我国房地产企业融资渠道拓展研究

发布时间：2018-01-11 23:33

本文关键词：我国房地产企业融资渠道拓展研究　出处：《湖南科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：实现住有所居是国家和政府义不容辞的大事。近年来房价居高不下，在这种形势下，国家和政府出台了一系列针对房地产企业的宏观调控措施，如2011年央行就曾连续6次上调存款准备金率，导致银行等金融机构对房地产企业提高了融资门槛，房地产企业融资陷入了困境，进入了融资“冬天”。而房地产作为推动国民经济发展的一大产业，对百姓生活和经济增长都有比较大的影响。如何拓宽房地产企业融资渠道，进而实现房地产企业的可持续发展，就具有了很重要的现实意义。国内外关于房地产企业融资的理论研究比较丰富，对我国房地产企业融资具有重要的借鉴意义。但毕竟国情不同，文化不同，我国房地产企业不可能全盘照搬国外房地产企业融资渠道，而是需要因地制宜地作出调整。我国房地产企业数量在几十万左右，而上市企业只有148家，这说明我国的房地产企业几乎是中小型房地产企业。这些中小型企业在资金实力、规模和信誉等方面都很欠缺，大多数不能提供有效的抵押和担保，导致金融机构对房地产企业“惜贷”。目前我国房地产企业存在几大问题：一是融资渠道比较单一，主要是以银行信贷为主；二是直接融资渠道不通畅，融资成本偏高；三是外资在房地产企业融资来源中占比极低；四是债券融资受到严格控制；五是信托融资受到限制；六是房地产金融创新工具稀缺。这些问题如果不能得到很好地解决，对于房地产企业来说可能真的要“重新洗牌”了。针对这些问题，论文首先从理论研究出发，主要涉及了企业金融成长周期理论、房地产企业与政府的博弈模型、信息不对称理论、优序融资理论、房地产企业的抵押模型。接着结合现实，针对房地产企业在融资方面的问题提出了新的融资渠道：一是以政府为担保的融资渠道。这种融资渠道要求房地产企业转变发展思路，与政府进行换位思考，从而真正理解政府密集调控的真正目的。通过帮助政府开发房地产项目来获得政府的担保，，使得融资问题迎刃而解。二是房地产投资信托基金融资渠道。这种模式在国外已经发展得比较成熟，在我国也具有很大的发展潜力。三是房地产企业之间合作开发融资渠道。这对于各种规模的房地产企业都适用，小企业联合就成了大中型企业，这种就可以在一定程度上解决融资问题。四是房地产抵押贷款证券化融资渠道，它充分利用了资本杠杆，将资金来源范围不断扩大，给广大投资者提供了一个投资平台。
[Abstract]:Housing is a national government and obligatory event. In recent years, high prices, in this situation, the state and the government issued a series of real estate business in the macro-control measures, such as 2011, the central bank had raised the reserve ratio 6 times, leading to the bank and other financial institutions to improve the financing threshold of real estate enterprise, real estate enterprise financing predicament, entered the "winter". The financing and real estate as a major industry to promote the development of national economy, have a relatively large impact on people's life and economic growth. How to broaden the financing channels of real estate enterprises, so as to realize the sustainable development of real estate enterprises, it has a real the significance is very important.
The domestic and foreign research on real estate enterprise financing is abundant, has important significance for the financing of real estate enterprises in our country. But after all, different conditions, different culture, China's real estate enterprises can not completely copy the financing channel of foreign real estate enterprises, but need to make adjustments. The number of real estate enterprises in our country the hundreds of thousands, and only 148 listed companies, which shows that China's real estate business is almost small and medium-sized real estate enterprises. These small and medium-sized enterprises in the financial strength, scale and reputation are lacking, the majority cannot provide effective collateral and guarantees, leading to financial institutions for real estate enterprises "credit crunch". At present, China's real estate enterprises there are several major problems: one is the financing channel is single, mainly relying mainly on bank credit; two is the direct financing channel is not smooth, the high cost of financing Three; foreign investment in the financing of real estate enterprises accounted for more than four is very low; bond financing is strictly controlled; the five is trust financing is limited; the six is the real estate financial innovation tools scarce. If these problems cannot be solved well, the real estate enterprises can really "reshuffle".
To solve these problems, firstly, from the theory research, mainly related to the enterprise financial growth cycle theory, the game model of real estate enterprises and the government, the information asymmetry theory, pecking order theory, mortgage model of real estate enterprises. Then combined with the reality, for the real estate enterprises in the financing of the problem put forward the new financing channels A: is the government to guarantee financing channels. The financing requirement of the development of changing the idea of real estate enterprises, empathy with the government, so as to truly understand the real purpose of government regulation. Through the intensive development of real estate projects to help the government to obtain government guarantees, the problem of financing. The two is smoothly done or easily solved the real estate investment trust fund channel. This mode in foreign countries has developed in China has great potential for development. The three is the cooperation between enterprises of the real estate Development financing channels. This applies to both real estate enterprises of all sizes, small enterprises became large and medium-sized enterprises, which can solve the problem of financing to a certain extent. The four is the real estate mortgage securitization financing channels, it makes full use of capital leverage, funding will continue to expand the scope, provides a an investment platform for investors.

【学位授予单位】：湖南科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4;F832

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