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论文编号：	6918
作者编号：	2120122783
上传时间：	2014/12/8 13:17:49
中文题目：	房地产企业多元化融资模式研究
英文题目：	A Research on the Diversification Financing Channels in China Real Estate Enterprises
指导老师：	李克文
中文关键字：	融资模式；房地产企业；多元化；永升集团
英文关键字：	financing mode；real estate corporate；diversification；Yongsheng Group
中文摘要：	当前房地产市场正处于敏感时期，1998年房改后，房地产业逐步走上快速发展阶段，2003年至2013年是我国房地产行业黄金发展时期，由于市场供不应求，房价持续快速上涨，受制于国家宏观调控，期间虽然几经破折，有所调整，但整体仍然是曲折向上，行业规模成长保持着远高于国民经济的发展速度。在2013年市场达到历史新高，行业整体到处充满乐观情绪。但霸极必衰的客观规律永远无法改变，由于市场整体开始出现供过于求，今年年初杭州首降后，消费者开始观望，加之国家经济去杠杆化，市场急速转冷，房地产企业的资金回笼出现了系列问题，频繁传出中小开发商现金流断裂、降价等事件，房地产企业成了整个社会的焦点，融资环境更趋恶劣，但企业对于资金的渴求却愈加激烈，希望通过融资弥补销售回款的不足，以实现弯道超车或平稳度过市场调整期。 本文首先回顾和阐述了企业融资涉及的一些基础理论，结合该理论分析了地产企业各种典型融资模式的利弊；其次结合当前市场环境，从国内外货币政策变化、政府对地产调控的态度以及市场供需变化等方面分析了我国房地产企业在获得融资资金中面临的诸多问题。然后以永升集团等上市企房企为例，研究分析其从2008年到2014年间在不同发展阶段所采取的不同融资策略，通过案例分析了融资模式的选择必须与企业发展目标、速度、财务风险等统筹考虑，唯此才能使融资为企业发展提供助力，避免饮鸩止渴。 通过本文的研究，旨在为房地产企业的多元化融资模式及策略做进一步阐述，为有志于做基业长青的民营房地产企业提供一定的借鉴，使其在不同发展时期能够采取不同融资策略，助力企业发展。
英文摘要：	The current real estate market is in the sensitive period. After the 1998 housing reform, the real estate industry gradually embarked on a rapid development stage. From 2003 to 2013 is the real estate industry in China is the golden period of development. Because the market demand, prices continued to rise rapidly, subject to the national macro-control. Although the period after breaking adjustments, but overall is still winding up, industry scale growth remained far higher than the growth rate of national economy. At historic highs in 2013 market, the industry as a whole is full of optimism. But going too far is as bad as not going far enough certainly very objective law failure will never change, Because the overall market began to pile up in excess of requirement. At the beginning of this year Hangzhou first after the fall, consumers began to see, in addition to national economic deleveraging, rapid market turns cold, real estate enterprises funds withdrawal from circulation appeared a series of problems frequently. Small and medium-sized developers cash flow fracture, such as price event, real estate enterprises has become the focus of the whole society, financing environment has become more harsh. But the enterprise for thirst for funds but more intense, hope through financing to make up for the days sales outstanding, in order to achieve the corner overtaking or through the market a smooth adjustment period． This paper first reviews and discusses some basic theories of corporate financing involves. Combined with the theory analysis of the advantages and disadvantages of the typical mode of financing real estate enterprises; secondly, combining the present market environment, from monetary policy changes at home and abroad, the government's attitude to the real estate regulation and market supply and demand changes are analyzed in terms of many problems in China's real estate enterprises are facing in obtaining financing in capital. Then taking Yongsheng Group as an example, research and analysis of the different financing strategies to 2014 years taken at different stages of development from 2008, through the case analysis of the financing mode selection must and enterprise development goals, such as speed, the financial risk of the overall consideration. Only in this way can make the financing to provide power for the development of enterprises, to avoid quench a thirst with poison. Through this study, to illustrate further financing mode and strategy of real estate enterprises. For aspiring to provide certain reference to be everlasting real estate enterprises, which can take different financing strategies in different development period, power of enterprise development.
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