本文關(guān)鍵詞：中小房地產(chǎn)企業(yè)融資問題及對策研究　出處：《南京大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 中小房地產(chǎn)企業(yè) 新興融資渠道 信托融資 REITs

【摘要】：作為本國國民經(jīng)濟的支柱產(chǎn)業(yè),房地產(chǎn)業(yè)在國民經(jīng)濟的扮演著重要的角色。房地產(chǎn)行業(yè)對資金需求量極大,且每個項目通常持續(xù)3-5年,與其前后關(guān)聯(lián)的產(chǎn)業(yè)多達五十余項,兼具了投資與消費的雙重功能,對經(jīng)濟發(fā)展的影響可謂舉足輕重。我國的房地產(chǎn)市場經(jīng)歷了十多年的繁榮時期,房地產(chǎn)行業(yè)對資金需求的程度急速增加。2011年開始國家對房地產(chǎn)業(yè)的調(diào)控趨緊,擴容“限購”升級“限貸”銀行政策不斷收緊,信貸資源不斷收縮,過分依賴銀行貸款進行融資的單一渠道受到挑戰(zhàn)。我國中小房地產(chǎn)企業(yè)自身本已存在管理不善,信用保證缺失等問題,達不到商業(yè)銀行的貸款門檻,在這樣的宏觀調(diào)控背景下,必然會遭遇融資瓶頸。本文在剖析中小房地產(chǎn)企業(yè)融資現(xiàn)狀及融資困局成因的基礎(chǔ)上,提出了幾種新興的融資渠道,以拓展中小房地產(chǎn)企業(yè)直接融資的方式,建立適合中小房地產(chǎn)企業(yè)的多層次的資本平臺。目前來看,信托是僅次于銀行貸款的第二大融資方式,當(dāng)前許多房地產(chǎn)企業(yè)也正通過信托渠道進行融資,信托投資方式靈活,并已涵蓋房地產(chǎn)開發(fā)的各個階段。筆者針對每項融資模式分別對應(yīng)了一家中小房地產(chǎn)企業(yè)的案例分析,其中對REITs做了重點分析,筆者認為REITs將是未來中小企業(yè)未來的融資方向。房地產(chǎn)融資方式的多元化是必然的趨勢。我國中小房地產(chǎn)企業(yè)應(yīng)當(dāng)遵循“先內(nèi)源后外部”的融資理論,優(yōu)化內(nèi)部的資產(chǎn)結(jié)構(gòu)。其次選擇適合自己的融資方式,不要過分依賴銀行貸款,建立多層次的融資體系。
[Abstract]:As the pillar industry of national economy, real estate industry plays an important role in the national economy. There are more than 50 related industries, which have the dual functions of investment and consumption, and play an important role in the economic development. The real estate market of our country has experienced a prosperous period for more than ten years. In 2011, the government began to tighten the control of the real estate industry, expand the capacity of "limited purchase, upgrade", "limit lending" bank policies continue to tighten, credit resources continue to shrink. Excessive reliance on bank loans for financing of a single channel has been challenged. China's small and medium-sized real estate enterprises have their own problems such as poor management, lack of credit guarantee, can not reach the threshold of commercial bank loans. Under the background of such macro-control, financing bottleneck will inevitably be encountered. Based on the analysis of the current financing situation and financing difficulties of small and medium-sized real estate enterprises, this paper puts forward several new financing channels. In order to expand the direct financing of small and medium-sized real estate enterprises, to establish a multi-level capital platform suitable for small and medium-sized real estate enterprises. At present, trust is the second largest financing mode after bank loans. At present, many real estate enterprises are financing through trust channels, and trust investment is flexible. And has covered the various stages of real estate development. The author of each financing model corresponding to a small real estate enterprise case analysis, in which the focus of the REITs analysis. The author thinks that REITs will be the future financing direction of small and medium-sized enterprises in the future. The diversification of real estate financing methods is an inevitable trend. Chinese small and medium-sized real estate enterprises should follow the financing theory of "first inside and then outside". Optimize the internal asset structure. Secondly, choose the appropriate financing mode, not rely on bank loans too much, and establish a multi-level financing system.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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