【作者】 董旭娟；

【导师】 何公定；

【作者基本信息】 长安大学 ， 企业管理， 2011， 硕士

【摘要】 房地产业是整个国民经济的重要组成部分,对我国经济社会发展起着重要的作用。而在房地产业中,中小房地产开发经营企业占据了绝对主力位置,其能否持续健康的发展一直是关系到我国房地产业可持续发展的重大研究问题。现实的情况是,我国中小型房地产企业发展始终不能做大做强,其制约发展的瓶颈在于我国中小型房地产企业融资困境,而融资困境产生的主要原因,一方面是中小房地产企业自身经济实力较弱,管理制度不健全,且无法提供有效的担保资源获取资金；另一方面是我国目前资本市场不健全,无法为其提供有效的融资渠道,整个行业融资都是以银行信贷为主,缺乏其他融资渠道进行有效补充。这不仅容易造成中小房地产企业资金链断裂,也容易使得房地产开发的风险向商业银行集中,对整个国民经济的平稳运行造成潜在威胁。因此,如何破解中小房地产企业融资困境,寻找其解决的对策是值得研究的重要理论问题。论文首先对我国房地产行业的发展特征进行了总结分析,系统指出我国房地产行业发展的现状和取得的成就；结合翔实的数据和资料,对作为论文研究主体的中小房地产企业的划分标准进行了科学界定,简要介绍了我国中小房地产企业发展现状以及发展特点；在此基础上,对我国中小房地产企业目前的融资现状进行了全面系统分析,提出中小房地产企业目前融资仍以内源性融资为主,而外源融资中仍过多依赖银行信贷资金,在行业和制度的约束下整体陷入了融资困境；在系统分析和科学论证的基础上,针对中型地产企业和小型地产企业分别提出了投资信托、投资基金、私募基金、合作开发、典当融资等适合其自身发展特点的融资渠道和融资模式,以期有效缓解中小房地产企业融资困难的窘境。更多还原

【Abstract】 The real estate industry——an important component of the overall national economy——plays an indispensable role in promoting China’s social and economic development. Among the numerous real estate enterprises, the small and medium sized real estate enterprises (real estate SMEs) are taking the absolute majority. Therefore, whether or not these real estate SMEs could grow in a continuous and healthy way remains a key study subject which matters the sustainable development of China’s real estate industry.The fact is that the real estate SMEs in China are not able to grow bigger and stronger. The bottle-neck which restraints these real estate SMEs is that these enterprises have difficulty in financing. The reasons resulting in this difficulty are as follows:On one hand, these SMEs are mostly weak and lack required management rules and regulations. Meanwhile, they cannot provide sufficient guarantee for raising fund. On the other hand, the capital market in China is not mature so far, which cannot act as an efficient financing channel. The bank credit still plays the main role in providing finance for the whole real estate industry, with no other financing sources as compliments. This will not only easily break up the capital chain of the SMEs, but also force the real estate risks to concentrate on the commercial banks, thus, it poses potential threat to the smooth development of the national economy. Therefore, how to shake off the financing difficulty of the real estate SMEs and locate the coping strategy is a key theoretical issue that worth the study.This thesis firstly summarizes the development characteristics of China’s real estate industry, and systematically outlines the current situation and achievements of China’s real estate industry. It utilizes abundant information and data to make a scientific definition on how to identify the study object of this thesis——real estate SMEs. Based on these, the thesis analyzes the current financing situation of China’s real estate SMEs. It finds out that the inner-sourcing finance still dominates the SMEs’financing, and the over-reliance on bank credits is the main feature of outer-sourcing finance. Plus other industry and regulation restraints, the SMEs finally stuck in financing difficulty. On the basis of systematic analysis and scientific proof, the thesis introduces several financing models targeting at the medium-sized real estate enterprises and the small-sized respectively, such as investment trust, investment fund, private-equity fund, co-development, mortgage financing, etc., in expectation of alleviating the financing difficulty of the real estate SMEs.更多还原