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论文编号：	5157
作者编号：	2120102430
上传时间：	2013/6/2 9:00:50
中文题目：	招商地产融资规划研究
英文题目：	China Merchants Property Development Finance Planning
指导老师：	黄福广
中文关键字：	招商地产 融资需求 融资规划
英文关键字：	CHINA MERCHANTS PROPERTY DEVELOPMENT , financing needs, financial planning
中文摘要：	摘 要招商局地产控股股份有限公司简称招商地产，大股东为上海招商局集团，公司于1990年在深圳成立，1993年在上海证券交易所挂牌上市，至今有20余年的发展历程。因较早进入资本市场，占据融资优势，招商地产在资金密集型房地产行业发展非常迅速，曾一度同保利、万科、金地获得地产“四朵金花”的美名。作为大型国有企业，同其它地产公司一样，也面临着国务院实施的限购、限贷、限价等一系列的调控措施，土地获得，资金取得，融资环节、销售层面全方位受到影响。在这一大背景下，招商地产2011年的销售业绩达到了历史巅峰210个亿，但只是万科的17%，保利的29%，金地的72%，与排在头名的万科差距高达1000亿元，被一线房企大大超越。在宏观调控，金融紧缩的前提下，招商地产如何通过建立科学合理的融资规划方案，为扩张、追赶、超越打下坚实的资金基础，实现新十年宏伟蓝图，是一个很有意义的研究课题。本文介绍了现代资本结构的相关理论，招商地产的发展历史与经营特点，从目前招商地产面临的真实的宏观经济、政治、社会环境出发，在对融资决策的重要影响因素、融资约束条件和资本成本以及融资渠道进行充分分析的基础上，对招商地产未来5年扩张计划中的融资需求和规划方案进行深入研究，最后得出了招商地产近期和中长期的融资规划方案。在文章整体结构上，本文共分为五个章节，具体而言，章节简要如下。第一章为绪论，该章内容分为两部分，第一部分为本论文的背景以及意义的介绍，第二部分为本论文的研究方法、内容以及框架的总结。第二章为企业融资理论及相关文献，本章首先对企业融资理论的发展过程和国内外学者的研究观点进行了梳理，并总结了现代资本结构与融资理论的局限性，同时对融资行为和融资方式进行了细致分析，为本文后面的研究提供了理论框架。第三章为招商地产经营特点和融资需求分析，本章主要采用财务比率分析方法，以招商地产自身的财务数据为基础，采用行业前十优秀企业的数据作为支撑,进行对比研究。对招商地产的经营状况从财务角度做出客观分析， 同时结合招商地产新十年扩张规划，提出了2012年到2016年之间的融资需求。第四章为招商地产融资决策重要影响因素分析。本章从招商地产自身的成长性、资产结构、财务结构等要素进行细致分析，以期得出方向，从公司内部而言，如何科学的规划权益融资和债务融资之间的比例关系。同时，结合公司所面临的经营环境，政治环境、社会经济水平以及文化环境，将招商地产融资的内、外因进行清晰阐述，为下一章节的融资规划决策做好基础。第五章为招商地产融资规划的选择与决策，本章通过对权益类融资方式、负债类融资方式的对比分析，结合目前经营状况，得出招商地产的综合融资规划方案，即规避了历史融资结构产生的弊端，提升了招商地产在未来市场中的竞争力，解决了企业顺利扩张过程中的资金来源，并确保融资成本最低。就招商地产资金紧迫性而言，短期而言主要体现在三个方面，经营层面，2011年度招商地产在建面积550万平米，年末存货514亿，经营 现金流-21亿，经营环节资金非常紧缺。那地环节，2011年公司新拿地面积达320万平米， 拿地所花资金高达110亿元，且全部为自有资金，占用现金压力较大。投资层面，持续增 加的商业地产体量，投入过大，但收益较远，增添了公司的资金压力。中长期而言，未来五年，招商地产需要继续增加土地储备、扩大在建规模，将销售额从200亿扩充至600亿，这一过程需要巨大的资金流作为后盾，资金紧迫感非常强烈。就融资约束条件而言，公司主营业务规模持续增长，近三年均保持30%的递增速度，公司财务体系相对稳健，有利于开展融资工作。总资产中流动资产占比90%，以土地和库存形式存在，未来升值潜力较大，为扩大股权融资提供了较好的基础。同时库存以在 建工程和商品房的形式存在，属于流动资产，变现能力强，风险较低， 也有利于公司扩大债权融资规模。 公司资产负债率和权益乘数相对较低，为企业扩大债权融资留出了空间。 在融资决策上，拓宽全渠道，建立有效的组合式融资策略，尽可能扩大融资规模。 建立长短期适宜的融资策略、控制偿债风险。 扩大股权融资规模，降低资产负债率。融资渠道上主要选择银行贷款、房地产信托、资产证券化、公司债券和股票增发等方式，在筹集公司所需资金时保证整体融资成本在7%左右，资产负债率控制在80%左右，既能控制经营风险，又能增添公司活力。本论文的创新之处主要有两点，第一是公司融资规划研究将不仅仅是为了解决企业资金需求的问题，还能通过权益和债务的合理安排，让公司的发展充满活力和动力，进而提升公司的竞争力。本文得出的融资规划方案，既能解决招商地产未来扩张的资金需求，同时，科学的融资规划结构能提升招商地产的竞争力，以确保公司在未来市场中处于优越地位。第二是房地产企业过去拥地为王的发展模式在当下已经行不通，要想快速发展，必须打通低成本资金链条，确保以较低成本的资金获取高利润的产品，赢得未来发展优势。结论部分，本文通过财务比率分析方式，结合招商地产经营现状和未来趋势，得出的近期和中长期融资规划方案，能够支持招商地产通过扩大土地储备，增加开工面积，提升销售金额等手段，重新回归一线房企阵营，实现新十年发展蓝图。
英文摘要：	Abstract China Merchants Property Development Co., referred to investment real estate, the largest shareholder of Shanghai Merchants Holdings, the company was established in Shenzhen in 1990, 1993 and listed on the Shanghai Stock Exchange, has more than 20 years of development. Due to early entry into the capital market, accounting for financing advantages, investment real estate in the capital-intensive real estate industry is developing very rapidly, once with Poly, Vanke, access to real estate "four Golden" reputation. As a large state-owned enterprises, with other real estate companies, is also facing the implementation of the State Council, the purchase, credit limit, limit and a series of austerity measures, access to land, capital acquisition, financing aspects, sales-round affected. In this context, real estate investment in 2011 sales reached a historical peak of 210 million but only Vanke 17%, Poly 29%, gold 72%, and came in first name Vanke gap of up to 100 billion million, was far beyond the line of housing prices. At the macro-control, under the premise of the financial crunch, investment real estate how to finance through the establishment of a scientific and rational planning for expansion, catch up, beyond lay a solid capital base to achieve a new decade blueprint, is a meaningful research. This article describes the modern capital structure theories, history and development of real estate investment business characteristics, from the current real estate investment real macroeconomic faced, political, social circumstances and financing decisions on important factors, financing and capital constraints costs and financing channels for a full analysis, based on the real estate investment over the next five years for the expansion plans of financing needs and program planning in-depth study, the conclusion that the short-term and long-term investment real estate financing planning. The overall structure of the article, this article is divided into five chapters, specifically, section briefly below. The first chapter is the introduction, the chapter is divided into two parts, the first part of the paper describes the background and significance, the second part of the thesis research methods, content and framework of the summary. The second chapter is the theory of corporate finance and related literature, this chapter first process of development of the theory of corporate finance and research scholars view of the sort, and summarize the modern theory of capital structure and financing limitations, while the financing behavior and financing by way of a detailed analysis for the study later in this article provides a theoretical framework. The third chapter is the operating characteristics of real estate investment and financing needs analysis, this chapter mainly financial ratio analysis approach to real estate investment based on its own financial data, using the industry's top ten outstanding enterprise data as a support, a comparative study. The operating conditions for investment real estate from a financial point of view to make an objective analysis, combined with the expansion of the new decade real estate investment plan, put forward between 2012 and 2016 financing needs. The fourth chapter is an important investment real estate financing decisions influencing factors. This chapter begins with the growth of their real estate investment, asset structure, financial structure, and other factors detailed analysis in order to draw direction from within the company, how scientific planning equity financing and debt financing proportional relationship between. At the same time, combined with the company's operating environment faced by the political environment, socio-economic levels and cultural environment, the real estate investment financing, the external factors be clearly described, as the next chapter do basic financial planning decisions. Chapter V of investment real estate financing plan choices and decisions, this chapter through equity financing, debt financing comparative analysis of class, combined with the current operating conditions, draw a comprehensive financing plan real estate investment scheme, namely to avoid the historical financing structure resulting defects, real estate investment in the future to enhance the competitiveness of the market to solve the smooth expansion of enterprises in the process of funding sources, and to ensure the lowest cost financing. On the urgency of real estate investment funds, the short term is mainly reflected in three aspects, the operational level, the year 2011 real estate investment in the construction area of 550 square meters, ending inventories 51.4 billion, operating cash flow -21 million business links are very scarce funds . That way links, in 2011 the company's new take land area of 3.2 million square meters, to take place up to 11 billion yuan of funds spent, and all of its own funds, taking cash pressure. Investment level, commercial real estate continues to increase body mass, investment is too large, but the benefits far, adding to the company's financial pressure. Medium to long term, the next five years, real estate investment needs to continue to increase its land bank to expand under construction, will expand sales from 20 billion to 60 billion, this process requires a huge capital flows as a backup, a very strong sense of urgency funds. Constraints on the financing, the company's main business scale continued to grow nearly 30% of the average annual rate of increase to maintain the Company's financial system is relatively stable, contributing to the development financing. Total assets Current assets accounted for 90%, and inventory exists in the form of land, great potential for future appreciation, equity financing for the expansion provides a good foundation. While in progress and inventory to exist in the form of real estate belonging to current assets, strong liquidity, lower risk, but also help the company to expand the scale of debt financing. The gearing ratio and the equity multiplier is relatively low debt financing for businesses to expand to stay out of space. Financing decisions, widen all channels combined funding to establish an effective strategy to maximize the scale of financing. To establish long-term financing strategy appropriate to control debt risk. Equity financing to expand the scale, reducing asset-liability ratio. Financing channels on the main choice of bank loans, real estate trusts, asset securitization, issuing corporate bonds and stocks, etc., in raising the necessary funds to ensure the company overall financing costs at about 7%, the gearing ratio at about 80%, both control operational risk, but also add company vitality. The innovation of this paper are mainly two, the first is the company's financial planning study will not only corporate funding requirements in order to solve the problems, but also through equity and debt reasonable arrangements for the company's development of a vibrant and dynamic, and thus enhance the company's competitiveness. We draw financing planning not only solve the real estate investment fund future expansion needs, while the financing of scientific planning structure can enhance the competitiveness of real estate investment to ensure that in the future the market in an advantageous position. The second is the real estate business in the past owned land as their own model of development has not work in the moment, to rapid development, we must open up the chain of low-cost funds to ensure access to capital at a lower cost high-margin products, win the future development advantages. Conclusion, the paper through financial ratio analysis methods, combined with investment real estate operating status and future trends, the resulting short-term and long-term finance planning program, to support real estate investment through the expansion of land reserves, increasing construction area, to enhance the amount of sales and other means, to re- Housing prices regression line camp, to achieve a new ten-year development blueprint.
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