本文關(guān)鍵詞：我國房地產(chǎn)企業(yè)融資渠道拓展研究　出處：《湖南科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 密集調(diào)控 房地產(chǎn)企業(yè) 融資渠道 拓展

【摘要】：實(shí)現(xiàn)住有所居是國家和政府義不容辭的大事。近年來房?jī)r(jià)居高不下，在這種形勢(shì)下，國家和政府出臺(tái)了一系列針對(duì)房地產(chǎn)企業(yè)的宏觀調(diào)控措施，如2011年央行就曾連續(xù)6次上調(diào)存款準(zhǔn)備金率，導(dǎo)致銀行等金融機(jī)構(gòu)對(duì)房地產(chǎn)企業(yè)提高了融資門檻，房地產(chǎn)企業(yè)融資陷入了困境，進(jìn)入了融資“冬天”。而房地產(chǎn)作為推動(dòng)國民經(jīng)濟(jì)發(fā)展的一大產(chǎn)業(yè)，對(duì)百姓生活和經(jīng)濟(jì)增長(zhǎng)都有比較大的影響。如何拓寬房地產(chǎn)企業(yè)融資渠道，進(jìn)而實(shí)現(xiàn)房地產(chǎn)企業(yè)的可持續(xù)發(fā)展，就具有了很重要的現(xiàn)實(shí)意義。 國內(nèi)外關(guān)于房地產(chǎn)企業(yè)融資的理論研究比較豐富，對(duì)我國房地產(chǎn)企業(yè)融資具有重要的借鑒意義。但畢竟國情不同，文化不同，我國房地產(chǎn)企業(yè)不可能全盤照搬國外房地產(chǎn)企業(yè)融資渠道，而是需要因地制宜地作出調(diào)整。我國房地產(chǎn)企業(yè)數(shù)量在幾十萬左右，而上市企業(yè)只有148家，這說明我國的房地產(chǎn)企業(yè)幾乎是中小型房地產(chǎn)企業(yè)。這些中小型企業(yè)在資金實(shí)力、規(guī)模和信譽(yù)等方面都很欠缺，大多數(shù)不能提供有效的抵押和擔(dān)保，導(dǎo)致金融機(jī)構(gòu)對(duì)房地產(chǎn)企業(yè)“惜貸”。目前我國房地產(chǎn)企業(yè)存在幾大問題：一是融資渠道比較單一，主要是以銀行信貸為主；二是直接融資渠道不通暢，融資成本偏高；三是外資在房地產(chǎn)企業(yè)融資來源中占比極低；四是債券融資受到嚴(yán)格控制；五是信托融資受到限制；六是房地產(chǎn)金融創(chuàng)新工具稀缺。這些問題如果不能得到很好地解決，對(duì)于房地產(chǎn)企業(yè)來說可能真的要“重新洗牌”了。 針對(duì)這些問題，論文首先從理論研究出發(fā)，主要涉及了企業(yè)金融成長(zhǎng)周期理論、房地產(chǎn)企業(yè)與政府的博弈模型、信息不對(duì)稱理論、優(yōu)序融資理論、房地產(chǎn)企業(yè)的抵押模型。接著結(jié)合現(xiàn)實(shí)，針對(duì)房地產(chǎn)企業(yè)在融資方面的問題提出了新的融資渠道：一是以政府為擔(dān)保的融資渠道。這種融資渠道要求房地產(chǎn)企業(yè)轉(zhuǎn)變發(fā)展思路，與政府進(jìn)行換位思考，從而真正理解政府密集調(diào)控的真正目的。通過幫助政府開發(fā)房地產(chǎn)項(xiàng)目來獲得政府的擔(dān)保，，使得融資問題迎刃而解。二是房地產(chǎn)投資信托基金融資渠道。這種模式在國外已經(jīng)發(fā)展得比較成熟，在我國也具有很大的發(fā)展?jié)摿�。三是房地產(chǎn)企業(yè)之間合作開發(fā)融資渠道。這對(duì)于各種規(guī)模的房地產(chǎn)企業(yè)都適用，小企業(yè)聯(lián)合就成了大中型企業(yè)，這種就可以在一定程度上解決融資問題。四是房地產(chǎn)抵押貸款證券化融資渠道，它充分利用了資本杠桿，將資金來源范圍不斷擴(kuò)大，給廣大投資者提供了一個(gè)投資平臺(tái)。
[Abstract]:Housing is a national government and obligatory event. In recent years, high prices, in this situation, the state and the government issued a series of real estate business in the macro-control measures, such as 2011, the central bank had raised the reserve ratio 6 times, leading to the bank and other financial institutions to improve the financing threshold of real estate enterprise, real estate enterprise financing predicament, entered the "winter". The financing and real estate as a major industry to promote the development of national economy, have a relatively large impact on people's life and economic growth. How to broaden the financing channels of real estate enterprises, so as to realize the sustainable development of real estate enterprises, it has a real the significance is very important.
The domestic and foreign research on real estate enterprise financing is abundant, has important significance for the financing of real estate enterprises in our country. But after all, different conditions, different culture, China's real estate enterprises can not completely copy the financing channel of foreign real estate enterprises, but need to make adjustments. The number of real estate enterprises in our country the hundreds of thousands, and only 148 listed companies, which shows that China's real estate business is almost small and medium-sized real estate enterprises. These small and medium-sized enterprises in the financial strength, scale and reputation are lacking, the majority cannot provide effective collateral and guarantees, leading to financial institutions for real estate enterprises "credit crunch". At present, China's real estate enterprises there are several major problems: one is the financing channel is single, mainly relying mainly on bank credit; two is the direct financing channel is not smooth, the high cost of financing Three; foreign investment in the financing of real estate enterprises accounted for more than four is very low; bond financing is strictly controlled; the five is trust financing is limited; the six is the real estate financial innovation tools scarce. If these problems cannot be solved well, the real estate enterprises can really "reshuffle".
To solve these problems, firstly, from the theory research, mainly related to the enterprise financial growth cycle theory, the game model of real estate enterprises and the government, the information asymmetry theory, pecking order theory, mortgage model of real estate enterprises. Then combined with the reality, for the real estate enterprises in the financing of the problem put forward the new financing channels A: is the government to guarantee financing channels. The financing requirement of the development of changing the idea of real estate enterprises, empathy with the government, so as to truly understand the real purpose of government regulation. Through the intensive development of real estate projects to help the government to obtain government guarantees, the problem of financing. The two is smoothly done or easily solved the real estate investment trust fund channel. This mode in foreign countries has developed in China has great potential for development. The three is the cooperation between enterprises of the real estate Development financing channels. This applies to both real estate enterprises of all sizes, small enterprises became large and medium-sized enterprises, which can solve the problem of financing to a certain extent. The four is the real estate mortgage securitization financing channels, it makes full use of capital leverage, funding will continue to expand the scope, provides a an investment platform for investors.

【學(xué)位授予單位】：湖南科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.4;F832

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