我国房地产企业融资分析

【作者】 施美程；

【导师】 盖地；

【作者基本信息】 天津财经学院 ， 会计学， 2004， 硕士

【摘要】 房地产作为国民经济的支柱产业，需要大量的资金投入。我国房地产企业的特点是规模小、资源分散、社会资源低效使用，与其资金密集型的行业特点极不相适应，与国外同行业相比差距较大。目前，我国大多数开发商以 “滚动开发”模式运作，资金来源以银行信贷为主，其他金融方式如上市融资、信托融资、债券融资以及基金融资等占比例较小，融资格局较为单一，很容易受到宏观政策和经济环境的影响。2003年央行121号文件下发后，央行银根紧缩使得一半以上的房地产企业面临资金链断裂之患，甚至面临出局的危险。传统的融资形式已不能满足房地产开发所需要的资金，在国内金融市场还未完全开放的条件下，房地产业如何拓展新的融资渠道，成为关系到其生存和发展的头等大事。目前，房地产界和金融界都在认真思考如何拓宽房地产融资渠道的问题。房地产企业在实际运作中开始从过去的主要依靠银行贷款，转向上市、海外融资、企业债券、股权融资、房地产信托等多种途径。与此同时，理论界也对房地产融资创新各抒己见，房地产金融资本已成为房地产业界关心的首要问题。本文针对当前房地产企业融资中存在的问题进行研究。通过阐述房地产及其资金运用方面的特点，分析房地产企业融资的概念和分类；对我国房地产企业融资进行了历史回顾与特征分析，并对国内外<WP=4>房地产企业融资方式进行比较；探讨了房地产企业融资方式的概念、特点和现状；指出多渠道筹资房地产资金可以解决大量资金需求和分散风险，筹集房地产资金必须考虑筹资规模、时机、企业的利益和投资者的权益、资金来源结构等方面的因素；对房地产企业上市融资进行了回顾，分析了房地产上市公司及其融资的特点和必要性，并提出房地产企业选择上市融资的建议；介绍项目融资及其特点，分析项目融资在房地产业的独特优势、房地产开发项目融资决策；最后，对房地产企业融资进行展望并提出一些建议。更多还原

【Abstract】 As the backbone of national economy, the industry of real estate requires considerable investment. The characteristics of real estate companies in China mainly include the following aspects: their business scopes are relatively small; their operation resources are separated; their social resources are utilized with poor efficiency. Recent situation of real estate industry in China does not accommodate its characteristic of capital denseness. Compared to the situation of foreign real estate industry, Chinese real estate companies have a long way to go.Recently, most real estate developers in China adopt “Rolling Development” as their operation formats. Their capital resources are mainly from bank credit. Other financing methods include financing in the stock market, fiducial financing, bond financing and fund financing. The ratios of these financing methods are relatively small. Their financing structures are comparatively simple and are easily influenced by the macroscopical economy polices and economic environment. After the No. 121 Document of Central Bank was issued in 2003, the stringency policy of Central Bank put more than half of Chinese real estate companies in danger of capital lack, or even being washed out from competition. Conventional financing methods are not able to satisfy the capital requirements of recent real estate development. Since finance market in China is not fully open now, new financing methods of Chinese real estate companies will affect their competition, or even their survivals in the business sector Presently, both the practitioners from real estate industry and finance industry have been considering the problem of how to find more approaches of real estate financing. In real practice, real estate companies had not depended on bank loans as its main financing approaches. They turned to other new financing approaches such as stock market financing, overseas financing, enterprise bond, shares right financing, and real estate trust and so on. Meanwhile, researchers have suggested several ways of innovation in real estate financing. Financial capital has been the principal problem <WP=6>faced by real estate industry.Through addressing the characteristics of real estate industry in China and its financing approaches, this research analyzes the concepts and classification of the financing approaches of Chinese real estate companies. This research also reviews the history of financing approaches of Chinese real estate industry and analyzes their characteristics. A comparison between various financing approaches of Chinese and foreign real estate companies is also included in this research. By thoroughly exploring the concepts, characteristics and current situation of various real estate companies, this research indicates that multi-channel financing is able to satisfy the considerable capital requirement and disperse risks. Real estate financing must consider factors such as financing scope, occasion, company profit and investor’s rights and interests, as well as capital resource and structure. This research also reviews the real estate financing in stock market and analyzes the characteristics and necessity of real estate companies listed in the stock market. Furthermore, this research gives suggestions on financing in the stock market of real estate companies. This research also introduces project finance and its characteristics. It also analyzes its unique advantages in real estate industry and decision-making of real estate project development. In the last part of this research, the author introduces her expectations and suggestions to the financing of real estate companies.更多还原