發(fā)布時(shí)間：2018-02-04 02:36

  本文關(guān)鍵詞： 房地產(chǎn)企業(yè)融資 夾層融資 案例 啟示 發(fā)展　出處：《蘇州大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：從1998年我國(guó)開始實(shí)施住房制度改革后，房地產(chǎn)交易進(jìn)入市場(chǎng)流通領(lǐng)域，房地產(chǎn)行業(yè)經(jīng)過20多年的發(fā)展，已經(jīng)成為我國(guó)經(jīng)濟(jì)增長(zhǎng)的重要支柱。 房地產(chǎn)業(yè)是一個(gè)典型的資金密集型產(chǎn)業(yè)，充足的資金支持對(duì)房地產(chǎn)業(yè)的發(fā)展至關(guān)重要。目前，我國(guó)房地產(chǎn)企業(yè)融資仍主要集中依賴銀行信貸（通過金融機(jī)構(gòu)的間接貸款），這種傳統(tǒng)的融資方式已經(jīng)很難滿足房地產(chǎn)業(yè)發(fā)展的資金需求，房地產(chǎn)企業(yè)融資面臨前所未有的嚴(yán)峻挑戰(zhàn)，亟待開拓新的融資渠道。然而，我國(guó)資本市場(chǎng)尚不發(fā)達(dá)，房地產(chǎn)企業(yè)股權(quán)融資方式獲取十分有限。因此催生出一種新的融資方式——夾層融資。夾層融資作為股本與債務(wù)之間的中間產(chǎn)品，擁有股權(quán)與債權(quán)的雙層特點(diǎn)，，形式靈活，為處于宏觀調(diào)控政策下的房地產(chǎn)企業(yè)融資提供了一條新的出路。 鑒于此，本文通過選擇將S置業(yè)公司房地產(chǎn)開發(fā)項(xiàng)目采取的夾層融資案例作為研究分析對(duì)象，從夾層融資的基本理論入手，結(jié)合國(guó)內(nèi)外的一些研究理論與成果，對(duì)S置業(yè)公司的夾層融資方式進(jìn)行了深入研究，并從S置業(yè)公司的房地產(chǎn)開發(fā)項(xiàng)目的夾層融資案例中得出啟示。夾層融資兼有的股權(quán)和債權(quán)的雙重特性，解決了企業(yè)融資渠道單一的現(xiàn)況，不僅可以解決企業(yè)的債務(wù)資金的需要，同時(shí)可以為企業(yè)注入股本，增加企業(yè)的自有資金比例水平。夾層融資能夠?qū)Ψ康禺a(chǎn)企業(yè)持續(xù)健康發(fā)展起到一定的積極作用，也有助于推動(dòng)房地產(chǎn)金融體系的多元化發(fā)展。
[Abstract]:Since 1998, China began to implement the housing system reform, real estate transactions into the market circulation, the real estate industry after more than 20 years of development, has become an important pillar of China's economic growth. Real estate industry is a typical capital-intensive industry, and adequate financial support is very important to the development of real estate industry. The financing of real estate enterprises in our country still mainly depends on bank credit (through the indirect loans of financial institutions, this traditional financing method has been difficult to meet the real estate development of capital needs. The financing of real estate enterprises is facing an unprecedented severe challenge, and it is urgent to open up new financing channels. However, the capital market of our country is still not developed. Therefore, a new financing method, mezzanine financing, has been created. As an intermediate product between equity and debt, mezzanine financing has the double characteristics of equity and creditor's rights. The flexible form provides a new way out for the real estate enterprise financing under the macro-control policy. In view of this, this paper chooses the case of mezzanine financing adopted by the real estate development project of S Real Estate Company as the research object, starting with the basic theory of mezzanine financing. Combined with some domestic and foreign research theories and achievements, the S home company's mezzanine financing method is studied deeply. And from S real estate development project of mezzanine financing cases to draw inspiration. Sandwich financing has the dual characteristics of equity and creditor's rights to solve the situation of single financing channels of enterprises. It can not only solve the debt capital needs of the enterprise, but also inject equity into the enterprise. The mezzanine financing can play a positive role in the sustainable and healthy development of real estate enterprises and also help to promote the diversified development of the real estate financial system.
【學(xué)位授予單位】：蘇州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.4;F275

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