本文選題：房地產(chǎn)開發(fā)企業(yè)　切入點：融資現(xiàn)狀　出處：《安徽大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著中國經(jīng)濟的快速發(fā)展和投資方式的多樣化,房地產(chǎn)及其相關的投融資活動成為大家關注的焦點。自1998年商品房改革以來,房地產(chǎn)經(jīng)濟推動中國經(jīng)濟快速穩(wěn)步發(fā)展。近幾年,房地產(chǎn)市場更是火爆,一、二線城市房價逐步攀升,巨大的銷售利潤使得房地產(chǎn)開發(fā)企業(yè)進一步擴大開發(fā)規(guī)模,以高昂的價格向政府買地蓋房。然而這筆高昂的資金從何而來,我們不得而知。房地產(chǎn)開發(fā)企業(yè)利用信貸資金,通過財務杠桿解決其資金需求。近幾年房地產(chǎn)行業(yè)的快速增長,進一步捆綁了銀行業(yè),并以滾雪球方式占用了大量信貸資金,但房地產(chǎn)市場易受國家政策調(diào)控,加劇了整體經(jīng)濟的風險。并且,如今隨著我國對房地產(chǎn)業(yè)宏觀調(diào)控政策的出臺和銀行銀根的緊縮,銀行逐步提高了對房地產(chǎn)企業(yè)的融資門檻,融資問題日益成為房地產(chǎn)開發(fā)企業(yè)壯大發(fā)展的關鍵問題。對于大型的房地產(chǎn)開發(fā)企業(yè)而言,由于其規(guī)模大、信譽高,且消化負債的能力強等原因,相對來說較容易通過銀行獲得資金,然而中小型的房地產(chǎn)開發(fā)企業(yè),出于各種因素的限制,就沒那么順利,就必須尋求別的途徑進行融資。因而,房地產(chǎn)信托,私募基金,以及類永續(xù)債等融資方式應運而生。但由于房地產(chǎn)行業(yè)本身的復雜性與長期性,加之當下的法律環(huán)境,監(jiān)管力度還不到位,房地產(chǎn)融資結構依然存在不少的問題。因此,優(yōu)化房地產(chǎn)企業(yè)融資結構是非常必要的。本文總共分為六章,首先介紹選題背景、研究意義,以及國內(nèi)外的研究現(xiàn)狀,其次,通過研究我國房地產(chǎn)開發(fā)企業(yè)融資現(xiàn)狀,發(fā)現(xiàn)我國房地產(chǎn)開發(fā)企業(yè)一方面比較依賴信貸融資,另一方面又有多元化的趨勢,以恒大地產(chǎn)近6年的融資結構變化作為案例分析。然而,我國房地產(chǎn)開發(fā)企業(yè)融資結構依然存在很多不合理的地方,如自有資金規(guī)模小,財務杠桿較高導致風險高等。最后,筆者分兩個角度提出優(yōu)化對策,一方面從房地產(chǎn)開發(fā)企業(yè)自身來說,針對具體因素提出建議,另一方面,從政府的角度出發(fā),為房地產(chǎn)融資結構提供更好的平臺和環(huán)境提出建議。
[Abstract]:With the rapid development of China's economy and diversification of investment modes, real estate and its related investment and financing activities have become the focus of attention. Since 1998, the real estate economy has promoted the rapid and steady development of China's economy. The real estate market is even hotter. Housing prices in the first and second tier cities are gradually rising, and huge sales profits have led real estate development enterprises to further expand their development scale and buy land and build houses from the government at high prices. However, where does this high money come from? We don't know. Real estate development companies use credit funds to meet their capital needs through financial leverage. The rapid growth of the real estate industry in recent years has further tied up the banking sector and used a large amount of credit capital in a snowball way. However, the real estate market is vulnerable to state policy control, which exacerbates the risks to the overall economy. Moreover, with the introduction of macro-control policies on the real estate industry in China and the tightening of bank money, banks have gradually raised the financing threshold for real estate enterprises. Financing is increasingly becoming a key issue in the growth and development of real estate development enterprises. For large real estate development enterprises, because of their large scale, high reputation, and strong ability to absorb debts, and so on, It's relatively easy to get money from banks, but small and medium-sized real estate developers, because of various constraints, have to look for other ways to raise money because of a variety of constraints. Therefore, real estate trusts, private equity funds, However, due to the complexity and long-term nature of the real estate industry itself, and the current legal environment, the supervision is still not in place, and there are still many problems in the financing structure of real estate. It is necessary to optimize the financing structure of real estate enterprises. This paper is divided into six chapters. Firstly, it introduces the background of the topic, the significance of the research, and the current research situation at home and abroad. Secondly, through the study of the financing status of real estate development enterprises in China, It is found that the real estate development enterprises in our country rely on credit financing on the one hand, and on the other hand, have the trend of diversification, taking Evergrande Real Estate financing structure change in the past 6 years as a case study. There are still many unreasonable aspects in the financing structure of real estate development enterprises in our country, such as small scale of own capital, high financial leverage, high risk and so on. Finally, the author puts forward the optimization countermeasures from two angles. On the one hand, from the perspective of the real estate development enterprises themselves, it puts forward suggestions for specific factors, on the other hand, from the perspective of the government, to provide a better platform and environment for the real estate financing structure.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F299.233.42

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