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| 论文编号： | 583 | |
| 作者编号： | 2120062320 | |
| 上传时间： | 2008/6/19 23:23:46 | |
| 中文题目： | 房地产开发企业非银行融资方式研 | |
| 英文题目： | On the non-bank financing appr | |
| 指导老师： | 周晓苏 | |
| 中文关键字： | 房地产;融资方式;股票;房地产信< | |
| 英文关键字： | Real Estate;Financing Approach | |
| 中文摘要： | 房地产业作为国民经济支柱性产业，对国民经济的发展起着举足轻重的作用。在发达国家成熟的房地产金融市场中，房地产企业融资方式的多样化为房地产企业的发展提供了有力的资金保障。而在我国，单一的银行融资方式成为制约我国房地产企业发展的瓶颈。如何开辟合理多元化融资渠道，促进企业发展，是摆在房地产行业面前的重要问题。因此，研究我国房地产业非银行融资方式问题，具有十分重要的现实意义和长远意义。 我国对房地产企业融资理论研究尚处于起步阶段，尤其对我国房地产企业非银行融资方式研究的不够深入，国内大部分房地产企业规模小、信用差，加上金融市场不健全等因素更增加了我国房地产企业融资的复杂性。基于以上原因，本文首先对国外房地产企业融资模式进行比较分析，结合当前国内的融资现状，通过对不同融资方式的优缺点和所需条件的对比分析，针对J房地产开发公司的实际情况做了 SWOT 分析，并综合考虑J公司的资金成本、项目自身情况和公司的发展的不同阶段，采用定量和定性相结合的方法，提出了以夹层融资作为J公司过渡性融资手段，最终采取股权上市融资为主导，同时充分利用短期融资券、REITs等多元化融资方式，以提高其融资效率，形成良性循环的融资机制，促进J公司的成长与壮大。同时，这对同处于成长阶段的其他房地产企业突破单一银行融资方式的瓶颈，整合多种融资方式，提供了较强的现实借鉴意义和有益帮助。 关键词：房地产 融资方式 股票 房地产信托投资基金 夹层融资 | |
| 英文摘要： | Real estate industry is the backbone of national economy and holds the balance of its growth. In the financing market of developed countries, the various financing approaches of real estate enterprises provide effective financial guarantees for the development of these enterprises. In our country, however, the simple approach of bank financing has become the bottleneck which may stunt the development of real estate enterprises. The most important problems now facing real estate industry is how to open up different and advisable financing channels to promote the development of enterprises. Therefore, the research on the approaches of non-bank financing in China is not only necessary at present but also significant for the future. The research in our country on the financing theory of real estate enterprises is still in its starting stage and there is scarcely further study on the non-bank financing approaches of Chinese real estate enterprises. Because of the small scale and bad credit of our real estate enterprises and the imperfect financial market, the financing of Chinese real estate enterprises is much more complex. Considering these factors above, the thesis analyzes the financing approaches of foreign real estate enterprises at first , then it compares the advantages and disadvantages as well as the different qualifications of various financing approaches at the basis of recent financing situation in China. According to the actual condition of real estate development companies, this thesis also makes a SWOT analysis. With general considerations to the fund structure, cost items and different development stages of J Company, the thesis suggest J Company should choose “Mezzanine Financing” as transitional financing approach for the short term , then take fully advantage of stock financing of public companies as the major approach and a variety of other ways such as temporary financial securities, REITs as complementary approaches for the long term. Only in this way can we promote the efficiency of financing, set up a healthy financial system of benign circulation and accelerate the growth and expansion of J Company. At the same time, this suggestion may provide referential significance and useful helps for other companies which seek to break through the bottleneck of the simple approach of bank financing and make fully use of different financing approaches. Key Words: Real Estate Financing Approaches Stocks Real Estate Investment Trusts (REITs ) Mezzanine Financing | |
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