摘 要
随着经济全球化和国内市场的逐步开放，企业间竞争不断加剧，合理的选择筹资方式、满足企业资金需求、降低资金成本和筹资风险成为企业良好经营和健康发展的决定性因素。房地产开发企业具有典型的高风险、高投入和高回报的特点，需要充足资金的支持，因此筹资对其来说至关重要。从目前情况来看，我国房地产开发企业筹资方面存在许多问题，亟待解决和完善。
本文采用案例研究的方法，以 DJ 地产集团为研究对象，着重探讨了 DJ 地产集团筹资的相关问题。DJ 地产集团储备充足、签约销售面积及签约金额增长较快、行业地位不断提升、业务不断完善，又拥有母公司 DJ 集团在各方面的大力支持，面临着良好的发展机遇。但是，DJ 地产集团在筹资方面存在许多问题：
负债筹资规模大、资产负债率高；筹资方式单一、资金来源依赖性强；筹资成本高、内源筹资不足等，这将成为企业实现国内领先、国际知名的综合性房地产运营商发展战略目标的最大威胁，亟待解决。DJ 地产集团可以在充分考虑内部因素与外部环境的前提下，加强企业筹资管理：调整负债规模、降低资产负债率；筹资方式多元化、扩大内源筹资等，解决企业筹资问题、改善企业筹资现状。
关键词：DJ 地产集团；资产负债率；筹资方式
Abstract
With the economic globalization and domestic market getting gradually open,competition among enterprises is getting fierce, thus the choice of reasonablefinancing way, meeting demands of enterprise funds, reducing the cost of capital andfunding risk become the decisive factor of the healthy development and well runningof company. Real estate enterprises have the typical characteristics of high risk, highinvestment and high return, which need sufficient capital support, so financing isvery important for their business running. From the current situation, the real estateenterprises of our country have lots of problems with financing, and they need to besolved and perfected.
This paper adopts the method of case study, which regards DJ real estate groupas the research object, and emphatically discusses the issues of financing about thecompany. DJ real estate group has sufficient reserves, which the signed sales areaand contract volume increase fast, so as the industry status. Also, its businessconstantly improves, and gains support in all aspects from the parent company DJgroup, therefore it faces with good opportunities for development. However, DJ realestate group exists many problems in financing, for example: the large debt scale;the highasset-liability ratio ; the single financing modality; the strong dependence onfinancing source; the large financing cost and the lack of endogenous financing.
They will become the greatest threat to the development of the company's strategicobjectives, which is “leading in China, well-known in the world”. Therefore theproblems need to be solved immediately. DJ real estate group can be fully considerthe internal factors and external environment under the premise of strengthening theenterprise financing management, Reduce debt scale, adjust the capital structure;Expand financing channels, financing mode diversification; Expand the endogenousfinancing, etc., to solve enterprise financing problems, improveenterprise financingpresent situation.
Keywords:DJ real estate group;Asset-liability ratio;Financing way
目 录
摘 要
ABSTRACT
第 1 章 绪 论
1.1 研究背景与研究意义
1.1.1 研究背景
1.1.2 研究意义
1.2 研究方法与研究内容
1.2.1 研究方法
1.2.2 研究内容
1.3 国内外研究现状
1.3.1 国外研究现状
1.3.2 国内研究现状
第 2 章 相关理论基点
2.1 MM 理论
2.2 代成本理论
2.3 信号传递理论
2.4 权衡理论
2.5 啄序理论
2.6 控制权理论
第 3 章 DJ 地产集团概况
3.1 DJ 地产集团简介
3.2 DJ 地产集团 SWOT 分析
3.3 DJ 地产集团财务状况分析
3.3.1 资产结构
3.3.2 负债结构
3.3.3 所有者权益结构
3.3.4 财务指标
3.3.5 现金流
第 4 章 DJ 地产集团筹资现状及存在的问题
4.1 DJ 地产集团筹资现状
4.2 DJ 地产集团筹资存在的主要问题
4.2.1 负债筹资规模大、资产负债率高
4.2.2 筹资方式单一、资金来源依赖性强
4.2.3 筹资成本高、内源筹资不足
第 5 章 加强 DJ 地产集团筹资管理的对策
5.1 调整负债规模、降低资产负债率
5.2 筹资方式多元化
5.2.1 合作开发
5.2.2 企业并购
5.2.3 发行可转换公司债券
5.2.4 房地产预售
5.2.5 房地产信托
5.2.6 房地产证券化
5.2.7 售后回租
5.3 扩大内源筹资
第 6 章 研究结论与研究展望
6.1 研究结论
6.2 局限性和后续研究展望
参考文献
后 记
