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论文编号：	4380
作者编号：	2220100496
上传时间：	2012/6/7 19:40:27
中文题目：	我国房地产企业融资模式研究
英文题目：	The financing model research of Chinese real estate enterprise
指导老师：	张继勋
中文关键字：	房地产企业;融资模式;宏观调控;多元化
英文关键字：	Real Estate Enterprise; Financing Mode; Macro Control; Diversification
中文摘要：	随着我国城市化进程的不断提高,房地产业在国民经济中的重要性也日益提高,它已经成为我们经济社会中实现政治稳定、社会和谐、人民安居乐业的重要前提。房地产业作为国民经济先导性、基础性支柱产业，它的起起落落都关系着国计民生。作为典型的资本密集型产业，房地产业对金融市场具有天然的高度依赖。当前，许多房地产开发商面临融资困难、融资渠道狭窄、企业资金链紧张等问题。然而,长期以来，我国传统的房地产企业主要还是通过银行贷款来聚集资金，这种单一的融资模式势必会危及房地产业的健康发展。 本文以我国房地产开发企业融资模式为研究对象，主要对股票融资、债券融资、房地产投资信托基金（REITs）、银行贷款、典当融资、房地产信托等融资模式进行了介绍，运用比较研究和案例分析的方法，阐述了这几种融资模式的优势和在实际运用的遇到的问题。通过全面分析房地产融资模式在当前政策环境下发展的现状，并结合企业实例，对各种房地产融资模式运行进行深入研究。最后对推动房地产企业融资模式多元化建设提出建议，从而希望帮助不同规模的房地产企业结合自身条件，找到适合企业发展的融资模式。 本文结构分为七个部分：第一部分为引言，通过对房地产企业在国民经济中的重要地位、房地产企业融资的重要性、房地产企业融资现状进行简述，说明本文的研究目的及意义。第二部分介绍了相关融资理论，通过对融资理论的演进和研究现状进行回顾和总结，借鉴前人的研究理论和成果，从而找到我国房地产企业融资模式建立的理论基础。第三部分对我国当前的房地产调控政策，特别是金融、信贷政策进行整理，从而分析出我国房地产企业融资所处的宏观环境，指出目前房地产融资遇到的困难，以便有针对性地对房地产融资模式进行深入研究。第四部分详细介绍了目前我国房地产业几种主要的融资模式，其中包括股票融资、债券融资、房地产投资信托基金（REITs）、银行贷款、典当融资和房地产信托。通过对这些融资模式的概念、特点进行阐述，比较分析他们的优缺点和在实际中遇到的问题，从而找到在当前房地产企业融资模式下存在的问题。第五部分进行案例分析，通过对案例企业在融资决策的过程中对各种融资模式的考虑和分析，说明了当前融资模式应用的可行性和需要考虑的因素。第六部分提出建议，指出一方面要在宏观上建立房地产企业多元化融资模式，积极培育债券市场、发展房地产投资信托基金、推动住房抵押贷款证券化。另一方面在微观上从企业的角度出发，建议房地产企业针对自身规模和特点选择适合自身发展的多元化融资模式。第七部分即本文的结论部分，通过对之前的研究进行总结，得出本文的结论。
英文摘要：	With our country’s urbanization process rise ceaselessly, the important position for the real estate industry in our national economy is increasing, it has already become the important prerequisite of our economy society of realize political stability and social harmony, people's lives and work . The real estate industry as the national economy progress and basic industry, it is the relationship between the ups and downs of national economy and people's lives. As a typical capital intensive industry, the real estate industry is highly dependent on financial market. At present, many real estate developers face difficult financing, financing channel is narrow, enterprise capital chain tension. However, the traditional real estate enterprise mainly through a bank loan to gather capital, this single financing mode certainly will endanger the healthy development of real estate industry. This paper in Chinese real estate development enterprise financing mode as the research object, mainly to the share financing, bond financing, real estate investment trusts (REITs), bank loans, hock financing, such as real estate trusts financing model are introduced, through the comparison research and case analysis method, this paper expounds the advantages of the financing mode and in the practical application of the issues. Through the comprehensive analysis of the real estate financing model in the current policy environment of the present situation of the development, and connecting with the enterprise examples, to all sorts of real estate financing mode further research and study. The last real estate enterprise financing mode in promoting the construction of diversified suggestions, which wants to help different scale of real estate enterprise with your own condition, find suitable for the development of the enterprise financing mode. This article is divided into seven parts: the first part is introduction, through the point of the important position of the real estate enterprises and the current situation of the real estate enterprise financing, which indicate that this research purpose and meaning. The second part introduces the related finance theory, the theory of evolution of financing and the present situation is reviewed and summarized, from the predecessor's research theory and achievements, and find out the theory basis of Chinese real estate enterprise financing model. The third part for Chinese current real estate control policy, especially the financial and credit policy in the analysis and real estate in our country enterprise financing the macro environment of are pointed out, the real estate financing difficulties, so as to have pointed to the real estate financing mode further research and study. The fourth part detailed introduces the current real estate industry in our country the several major financing models, including stock financing, bonds financing, real estate investment trusts (REITs), bank loans, hock financing and real estate trusts. This part of financing mode first to the concept, characteristics were introduced, comparing the advantages and disadvantages of the actual and they encountered the problem, based on the current situation of our country's current real estate financing and financing model operational status summary, finally found in the current real estate enterprise financing mode existing problems. The fifth part is case analysis, through to the case enterprise in financing decision process on the various financing mode of consideration and analysis, showing the financing mode application feasibility and need to consider the factors. The sixth part puts forward suggestions, points out that should be in on one hand on macroscopic establishes the real estate enterprise diversified financing mode, actively cultivate the bond market, development of real estate investment trusts, and promote housing mortgage-backed securitization. On the other hand, on microscopic from the point of view of the enterprise of real estate enterprise against their suggestions to choose a suitable size and characteristics for the development of their own diversified financing models. The seventh part , draw the conclusion of this paper through summarize the research of this paper .
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