【作者】 纪象新；

【导师】 芦金锋；

【作者基本信息】 哈尔滨工业大学 ， 管理科学与工程， 2007， 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。我国房地产行业,自从1998年开始连续9年保持了增长远高于GDP增长的态势,国家为了在宏观上控制房地产泡沫的出现,出台了各项关于土地、金融等方面的政策法规,对房地产开发做了一定程度的限制,房地产企业的资金链面临着日益严峻的挑战。如何解决房地产业发展的资金瓶颈,已是每个房地产企业都面临的亟待解决的重大问题。目前,我国的房地产企业主要依靠银行贷款解决资金需求,有少量的大型企业开始上市融资。但是,仅仅以这两种方式不能很好的解决房地产企业的资金需求,尤其是对于中小房地产企业更是如此。于是房地产基金、房地产投资信托以及其他金融创新应运而生。本文通过对房地产业自身特点和对房地产业有较大影响的相关因素进行全面的研究,论述了现今国内房地产企业融资的方式渠道及各自特点。通过对当前房地产企业融资特点进行深入的分析和科学的论证,采用系统的,发展的观点,阐述了我国房地产企业目前存在的诸多问题,并提出了改进融资策略的建议。并通过分析各种主要融资方式的优缺点、政策约束和成本,总结出,房地产企业必须采取多元化的融资方式,根据不同的生命周期阶段来选择合适自己企业的融资方式,这样才能更好的解决融资困难的问题。更多还原

【Abstract】 The Realty Industry plays an important role in the development of economy in our nation. Meanwhile, it is a typical capital-intensive industry where the key point lies in enough capital. Since the year of 1998, the increase of Chinese Realty Business has been much more than its GDP for nine years. In order to control the Realty Business Bubble, the nation issues various regularities and policies on tract and finance to limit the financial exploit. The chain funds of Realty Business face baptism. Solution of the problems mentioned before in terms of the development of Realty Business has been of significant for corporations. However, only two ways of solutions cannot satisfy the requirement of capital especially for small and medium scaled corporations. As a result, there come the Real Estate Fund, Real Estate Investment Trust and other financial innovations.This thesis analyzes the characters of Realty Business and relevant elements, and expedites the financing channels in nation in present time. Through analyzing the present features of Realty Business from systematic and developing point of view, the thesis expounded several problems in Real Estate Enterprises now, and make recommendations in Financial Policies. At last, by analyzing kinds of financing regularities and policies, the conclusion is drawn that the Realty Business should finance in different ways and choose appropriate financing ways in accordance with different situations which will solve the problems.更多还原