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论文编号：	3091
作者编号：	2120082591
上传时间：	2011/5/25 0:17:00
中文题目：	金融危机中房地产企业资金链管理研究——以万科公司为例
英文题目：	Capital Chain Management of Real Estate Companies in the Financial Crisis - A Case Study of China Vanke Company
指导老师：	戴金平
中文关键字：	金融危机 房地产公司 资金链 风险管理 万科公司
英文关键字：	Financial crisis Real Estate Company Capital Chain Management China Vanke Co., Ltd
中文摘要：	摘要 房地产行业是一个资金密集型行业。拥有流动性合理的资金流是房地产企业得以生存、房地产项目得以顺利开发的基本条件。从2008年开始,国际金融危机对我国大多数房地产企业的资金链产生了巨大的影响。在危机初期，资本市场流动性凝结，房地产企业的资金链承受过严峻考验。在危机中期，国家采取积极的财政政策和货币政策，房地产市场极度繁荣，地产企业资金充裕拿地活跃。在危机后期，全国通货膨胀、房价飞涨，政府开始收缩流动性，房地产企业资金来源再次受到制约。总体说来，在这波金融危机中，我国房地产企业的资金链经历了一个由高度紧绷到极度松弛的再到逐步收紧的漫长过程。 在金融危机中，房地产企业资金链管理问题日益严重。地产企业高度依赖银行贷款和资本市场进行融资，大量囤积土地导致巨额资金被占用。资本市场长期起伏不定使得企业融资困难。企业自有资本金比例过低，大量行业外资本进入，导致房地产低水平开发泛滥。央企争当地王，地产商大肆争夺土地资源。二级市场上住房销售畅销和冷清更替频繁，导致企业销售收入波动较大。这些都使房地产企业的资金链管理面临巨大的风险压力，不利于自身长远可持续发展，也不利于整个行业的产业升级和结构调整。面对众多地产企业始料未及的种种窘境，我们不得不从资金链管理——这条企业生存的生命线的角度开始思考。我国大多数房地产企业存在哪些严重问题？原因在哪里？又该如何解决？ 本文针对上述问题展开深入分析和探讨。首先，经济危机带来的不可控的外部因素和政府实施的地产调控政策导致了我国房地产企业资金链面临较大的风险压力。其次，在房地产企业经营管理和项目开发建设的过程中，普遍存在着资金流动性不足、资金链质量不高等问题。因此，在资金密集型的房地产行业中，如何根据宏观经济行情实时调整现金流管理、实现资金链的良好运作，对房地产企业而言是生存的法宝。本文在最优资本结构理论、新优序融资理论、不对称信息理论等理论的指导下，对企业资金链的风险管理及其运作现状进行剖析。最后，在以上理论分析和案例研究的基础上，对房地产企业如何完善资金链管理提出了若干建议。 首先，只有把生产周期与资本循环周期、外部金融环境周期结合起来，才能能获得较大发展，这是房地产企业生存发展的策略。金融危机在中国发展的3年，大概可以划分为三个阶段，每年为一个阶段。它给资本市场带来的表现分别是资金流动性凝结、货币泛滥、流动性再次收紧。在这个过程中，房地产也从生存困难到柳暗花明再到繁荣盛世。恰好房地产业发展的周期大概也是3年，从货币资本到生产资本再到商品资本，正好经历了一个循环。金融带来的不可控的外部因素和政府实施的地产调控政策导致了我国房地产企业资金链面临较大的风险压力。而且，在房地产企业经营管理和项目开发建设的过程中，普遍存在着资金流动性不足、资金链质量不高等问题。因此，在资金密集型的房地产行业中，如何根据宏观经济行情实时调整现金流管理、实现资金链的良好运作，对房地产企业而言至关重要。 其次，只有扩大融资规模、提高销售回款速度和质量，才能获得充足的现金流，这是房地产企业资金链安全的命脉。展望2011年，中国宏观经济通胀风险加大，货币政策开始收紧，地产调控政策不会放松，房产税改革可能出台。房地产企业融资环境日趋紧迫，资金链管理可能再次面临致命影响。按照新的房地产市场调控政策，房地产企业贷款受到抑制、住房贷款首付比例提高、贷款利率从高执行、多套住宅停止贷款等措施都从根本上限制了房地产开发企业销售资金的回流。如果这些政策有效地执行下去，那么经过不太长的时间就会对房地产开发企业的融资环境产生致命的影响，各上市公司资金链压力可能不断上升。面对新的严峻形势，地产企业必须努力提高自身对市场环境和自身能力的准确判断，紧紧跟随转变频繁市场形势，转变经营发展模式，拓宽资金来源，降价促销提高资金回笼速度。 再次，只有降低企业经营成本、加速资产周转、提高资金利用效率，才能获得企业利润的最大化，这是房地产企业资金链高效运转的根本途径。由于贯彻快速开发、快速销售的经营策略，并通过标准化产品推广、项目流程优化、表彰快速开发项目等一系列措施，房地产标杆企业进一步了提高项目经营效率，缩短了项目从获取到开工的平均周期。总资产周转率的提高源于房地产企业当年的销售速度加快，销售业绩普创新高，从而使资产利用率保持了较高水平；存货的消化速度提高，存货加快转化为现金或应收账款，企业的短期偿债能力及获利能力可以得到进一步提升。 本文研究还存在以下不足。一、资金链的研究是一个涉及面非常宽泛的课题，它包含了融资、成本控制、资金回流等多个方面。本文的研究把重点放在了企业融资上，虽然这是整个资金链上极为重要的一环，其他方面也都有涉及和论述，但是论文仍然不够全面和深入。二、本文以仅万科公司为例，样本选取数量可能过少。尽管万科公司是中国地产行业的领军企业和行业标杆，但是并不是它的所有的管理方法都具有前瞻性。也许本文还可以借鉴一些国际上领先房地产企业的资金链的管理方法。
英文摘要：	ABSTRACT The real estate industry is a capital-intensive industry. reasonable cash flow is fundamentals for the real estate business to survive and develop. From 2008 , the international financial crisis and the macroeconomic policies, adopted by the appropriate to get the rapid development of China , gave a huge influence on the capital chains of most real estate companies .Early in the crisis, capital market liquidity condensed , the chain of real estate companies had a severe test .In mid-crisis, the state adopted a proactive fiscal policy and monetary policy, and the real estate market was extremely prosperous , so the real estate enterprises were full of capital to buy land. Late in the crisis , because of the national inflation, soaring house prices , shrinking liquidity , the government began to regulate the real estate market , and the real estate companies began to be constraint on the sources of funding .Overall, in this wave of financial crisis , China's real estate capital chain has experienced a high degree of tension 、a extremely loose and then the long process of gradual tightening. In this process, The real estate industry has become a led pillar industry in China. However, the rapid development of Chinese real estate enterprises was so high, there were also some new problems. Thy highly dependent on bank loans and capital markets, and a large hoarding of land led to a huge amount of funds used. Fluctuations in the stock market made long-term financing difficulties in capital market .The proportion of capital owned by the enterprise was too low, and a large number of overseas capital launched into the industry, leading to a low level of real estate development .Serious housing bubble, people are complaining for high vacancy rate and asset waste. Chinese real estate market makes these real estate companies face enormous financial risk .The pressure is not conducive to their long-term sustainable development of the entire industry, and not conducive to industrial upgrading and structural adjustment. In my opinion, first of all, the economic crisis and regulation policies have led the real estate companies face greater capital chain pressures. Second, in the real estate business management and project process, the widespread lack of liquidity, funds low quality chain. Therefore, in the capital-intensive industry, how to make a real-time adjustment of macroeconomic cash flow, to achieve a smooth operation of the capital chain, is a magic weapon for survival. In this thesis, capital cycle theory, the new Pecking Order theory, risk control theory will be used. Finally, the real estate companies should improve the risk management. First, only the production cycle and the capital cycle combined together, the external financial environment could get a larger development, which is the real estate business survival and development strategy. The development of the financial crisis in China for 3 years, probably can be divided into three stages, The performance of capital markets are the condensation of liquidity, currency spread and liquidity tightened again. In this process, the real estate developed from hard to survive to vista, then to prosperous. In the same time, real estate development cycle is probably 3 years from monetary capital to production capital and then to goods capital. It just went through a cycle. In the crisis, uncontrollable external factors and government policies have led to the implementation of real estate regulation. The fund chain of real estate companies in China faces greater risk of stress. Moreover, in the real estate management of project development and construction process, lack of liquidity and low quality of capital chain widespread .Therefore, in the capital-intensive industry, how to make real-time adjustment from the macroeconomic management of cash flow to achieve the smooth operation of the capital chain, is critical for the real estate business. Second, only the scale of financing expanded and sales speed and quality improved in order to obtain sufficient cash flow, which is security lifeline of the real estate business capital chain. Outlook 2011, China will increase risk of macroeconomic inflation and not relax estate control policy, Monetary policy will begin to tighten and property tax reform may be introduced. Increasingly tight financial environment, financial chain management of real estate companies may be faced again with lethal effects. Under the new regulation policy in the real estate market , the real estate business loans will inhibited, the proportion of down payment in housing loans will increase , and loan interest rates will take the higher implementation, and loan of multi-housing- units will be stop lending .All the measures fundamentally limits the sale of funds-running-back in real estate development enterprise. If the effective implementation of these policies continues, then after a short period of time will produce lethal effect on the financing environment of real estate enterprises , The pressures on the funds chain of all listed company may rise. Facing new, grim situation , real estate companies must strive to improve their ability to judge the environment and their self, closely follow the market frequent steps , change the operating mode of development, broaden the sources of funds, and improve the capital return rates of price promotions. Finally, reducing operating costs, accelerating asset turnover, and improving capital efficiency in order to obtain the maximization of corporate profits, are efficient functioning of capital chain fundamental way in the real estate business. The implementation of rapid development, rapid sales of business strategy and product promotion through standardization, process optimization projects in recognition of the rapid development of the project and a series of measures, will further improve project management efficiency , and shorten the average cycle in the project term . Total asset turnover increasing comes from sales accelerating of real estate companies to maintain a high level of asset utilization. Inventory digestion and accounts receivable speed up into cash, so that the short-term business solvency and profitability can be further improved. In this thesis, the following deficiencies still exist. First, the capital of the chain involves a very broad subject, which includes finance, cost control, flow of capital and other aspects. This study focused on the corporate finance, although this is extremely important to the entire capital of a chain ring and other areas are involved and discussed, but still not comprehensive and in-depth study. Second, this thesis only bases on Vanke case, so the number of sample selection may be too small. Although Vanke is a leading real estate industry in China, business and industry benchmark, but not all of its methods of management are forward-looking. Perhaps we can also learn methods of capital chain management in some international leading real estate business.
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