本文選題：房地產(chǎn) + 私募股權(quán)基金�。� 參考：《內(nèi)蒙古大學(xué)》2014年碩士論文

【摘要】：隨著我國政府房地產(chǎn)調(diào)控政策持續(xù)性地對房地產(chǎn)行業(yè)的嚴(yán)格限制,大量的房地產(chǎn)公司不得不面臨著各種各樣的資金問題。尤其當(dāng)前我國房地產(chǎn)公司以間接融資為主的銀行貸款融資方式,在國家政策調(diào)控和信貸政策的影響下,融資困頓顯現(xiàn)無疑,項(xiàng)目建設(shè)資本金比例的提升,房企為了滿足項(xiàng)目建設(shè)的要求,以及銀行貸款的條件,房企想方設(shè)法通過關(guān)聯(lián)公司貸款,虛增資本金到位情況。來滿足項(xiàng)目建設(shè)的資金需求。金融危機(jī)的席卷全球,造成金融機(jī)構(gòu)融出資金意愿的大大降低,中國房地產(chǎn)企業(yè)想從金融機(jī)構(gòu)取得融資的愿望開始大打折扣。同時(shí),美國“兩房”破產(chǎn),美國購房者的住房貸款大量不按時(shí)還款,這一陰影也投射到了中國房地產(chǎn)市場,市場總的投資規(guī)模受到抑制,房企不得不更加深切的關(guān)注融資方式、渠道和及時(shí)有效利用手中的資金,降低項(xiàng)目建成風(fēng)險(xiǎn)；而購房者也遲疑于當(dāng)前消費(fèi)還是等待,顯然這對房企回款又形成了障礙。然而,在此次大潮中沒有受到?jīng)_擊的投資基金、私募基金,在潮落之后把投資信心放到了中國的一些中、小城市的房地產(chǎn)市場,通過設(shè)立房地產(chǎn)投資基金的方式來進(jìn)行股權(quán)投資,簽訂回購協(xié)議,把抄底房地產(chǎn)作為一種機(jī)會(huì)。這給中國的房地產(chǎn)公司創(chuàng)新融資方式又提供了新的思路。而一些房地產(chǎn)商在這種背景下也開始由主要使用銀行貸款轉(zhuǎn)向選擇新的融資方式。M公司是一家投資控股公司,主營業(yè)務(wù)是房地產(chǎn)建設(shè),現(xiàn)房地產(chǎn)業(yè)務(wù)穩(wěn)定發(fā)展。但M公司也面臨嚴(yán)峻的資金短缺問題,多個(gè)項(xiàng)目應(yīng)國家政策要求同時(shí)在建或開工,而從金融機(jī)構(gòu)申請融資的需求無法得到審批,從其他渠道獲取資金變成了M公司的唯一選擇。 本文通過對M公司融資需求的分析,舉出改善房地產(chǎn)公司融資的途徑與模式、拓寬房地產(chǎn)融資渠道,解決房地產(chǎn)公司資金來源的可靠性、提高資金使用效率、降低融資成本與融資風(fēng)險(xiǎn)的問題。在研究中實(shí)現(xiàn)對于融資理論在實(shí)踐中的審視,在應(yīng)用中更加深入地把握相關(guān)的融資理論,結(jié)合實(shí)際發(fā)展適合于中國房地產(chǎn)公司發(fā)展的融資理論,為提高房地產(chǎn)公司融資提供理論支持,進(jìn)而對于相關(guān)融資理論進(jìn)行必要的發(fā)展與補(bǔ)充。找出問題并解決問題,實(shí)現(xiàn)行業(yè)融資模式的進(jìn)一步創(chuàng)新,進(jìn)而解決象M公司一樣的房地產(chǎn)公司融資難的問題。
[Abstract]:With the strict restriction of the government's real estate regulation and control policy, a large number of real estate companies have to face a variety of financial problems.Especially at present, under the influence of national policy regulation and credit policy, the financing difficulties of real estate companies in our country, which are mainly indirect financing, have become apparent, and the proportion of project construction capital has been increased.In order to meet the project construction requirements, as well as bank loan conditions, housing companies managed to increase the capital through the loans of affiliated companies in place.To meet the financial needs of the project construction.With the financial crisis sweeping the world, the willingness of financial institutions to raise funds has been greatly reduced, and the desire of Chinese real estate companies to obtain financing from financial institutions has begun to be greatly reduced.At the same time, the bankruptcy of "Fannie and Freddie" in the United States, and a large number of housing loans by US homebuyers that are not repaid on time, have also cast a shadow on the Chinese real estate market. The total scale of investment in the market has been suppressed, and housing enterprises have to pay more attention to financing methods.Channels and timely and efficient use of the funds in hand to reduce the risk of completion of the project; buyers are also hesitant to spend or wait, which obviously has created a barrier to the return of the housing companies.However, investment funds, private equity funds, which were not hit by the current tide, put their investment confidence in some small cities in China's real estate market after the downturn.Through the establishment of real estate investment funds to carry out equity investment, signed repurchase agreements, to take the bottom of the real estate as an opportunity.This gives China's real estate companies innovative financing ways to provide new ideas.Under this background, some real estate companies also began to choose a new financing method. M company is an investment holding company, whose main business is real estate construction, and the real estate business is developing steadily.But M also faces severe funding shortages, with projects being built or started at the same time as required by state policy, and the need to apply for financing from financial institutions cannot be approved, making obtaining funding from other sources the only option for M.Based on the analysis of the financing needs of M Company, this paper puts forward the ways and models to improve the financing of real estate companies, widen the financing channels of real estate companies, solve the reliability of the sources of funds of real estate companies, and improve the efficiency of the use of funds.The problem of reducing financing cost and financing risk.In the research, we should examine the financing theory in practice, grasp the relevant financing theory more deeply in the application, and combine the actual development with the financing theory suitable for the development of the Chinese real estate company.In order to improve the financing of real estate companies to provide theoretical support, and then to the relevant financing theory necessary development and supplement.Find out the problem and solve the problem, realize the further innovation of the industry financing mode, and then solve the financing problem of the real estate company like M company.
【學(xué)位授予單位】：內(nèi)蒙古大學(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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本文編號：1750470