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论文编号：	485
作者编号：	2120062276
上传时间：	2008/12/22 11:24:22
中文题目：	我国中小型房地产开发企业融资模
英文题目：	The research of China''s middl
指导老师：	李莉
中文关键字：	中小型房地产开发企业 融资模式<
英文关键字：	Middle and Small Real Estate E
中文摘要：	众所周之，房地产行业在我国国民经济中占有重要地位，同时，又由于房地产属于资金密集型行业，因此，房地产及其融资问题一直以来都是热点问题。目前，我国房地产开发企业融资模式单一，融资渠道主要依赖银行贷款，据统计，我国房地产行业资金的70%以上都来自银行贷款，由于房地产开发资金过多地依赖银行贷款，使得房地产投资的市场风险和融资信用风险集中于商业银行。为了保持房地产行业健康、可持续发展，规避房地产金融风险，我国政府自2003年以来主要从资金和土地两个方面对房地产行业进行了宏观调控，由于资金和土地是房地产开发企业赖以生存的基础，多管齐下的调控措施打破了房地产开发企业原有的开发模式和融资模式，使得房地产开发企业普遍遭遇融资困境，过去以银行贷款为主要融资方式的房地产开发企业普遍面临资金压力，许多中小型房地产开发企业甚至面临生存问题，因此，在当前宏观调控背景下，探讨中小型房地产开发企业融资模式多元化问题具有很强的现实意义。 基于上述情况，本文首先对现代企业经典融资理论进行了回顾，并且系统介绍了包括上市融资、房地产信托、房地产投资信托基金、公司债券等相关创新融资方式的理论和相关经验，为我国中小型房地产开发企业设计多元化融资模式提供了理论借鉴；其次，分析了我国房地产开发企业融资现状和存在的问题；第三，提出了基于企业发展不同阶段来确定中小型房地产开发企业融资模式设计的思路，将企业按照初创期、成长期、成熟期和衰退期四个阶段进行了划分，分析了企业在各个发展阶段的财务特征，并设计出了与之相对应的融资模式；最后，通过对笔者就职的公司在各个发展阶段的融资模式进行案例分析，论述了企业在不同发展阶段多元化融资模式的应用。 本文的研究目的是希望通过对房地产开发企业融资模式理论的研究，并且对我国中小房地产开发企业多元化融资模式进行设计，寻找适合中小型房地产开发企业各个发展时期的融资模式，以达到帮助中小型房地产开发企业解决融资难题并实现可持续性发展的目的。
英文摘要：	As is known, the real estate industry plays an important role in the national economy, and the real estate belongs to a capital-intensive industry. Therefore the real estate industry and the relative financing problems are always hot spots. Recently, China's real estate enterprises are lack of diversity in financing channels. The funds mainly come from the banks. According to statistics, 70% of them come directly from banks. In this situation, the risks of the real estate enterprises were passed along to banks at the same time. Since 2003 year, in two major ways, funds and lands have the governments macro-controlled the whole industry in order to keep the estate industries healthy and sustainable growth and evade the risk. Since funds and lands are the understructure upon which the estate companies have developed, the government control concerning them have made the whole industry faced a critical financing hardship. Consequently, many companies which used to extremely depend on bank credits are confronting the financial pressure. Many middle and small enterprises are even facing the problem of maintenance. Accordingly, under the background of the present macro-control, the debates and research over the diversity of estate companies' financing mode are abundant in its realistic meaning. Against this background, this article firstly reviewed classical financing theory of modern enterprise, and introduced the system, including the listing and financing, real estate trusts, real estate investment trusts and other related innovative financing methods and the theory of relevant experience, which provide theory of reference for China's middle and small real estate enterprise to design diversified financing mode. Secondly, this article analyzed the current situation and problems of financing in the real estate development enterprises. Thirdly, it proposed an idea for the middle and small enterprises in real estate to determine the design of financing mode based on different stages of development of the enterprise. The enterprise would be divided into four development stages as the start-up stage, growth stage, mature stage and recession stage. Then, according to the analysis of the financial characteristics of enterprises in all stages of development, a corresponding design of financing mode would be brought out. Finally, through case studying of financing experiences of different development stages in the author’s company, this article discussed the application of diversification financing modes in different development stages of a company. Though the study of real estate enterprises financing mode theory, this paper designs the diversification financing mode for middle and small real estate enterprises, tries to propose appropriate financing mode of different development period, and thus helps the middle and small real estate enterprises solve the financing problems and realize sustainable development.
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