
The rapid development of the real estate industry Everfount need financial support, the real estate industry needs a lot of upfront investment, long investment cycle, slow capital return, the real estate investment risk. The construction of China's financial system is not perfect, the lack of small and medium-sized financial institutions provide services for small and medium-sized real estate enterprises, financial institutions, financial products single small and medium-sized real estate loans, financing channels are limited. There is a higher threshold for direct financing in the capital market, the financing of the enterprise scale, profitability and solvency have higher requirements. Small and medium-sized real estate enterprises in small scale, profitability is not stable, it is difficult to reach the threshold of capital market financing requirements. Therefore, different from other industries, the real estate industry is facing more serious financing problems.
Hunchun Dingli Real Estate Company is a private enterprise located in Hunchun City, the main business of the company is engaged in real estate development and sales. The company set up a short time, small scale, profitability is not stable, is a typical small and medium-sized Real Estate Company. Based on the above analysis, this paper takes Hunchun Dingli Real Estate Company as an example, analyzes the financing path the current situation of small and medium-sized real estate enterprises and the existing problems. The analysis results show that the full Real Estate Company currently rely mainly on internal financing, external financing is limited. In the external financing path, their first choice of Real Estate Company debt financing, and the financing way is single, mainly rely on commercial credit. Their Real Estate Company can not direct financing in the capital market on the path of equity financing has been greatly restricted. In their Real Estate Company financing path of the reasons of the problems not only Only the company's own problems, the construction of China's financial system is not perfect and the GEM market capital problems is another important cause of problems to the financing problems of Real Estate Company. Therefore, in order to broaden their financing channels of the Real Estate Company, China should strengthen the construction of small and medium-sized financial support system, set up a development fund for the development of small and medium-sized real real estate enterprises, the establishment of credit guarantee system for small and medium-sized real estate enterprises. At the same time, China should improve the construction of the existing gem capital market, widening the gem capital market of Listed Companies in the industry scope, attract more potential small and medium-sized real estate enterprises to enter the gem capital market for direct financing.
Study on financing path analysis is limited to small and medium-sized enterprises of previous overall, not limited to industry. Based on the analysis, the real estate industry as the research object, and takes Hunchun city as an example to study their Real Estate Company, more specific, can provide a reference for the development of China's small and medium-sized real estate enterprises.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F275

【共引文献】