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论文编号：	10676
作者编号：	2120162830
上传时间：	2018/12/8 13:48:27
中文题目：	去杠杆环境下重庆俊德房地产公司的资金管理改进研究
英文题目：	Research on fund management improvement of Chongqing Junde Real Estate Company in deleveraged environment
指导老师：	边泓
中文关键字：	去杠杆形势；民营房地产企业；资金管理；战略合作
英文关键字：	The situation of deleveraging; private real estate enterprises; fund management; strategic cooperation
中文摘要：	2018年再现久违的违约潮，但是这已不是第一次，2012年及2013年在经济大幅下行后，中小企业受到首波冲击，当年中小企业主“跑路”此起彼伏，钢贸、五金等领域无一幸免，当然这只是开始。2014年至2015年，在房地产调控背景下，经济增速放缓，房地产、矿产等领域景气度大幅回落，相关信用风险显现，以信托、券商资管等为主的表外业务相继爆发较大的违约项目。2015年至2016年，随着宏观经济增长的乏力，企业负债能力显著下降。以上现象使得原本高度依赖银行贷款与资本市场进行融资的地产商们面临了前所未有的资金压力。 本文在文献总结归纳基础上，对重庆俊德房地产公司资金管理现状进行分析，并重点以该公司主要项目“滨江一号”在“去杠杆”大背景下为案例进行资金管理分析，明确了当前银行贷款收紧、财务费用高昂等不利因素；指出了当前该公司大量高额利息借贷和沿用粗放资金管理方式的不足之处；并总结为了更好地应对风险，应该主要吸引其他企业进行战略合作，加快推进项目进展，同时，注意调整投资方向并建立财务预警系统、努力扩展筹资多元化渠道、成立投资风险专管机构以及建立杠杆与投资决策的联动机制的改进的对策建议。 本文的创新点在于国内关于企业资金管理，特别是“去杠杆”背景下的企业资金管理研究较少，且大多集中在上市公司的层面，而从房地产行业特别是中小房地产企业这个角度单独进行研究的更少。本文以案例研究的方式，选取重庆俊德房地产公司的财务数据并结合“滨江一号”项目原始数据，分析财务杠杆与企业投资决策之间的关系，特别是对企业投融资的影响，进而针对企业的资金管理提出相关意见和建议，对进一步提高中小房地产企业资金管理水平，使其在“去杠杆”的环境下生存并发展起到一定借鉴意义。
英文摘要：	Having sufficient funds is an extremely important guarantee for the capital-intensive industry — the smooth development of real estate industry projects. In recent years, China's real estate industry has developed rapidly and has become an important force driving the development of the national economy. Along with the rapid development of the real estate industry, some new problems have emerged: for example, the current background of “deleveraging”, real estate developers competing for land resources, and a large amount of hoarding land has led to huge capital occupation; the central government has tightened “silver roots” and the intensive policy of the “roots” has intensified the difficulty of credit financing; the decline of the stock market has further narrowed the financing channels of the capital market; the buyers’ holding of the currency has caused the housing transaction volume to continue to shrink. This phenomenon has made real estate developers great pressure on funds. On the basis of literature summary, this paper analyzes the present situation of fund management of Chongqing Junde Real Estate Company, and focuses on the case of the main project "Binjiang No. 1" under the background of "deleveraging" to analyze the fund management, and clarifies the current bank loan tightening, high financial costs and other adverse factors. In order to cope with the risks better, the company should mainly attract other enterprises to cooperate strategically and accelerate the progress of the project. At the same time, it should pay attention to adjusting the direction of investment and establishing financial early warning system, and strive to expand the diversification of financing. Suggestions on improving the linking mechanism of leverage and investment decision-making are put forward. The innovation of this paper is that the domestic research on enterprise fund management, especially under the background of "deleveraging" and most of the research is concentrated on the level of listed companies, but less from the perspective of real estate industry, especially small and medium-sized real estate enterprises. This paper chooses the financial data of Chongqing Junde Real Estate Company and combines with the original data of "Binjiang No.1" project to analyze the relationship between financial leverage and enterprise investment decisions, especially the impact on enterprise investment and financing, and then puts forward relevant opinions and suggestions for enterprise capital management. To improve the level of fund management of small and medium-sized real estate enterprises step by step, so that they can survive and develop in the "de-leveraged" environment.
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