【作者】 陈晓薇；

【导师】 王向阳；

【作者基本信息】 华中科技大学 ， 工商管理， 2011， 硕士

【摘要】 房地产业作为国民经济支柱性产业,对国民经济的发展起着举足轻重的作用。同时房地产业是一个典型的资金密集型产业,充足的资金支持对房地产业的发展至关重要。房地产业开发投资规模大、周期长、房地产价值昂贵等特点使得开发、投资需要的资金量巨大,而我国房地产金融市场还不够完善,房地产金融产品很少,主要依赖于银行贷款,房地产融资相对困难,导致房地产投资的市场风险和融资信用风险高度集中于商业银行。如何解决好房地产融资问题已经成为房地产企业的当务之急。本文理论联系实际、案例研究、实证分析、比较分析的方法,提出了我国房地产企业在当前的经济形势下融资方面出现的主要问题,并分析了产生这些问题的原因。文章首先通过企业融资的相关理论知识,从分析我国房地产商的融资现状入手,寻找金融创新的可行之路;然后研究了上市公司WKE和中小型公司DC公司以往和正在寻求的融资渠道,分析并总结了WKE成功的资本融资带来企业高速发展的成因,对比了DC公司一项融资请求遭拒的实例,提出房地产商在不同的生命周期中应采取不同的融资策略。最后,提出了改善我国房地产商单一的融资渠道的几条建议。从论文中可以看出,金融创新无论是上市公司还是中小型公司,都是迫切可求的,特别是中小型房地产商,面临被重组或是“洗牌出局”的危机,当然,大浪淘沙,从企业实际出发,融资成功的企业才有可能生存下去。更多还原

【Abstract】 Housing industry pays a very critical role in a country’s economy. It is an intensive capital needed industry. Sometime, money even can talk. Capital collection is very important for the housing investors due to housing needs huge investment especially when the land cost is very high and the ROI is very long. Recently, Chinese housing financing is prospering but it is still far away from being mature compared with that of the well developed countries. Its major capital is from the commercial banks which causes the commercial banks are running a super high risk of market and credit. How to well settle the method of collecting capital for housing industry is very critical in modern world. This paper reveals the issues recently existed in the housing capital collection area and analyzes their root cause with the help of case study, comparison analysis, real practicing etc.This paper firstly uses relevant capital collection theory and the analysis of our current capital collection situation to find the feasible way of innovative financing. Then, it proposes a theory that capital strategy should be changed based on different life cycle. This proposal was got with the help of studying cases of Vanke and DC (Vanke has been prospering due to the successful capital collection while DC’s application was declined again and again)At last, it proposes several ways for bettering our current sole capital collection situation. This paper also reveals that financial invocation is super critical to no matter public or middle/small size companies. All the housing companies especially the middle or small size ones will be facing a risk of being shuffled again. Only can the one who has the capital collection issue well settled survive.更多还原