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论文编号：	5961
作者编号：	2120112533
上传时间：	2013/12/8 19:00:31
中文题目：	我国房地产企业融资组合策略研究
英文题目：	Research on the Financing Combination Strategy of Chinese Real Estate Enterprises
指导老师：	李克文
中文关键字：	房地产;宏观调控;融资组合;优化策略
英文关键字：	Real estate;Macro regulation;Financing combination;Optimizing strategy
中文摘要：	房地产开发项目开发周期长、投资额巨大，迫切需要有效融通资金，但房地产企业在房地产项目的开发建设过程中，资金来源主要是银行贷款、自筹资金等有限渠道。在当前经济环境下，增加资金来源渠道、拓展融资模式成为房地产企业分散资金风险、解决资金紧缺难题的重要途径。目前，房地产企业融资模式相对单一，这不仅增加了房地产企业融资风险，也在一定程度上提高了房地产企业的融资成本并严重制约了房地产企业的融资能力。本文研究主题是房地产企业的融资组合策略及优化，主要内容包括三个主要方面：首先，本文分析了如何建立一个健全的房地产开发融资体系，即房地产企业融资组合策略中对于融资方式的选择。本文根据国内外房地产企业融资实践总结了房地产企业可供使用的10种融资方式，其主要分为了股权融资、债券融资及其他融资方式三个大类，并对三个大类的融资方式及其实施策略和风险控制等进行详细的分析。在此基础上，本文提出了房地产企业融资组合策略。为了能够对房地产行业融资组合策略进行深入了解，本文在此对于融资组合策略实施的必要性和实施路径进行了分析。房地产企业建立完善的融资体系即实施融资组合策略之后，企业需要解决的一个重要问题是实现房地产企业融资方式组合效率的最大化，即实现融资组合策略的最优化。不同的房地产企业针对不同的项目，以及同一企业在房地产开发的不同阶段，应该采用的融资方式组合是不同的。并且，每个企业都有自己的原则和标准，这是由于不同的融资模式会给企业带来不同的融资成本、风险、筹资金额、期限结构和对本企业的资本结构的影响等，而这些因素的不同又直接影响到企业的资本结构和资金流质量。因此，融资组合策略的优化是本文研究的另一个主要的内容。最后，本文选取滨江集团华家池项目对其融资组合策略及优化选择进行了详细的分析。
英文摘要：	Real estate development project is characterized with long development cycle and a huge investment amount. Therefore, effective financing is in urgency. However, in the development construction process, the fund source of the real estate enterprise mainly comes from bank loans, self-financing and other few channels. With the deepening of the national macro-control policy on real estate, the restriction on the real estate enterprises’ financing by the macro-control policy becomes more obvious. Under the background of macro-control, increasing the channels of fund source and expanding financing pattern are important approaches to decentralize fund risks and solve the shortage of fund. When inspecting the current status in a large scale, we can find that the financing patterns of the real estate enterprise are quite single, which not only adds to the financing risks of the real estate enterprise, but also increases the financing cost of the real estate enterprise and seriously hinders the financing ability of the real estate enterprise. The topic of the paper is about the financing portfolio strategy and optimization in the real estate enterprise under the background of macro-control. It mainly includes three aspects: First, the paper analyzes how to establish a sound real estate development financing system, i.e., the financing method selected in the financing portfolio strategy by the real estate enterprise. In accordance with the domestic and foreign real estate enterprises’ financing practices, the paper concludes ten optional financing methods for the real estate enterprises, which are mainly classified into equity financing, bond financing and other financing methods. Besides, the paper elaborated on the three main financing methods and their implementation strategies and risk control as well. On this basis, the paper proposes the financing portfolio strategy in the real estate enterprises. In order to have a deeper understanding of the financing portfolio strategy in the real estate enterprises, the paper carried out analysis on the necessity and implementation approaches of the financing portfolio strategy. After the real estate enterprise establishes improved financing system, i.e., after the enterprise executes the financing portfolio strategy, one important problem to be solved is to maximize the efficiency of the financing portfolio, i.e., optimize the financing portfolio strategy. Different real estate enterprises should adopt different financing portfolios when dealing with different projects. Similarly, one real estate enterprise should also use different financing portfolios at different periods. Moreover, every enterprise should have its owe principles and standards, which is because different financing patterns will bring varied financing costs, risks, raised funds, term structure and effects on the capital structure of the enterprise, etc. Furthermore, the difference in these factors will directly affect the capital structure and the quality of the capital flow and so on. As a result, the optimization of financing portfolio strategy is another important aspect in the study in this paper. In the final part, the paper selects the financing portfolio strategy and optimization selection of Huajiachi Project of Binjiang Group as an example for detailed analysis.
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