【作者】 张雪洁；

【导师】 张国兴；

【作者基本信息】 兰州大学 ， 工商管理， 2011， 硕士

【摘要】 2007年,美国房地产次贷风波引发全球性金融危机最终导致全球经济陷入衰退,这场全球性金融危机对中国经济尤其房地产行业产生了巨大影响。随后,中国政府出台一系列针对宏观经济运行及房地产行业的调控政策,房地产开发企业普遍遭遇市场销售下滑、开发资金紧张,企业融资问题日益突出。在这样的背景下,研究房地产私募股权基金融资模式对S公司具有十分重要的意义。西方学者对现代融资理论体系MM理论、权衡理论、优序融资理论和金融成长周期理论等主要代表学派观点进行研究总结,并结合大量的实证研究成果,指出现代融资理论为企业提供从不同角度分析资本结构问题和融资决策影响因素的理论依据。值得注意的是,尽管现代融资理论观点在西方发达国家已经得到大量实验验证,但是在发展中国家由于融资环境发生改变而未必完全符合现代融资理论观点,因此,本文考虑到中国的政治经济、市场体制等影响因素,研究更为适应国内房地产开发企业解决融资问题的融资模式。根据现代融资理论和国内外实证研究,本文以S公司为研究对象,分析S公司房地产业务的开发现状及融资情况,并深入分析S公司房地产现有融资模式存在的问题及原因等,提出引进私募股权基金是解决S公司房地产融资问题的最佳途径。在比较研究了私募股权基金几种组织形式的优缺点后,融合信托制和有限合伙制各自的优点设计出“信托募资+有限合伙管理”联合融资模式。随后,针对这种联合融资模式的实施提出相应的实施要点和保障措施,从运营框架、组织结构和风险应对策略考虑,组建有限合伙制的基金管理团队、构造矩阵组织结构并借鉴柔性管理、股票期权激励计划和团队双层报酬激励方案等,使这种联合融资模式达到理想的运营效果。本文结合信托制和有限合伙制设计了“信托募资+有限合伙管理”联合融资模式,这种联合融资模式融合了两种组织形式的优势。在此基础上,进一步研究这种联合融资模式的可操作性,设计实施要点和保障措施,通过构建更加理想的运营框架、优化组织结构并提出积极的风险应对策略等,使这种联合融资模式更具有实用性。本文运用相关理论工具和案例研究设计房地产融资模式,对其他房地产开发企业拓展直接融资渠道和探讨私募股权基金融资模式提供了研究借鉴。2007年,美国房地产次贷风波引发全球性金融危机最终导致全球经济陷入衰退,这场全球性金融危机对中国经济尤其房地产行业产生了巨大影响。随后,中国政府出台一系列针对宏观经济运行及房地产行业的调控政策,房地产开发企业普遍遭遇市场销售下滑、开发资金紧张,企业融资问题日益突出。在这样的背景下,研究房地产私募股权基金融资模式对S公司具有十分重要的意义。西方学者对现代融资理论体系MM理论、权衡理论、优序融资理论和金融成长周期理论等主要代表学派观点进行研究总结,并结合大量的实证研究成果,指出现代融资理论为企业提供从不同角度分析资本结构问题和融资决策影响因素的理论依据。值得注意的是,尽管现代融资理论观点在西方发达国家已经得到大量实验验证,但是在发展中国家由于融资环境发生改变而未必完全符合现代融资理论观点,因此,本文考虑到中国的政治经济、市场体制等影响因素,研究更为适应国内房地产开发企业解决融资问题的融资模式。根据现代融资理论和国内外实证研究,本文以S公司为研究对象,分析S公司房地产业务的开发现状及融资情况,并深入分析S公司房地产现有融资模式存在的问题及原因等,提出引进私募股权基金是解决S公司房地产融资问题的最佳途径。在比较研究了私募股权基金几种组织形式的优缺点后,融合信托制和有限合伙制各自的优点设计出“信托募资+有限合伙管理”联合融资模式。随后,针对这种联合融资模式的实施提出相应的实施要点和保障措施,从运营框架、组织结构和风险应对策略考虑,组建有限合伙制的基金管理团队、构造矩阵组织结构并借鉴柔性管理、股票期权激励计划和团队双层报酬激励方案等,使这种联合融资模式达到理想的运营效果。本文结合信托制和有限合伙制设计了“信托募资+有限合伙管理”联合融资模式,这种联合融资模式融合了两种组织形式的优势。在此基础上,进一步研究这种联合融资模式的可操作性,设计实施要点和保障措施,通过构建更加理想的运营框架、优化组织结构并提出积极的风险应对策略等,使这种联合融资模式更具有实用性。本文运用相关理论工具和案例研究设计房地产融资模式,对其他房地产开发企业拓展直接融资渠道和探讨私募股权基金融资模式提供了研究借鉴。更多还原

【Abstract】 In 2007, American real estate sub-prime mortgage raised a global financial crisis and finally led to global economic fell into recession, then, the global financial crisis has thrown huge impact to Chinese economic especially the domestic real estate industry. Subsequently, Chinese government issued a series of policies and regulations to control macroeconomic and housing market, the domestic real estate developers generally encountered the housing sales dropping, development capital straining, and developer financing issue become more outstanding than before. In this context, to study real estate private equity fund financing mode is very significance to S company.Western researchers studied Modern Financing Theories system ranging over the MM theory, Trade-off Theory, Pecking Order Theory and Financial Growth Cycle Theory, also involved some primary theoretical standpoints summarizing from a mass of empirical results, they pointed out that the Modern Financial Theories offer theoretical foundation for enterprise to analyze the capital structure issues and the influence factors of financing decision-making from different aspects. But attention should be paid, although the important thoughts of Modern Financing Theories have been tested and verified for many years, however, due to the different financing environment, it is really not very suitable in developing countries. So, this paper considers impact factors of Chinese political system, economy running and market mechanism, etc. to study and find a more suitable financing mode for domestic real estate developers. Based on the Modern Financing Theories and empirical results from abroad and domestic, S company as the study body, this paper first analyzes the real estate business and financing situation, forward to discuss the existing problems and traces the origin reasons of the present financing mode, then this paper proves the optimum financing channel that introducing abroad private equity fund to settle the real estate financing issues of S company. The following to the core sections, after studied and compared with the strengths and weaknesses of company system, limited partnership system and trust system, this paper takes advantage of trust system and limited partnership system respective merits, based on which to focus on designing the Co-financing mode of Trust Fundraising & Limited Partnership Management, then this paper also draws up a set of the implementation keypoints and safeguards for the Co-financing Mode, considering from the aspects of operational framework, organization structure and some measures to deal with potential risks, this paper further proposes to set up the fund management team in limited partnership, constructs the matrix organization based on project teams and introduces flexibility management concept, stock options incentive plan and team double-reward incentive scheme and so forth, aiming to reach a optimal implement effect.This paper integrates Trust System and Limited Partnership System to design the Co-financing Mode of Trust Fundraising & Limited Partnership Management; this Co-financing Mode can fully utilize the strengths of the two organizations. On that basis, this paper further research on the operability of the Co-financing Mode, working out the implementation keypoints and safeguards, in which it formulates the more perfect operational framework, optimizes organization structure for project team and takes some positive steps coping with potential risks, to make the Co-financing Mode more practical. In this paper, studying and designing the real estate financing mode based on the related theories and case analysis, which provides the valuable reference for other real estate developers to expand direct financing channel and explore the private equity fund financing mode. In 2007, American real estate sub-prime mortgage raised a global financial crisis and finally led to global economic fell into recession, then, the global financial crisis has thrown huge impact to Chinese economic especially the domestic real estate industry. Subsequently, Chinese government issued a series of policies and regulations to control macroeconomic and housing market, the domestic real estate developers generally encountered the housing sales dropping, development capital straining, and developer financing issue become more outstanding than before. In this context, to study real estate private equity fund financing mode is very significance to S company.Western researchers studied Modern Financing Theories system ranging over the MM theory, Trade-off Theory, Pecking Order Theory and Financial Growth Cycle Theory, also involved some primary theoretical standpoints summarizing from a mass of empirical results, they pointed out that the Modern Financial Theories offer theoretical foundation for enterprise to analyze the capital structure issues and the influence factors of financing decision-making from different aspects. But attention should be paid, although the important thoughts of Modern Financing Theories have been tested and verified for many years, however, due to the different financing environment, it is really not very suitable in developing countries. So, this paper considers impact factors of Chinese political system, economy running and market mechanism, etc. to study and find a more suitable financing mode for domestic real estate developers. Based on the Modern Financing Theories and empirical results from abroad and domestic, S company as the study body, this paper first analyzes the real estate business and financing situation, forward to discuss the existing problems and traces the origin reasons of the present financing mode, then this paper proves the optimum financing channel that introducing abroad private equity fund to settle the real estate financing issues of S company. The following to the core sections, after studied and compared with the strengths and weaknesses of company system, limited partnership system and trust system, this paper takes advantage of trust system and limited partnership system respective merits, based on which to focus on designing the Co-financing mode of Trust Fundraising & Limited Partnership Management, then this paper also draws up a set of the implementation keypoints and safeguards for the Co-financing Mode, considering from the aspects of operational framework, organization structure and some measures to deal with potential risks, this paper further proposes to set up the fund management team in limited partnership, constructs the matrix organization based on project teams and introduces flexibility management concept, stock options incentive plan and team double-reward incentive scheme and so forth, aiming to reach a optimal implement effect.This paper integrates Trust System and Limited Partnership System to design the Co-financing Mode of Trust Fundraising & Limited Partnership Management; this Co-financing Mode can fully utilize the strengths of the two organizations. On that basis, this paper further research on the operability of the Co-financing Mode, working out the implementation keypoints and safeguards, in which it formulates the more perfect operational framework, optimizes organization structure for project team and takes some positive steps coping with potential risks, to make the Co-financing Mode more practical. In this paper, studying and designing the real estate financing mode based on the related theories and case analysis, which provides the valuable reference for other real estate developers to expand direct financing channel and explore the private equity fund financing mode.更多还原