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论文编号：	5262
作者编号：	2120102771
上传时间：	2013/6/5 20:36:31
中文题目：	广宇集团股份有限公司融资策略研究
英文题目：	Research on the financing strategy of Guangyu group Co., Ltd.
指导老师：	黄福广
中文关键字：	房地产企业;融资政策;融资途径
英文关键字：	Real estate enterprise;Financing strategy;Financing method
中文摘要：	在一系列的限贷、限购举措的实施下，房地产行业面临了严重的融资问题。对于中小房地产商来说，既是机遇又是挑战，如果能分析好形势，顺应市场的变化将会迎来发展。广宇集团股份有限公司是我国第一家在深圳中小板上市的房地产企业。有20多年的房地产开发经验，开发的房地产主要是经济的中小户型，和政策导向相同，目前融资存在一些问题，如果能够制定合理的融资政策，将会使其能够可持续的发展。本文梳理了经典的国内外融资理论，把这些理论作为广宇集团制定融资策略的指导基础。以案例研究的方式，通过各种渠道搜集获得公司和行业的有关资料数据。首先介绍了广宇集团的基本情况，融资状况和融资中存在的问题。并且运用销售百分比法预测了企业未来的融资需求。其次采用了财务报表分析和比较分析等多种研究方法，分析了广宇集团融资影响因素。包括房地产行业的整体情况和广宇集团的经营现状，以及融资方案对企业的影响。最后，结合宏观行业形势，和自身的盈利能力、偿债能力，从投资需求时间结构和筹资有效期安排的角度，确定了广宇集团的融资政策；从资本结构的角度分析了权益融资和债务融资；并且对具体资金来源的融资途径提出了可行性建议。在调控偏紧，信贷收缩的行业背景下，广宇集团应该采取保守的融资政策，增加长期资金的来源占比，降低短期资金的来源。把资产负债率控制在50%-75%之间，合理分析负债和权益的融资。积极开拓新的融资渠道，比如合作开发，夹层融资等。另外，加快销售款项的回笼，配合市场变化和提高企业的运营效率才是企业可持续发展的模式。
英文摘要：	The real estate industry，especially for the small and medium-sized company ,is facing the serious financing problems when the government put on a series of regulation on real estate loans and purchase. However, they can solve the problem and get development through analyzing and adapting to market changes. Guangyu group co., LTD is the first real estate enterprise listed in ShenZhen small and medium-sized enterprises board. It has experience in real estate development for more than 20 years. The main products are the medium-sized type economy house, which conforms to the government policy guidance. At present it is facing financial problems, so it is indispensable to making effective financing strategy. This paper reviews the classic financing theories and researches at home and abroad, which are the guidance for the financing strategy of Guangyu group co., LTD. In the form of case study, it collects a lot of information and data about the company and industry through various channels. Firstly, it introduces the basic situation, its past financing activities and existing problems. Through using the percentage of sales, it forecast the needs of financing. Secondly, it analyzes the factors for making financing strategy by using financial statement analysis and comparative analysis. Such as the overall development trend of real estate industry, operating conditions of Guangyu group co., LTD and the influence of financing solution. Finally, this paper puts forward the fit financing policy and specific financing methods. It is mainly from two perspectives, one is investment demand structure validity and financing arrangements in time, the other is capital structure. As a whole, under the background of the credit crunch, Guangyu group co., LTD must adopt conservative financing policy, increase the long-term capital ratio and reduce the short-term capital ratio. It should control the debt asset ratio between 50%-75%, analysis reasonably the debt and equity financing. It is important to actively explore new financing channels, such as real estate cooperative development and mezzanine finance. What’s more, speeding up the sales, cooperating to market changes, improving the operation efficiency of enterprises is the sustainable business model.
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