本文選題：房地產(chǎn)　切入點(diǎn)：宏觀調(diào)控　出處：《電子科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自1993年以來,我國對(duì)房地產(chǎn)的重要宏觀調(diào)控共計(jì)有六次以上。對(duì)房地產(chǎn)宏觀調(diào)控的目的,正如在十八大報(bào)告中提出的要“建立市場(chǎng)配置和政府保障相結(jié)合的住房制度,加強(qiáng)保障性住房建設(shè)和管理,滿足困難家庭基本需求”。當(dāng)前,調(diào)控政策絲毫未放松,受此影響,對(duì)大多數(shù)房產(chǎn)企業(yè)來說,樓盤銷量持續(xù)低迷,直接影響資金的回籠。老項(xiàng)目又需要成本,新項(xiàng)目沒法進(jìn)展,進(jìn)退兩難,若資金問題不能及時(shí)解決,將影響企業(yè)可持續(xù)發(fā)展。本文針對(duì)CTZX公司在房地產(chǎn)宏觀調(diào)控背景下面臨的經(jīng)營困境及融資過程中存在的問題,根據(jù)資本結(jié)構(gòu)理論,將財(cái)務(wù)管理中投資決策的理論方法運(yùn)用于CTZX公司的籌資決策,找出在資金成本相對(duì)較低,收益最大的情況下,股權(quán)融資和債權(quán)融資的最佳融資組合,提出適合自身?xiàng)l件的緩解CTZX公司融資困境的思路與途徑。主要工作如下:1、在收集資料基礎(chǔ)上,對(duì)CTZX公司未來7年的現(xiàn)金流進(jìn)行詳實(shí)分析,測(cè)算資金缺口,明確公司對(duì)外融資對(duì)解決資金瓶頸的重要意義;2、根據(jù)資金缺口,在債權(quán)融資和資金方無分紅情況下的股權(quán)融資兩種方式下,分別測(cè)算企業(yè)投資回報(bào)率;3、在資金方按股份分紅的情況下,測(cè)算債權(quán)融資和股權(quán)融資投資回報(bào)率相等時(shí)資金方和原股東方分別所占股份比例;4、建立融資方式等價(jià)關(guān)系式:62.94%≤α≤72.16%,即,當(dāng)資金方所要求股份比例低于62.94%時(shí),股權(quán)融資效益高,應(yīng)優(yōu)先考慮股權(quán)融資;當(dāng)資金方所要求股份比例高于72.16%時(shí),債權(quán)融資效益高,應(yīng)優(yōu)先考慮債權(quán)融資;當(dāng)資金方所要求股份比例介于62.94%和72.16%之間時(shí),兩種融資方式收益處于接近的水平,兩種融資方式均可選擇。5、在上述關(guān)系式基礎(chǔ)上,進(jìn)一步提出股權(quán)融資和債權(quán)融資的最佳融資組合,以實(shí)現(xiàn)原股東收益最大化。結(jié)論:在融資總額為2.3億元,資金方所占股份比例為68.64%的情況下,股權(quán)融資額最優(yōu)值是1.0億元,此時(shí)企業(yè)原股東收益率將達(dá)到20.34%。事實(shí)上,當(dāng)股權(quán)融資額在0.85億元-1.5億元之間時(shí),企業(yè)原股東收益率處于較高的水平,都超過20%,此區(qū)間為最優(yōu)融資區(qū)間。本文提出的CTZX公司融資工具選擇方法,為CTZX公司融資決策提供了定量的、可操作性的判斷依據(jù),幫助企業(yè)節(jié)約融資成本,提高項(xiàng)目收益。此方法也適用于類似CTZX公司的房地產(chǎn)企業(yè)以及其他有融資需求的企業(yè)。
[Abstract]:Since 1993, there have been more than six major macroeconomic controls on real estate in China. The purpose of macro-control of real estate is to "establish a housing system that combines market allocation with government security," as proposed in the 18 report. Strengthening the construction and management of affordable housing to meet the basic needs of families in need. "at present, the regulation and control policies have not been relaxed at all. As a result, for most real estate enterprises, sales of real estate continue to be depressed. It has a direct impact on the return of funds. Old projects require costs, new projects cannot progress, and there is a dilemma. If the funding problem is not solved in time, According to the theory of capital structure, this paper aims at the management dilemma and the problems existing in the financing process of CTZX Company under the background of real estate macro-control. This paper applies the theory and method of investment decision in financial management to the financing decision of CTZX company, and finds out the best financing combination of equity financing and debt financing under the condition that the capital cost is relatively low and the income is the greatest. The main work of this paper is as follows: 1. On the basis of collecting data, this paper makes a detailed analysis of the cash flow of CTZX Company in the next 7 years and calculates the fund gap. The significance of external financing to solve the capital bottleneck is clear. According to the fund gap, under the two ways of debt financing and equity financing without dividends, If the return on investment of the enterprise is calculated separately, and if the capital side shares out the dividends according to the shares, When the return on investment of creditor's rights and equity financing is equal, the proportion of shares occupied by the capital side and the original shareholder is 4, respectively, and the equivalent relationship of financing mode is established: 62.94% 鈮，

本文編號(hào)：1610354