摘要
房地产业是资金密集型产业,对房地产开发企业而言,必须有强大的融资能力才能在激烈的竞争中生存。近十年来,由于政府的宏观调控,房地产业的融资环境日益趋紧。在这样的情况下,市场出现了分化。大型企业依靠与银行的长期合作关系度过难关,而中小企业则纷纷陷入困境。在优胜劣汰的同时,行业的竞争性被削弱,长期来看,不利于房地产业的健康发展。
本文以上述客观事实为背景,运用文献回顾和案例分析的方法,以金融市场风险和收益相均衡的基本原理为理论基础,研究如何优化中小房地产业的融资策略,提出能同时符合投资方和融资方的风险偏好和收益期望的融资方案,以提高融资的成功可能性。本文首先对关于企业融资的经典理论和相关实证研究进行了回顾,接着对我国房地产市场和房地产金融的发展情况进行了分析,并对房地产企业的传统融资渠道进行了介绍,在此基础上,指出中小房地产企业所面临的融资难题及成因;然后,本文以Y公司这个中小房地产企业作为典型案例,对其经营模式和资金需求的特点进行分析,指出其融资困境的成因,探讨其可能采取的融资策略和融资途径,并提出具体的融资方案设计,为解决融资问题提供新的思路。
本文所论的中小房地产企业融资问题,虽然前人已做过不少的研究。但是进入21世纪以来,金融领域和产业领域都有了进一步的发展,出现很多以前不同的模式和工具。将这些最新发展纳入研究之中,是本文的一个亮点。
关键词:房地产企业、融资现状、融资方式、策略
ABSTRACT
The real estate industry is a capital-intensive industiy. Real-estate developing companiesneed to develope a strong financing capability to survive in the fierce competition. In the pastdecade, the financing environment has become tighter and tighter for the real estate industry as awhole. But companies in the industry are faced with different situations. Large companies takeadvantage of their long-term relationship with banks to get over difficulties. But SMEs do nothave this advantage and find themselves in trouble. The industry becomes more and moreconcentrated and competition weaken with lots of SMEs whiped out of the market. This is notgood for the development of the industry.
This paper is based on the fects metioned above. By means of literiture review and caseanalysis, this paper tries to suggest on the optimization of SMEs'fiancing strategy and designsuch finacing schemes as to satisfy the expectation of botii parties in financing trasactions,whereby SMEs are more likely to succeed in raising funds. Firstly, this paper briefly discussesthe classic theories and empirical research on financing, and carries out an analysis on real estatemarket and real estate financing, and introduces the traditional finacing methods of real estateindustiy. Following this analysis,tiie paper describes the financing difficulties with whichSMEs are faced and the causes tiiereof. Then, the paper demostrates the idea of balancing riskand return through the case of Y cpmpany, which is a typical SME, and comes up withspecifically designed shemes to help Y company with its financing.
Financing is popular topic on which lots of research has been conducted. However,therehave been great changes in finance and industry which have taken place since 21st century. Agreat number of models and instuments have been developed. It is a creative idea to have thesedevelopments incorporated in this paper.
Key words: real estate financing strategy capital struture
目录
摘要
ABSTRACT
第一章 导论
1.1选题背景
1.2研究目的与选题意义
1.3 文献综述
1.3.1传统融资理论
1.3.2相关研究综述
1.3.3文献研究述评
1.4本文的研究思路与方法
1.5本文的创新点
第二章房地产企业融资需求与融资渠道分析
2.1房地产企业融资需求分析
2.1.1房地产投资情况分析
2.1.2房地产资金来源情况分析
2.1. 3房地产资金缺口分析
2.2房地产融资渠道分析
2. 2.1银行贷款
2.2.2房地产信托
2.2.3股权融资
2.2.4债券融资
2. 2.5房地产投资基金
2. 2.6私募股权基金
2.2.7夹层融资
2.2.8其他融资方式
2.3中小房地产企业的融资难题及成因分析
2.3.1不同资质级别房地产企业的资金情况分析
2.3.2中小房地产企业融资难的成因分析
第三章Y公发展状况与财务分析
3.1Y公司简介
3.2Y公司的资金需求与企业增长的关系分析
3.3 Y公司的融资方式与企业风险特征的关系分析
第四章Y公司的融资现状分析
4.1Y公司资金需求与供给分析
4.2Y公司融资存在的问题
4.2.1主要依赖从银行贷款,资金来源渠道单一
4.2. 2资产负债率高,资本结构不合理
4.2. 3融资成本高且期限与项目建设不匹配
4.3 Y公司融资问题的成因
4.3. 1直接融资门槛高,受政策影响大
4. 3. 2重债务融资,轻股权融资
4.3. 3金融机构的“差别”待遇
4.4 Y公司融资环境和条件分析
第五章Y公司的融资策略建议
5.1 Y公司的总体融资策略
5.1. 1合理确定融资需求,避免盲目融资
5.1.2侧重股权融资,优化资本结构
5.1.3注重风险管理,保持稳健经营
5.1.4改善公司治理,为上市融资做准备
5.2积极引进私募股权基金提高股权融资比重
5. 2.1投资方的收益测算
5. 2. 2融资方的成本测算
5. 3灵活运用夹层融资拓宽资金来源渠
5. 3.1股权回购模式
5. 3. 2可转债模式
5. 4实施融资方案应注意的问题
5. 4.1选择合适的投资方
5.4. 2注意融资模式设计的合规性
结束语
参考文献
致谢
