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论文编号：	7875
作者编号：	2120123066
上传时间：	2015/12/8 9:12:58
中文题目：	和记黄埔地产公司资金管理模式研究
英文题目：	Researches on Fund Management Policy of Hutchison Whampoa Limited
指导老师：	黄福广
中文关键字：	资金管理模式；紧缩的资金管理政策；滚动资金预算
英文关键字：	The fund management model; Tightening of fund management policy; Rolling Capital Budget
中文摘要：	房地产行业为资金密集型行业，多数企业自有资金比例不高。投资金额大，回报周期长，经营过程中对资金的突发需求较多。一般而言，房地产企都会选择宽松的资金管理模式，大量使用长期债权融资方式，以保证营运资金的供给。这种资金管理模式也与房地产业的行业特性相符。随着我国房地产市场的不断发展，业内企业在选择自身资金管理模式的时候，有了越来越多新的尝试。这些新的尝试，也许并不是基于新的理论，但是，在传统理论指引下，突破行业特性，综合各种理论的优点，结合自身实际情况选择资金管理模式，对于企业的发展越来越重要。本文首先讨论全文研究的背景及意义，并回顾国内外资金管理模式研究发展及现状，描述资金管理相关概念、特点及资金管理模式研究。在此基础上，综述本文的研究方法，并指出创新及不足。其次，列举案例公司——和记黄埔地产公司所处的房地产行业特性及主流资金管理模式，讨论传统资金管理模在当今环境下的适应性，并引出案例公司的资金管理模式现状。通过讨论案例公司如何基于自身具体特点选择并调整相适应的资金管理模式，评价其优缺点，结合该企业未来发展趋势，提出优化建议。最后，基于对各种资金管理模式及案例公司具体情况的分析，得出本文的结论，企业在选择资金管理模式时，应该多方面考虑行业特性以外的因素，结合未来发展趋势，协调资金管理成本与收益，以达到提高资金使用效率从而最终提高企业收益水平的目的。
英文摘要：	The real estate industry is capital-intensive industry, most companies’ capital ratio is not high. The huge amount of investment, long payback period, and sudden demand for funds in business activities are very important characteristics in this industry. Generally, real estate enterprise will choose expanding funding management, extensive use of long-term debt financing, in order to guarantee the supply of working capital. This model is also consistent with the industrial characteristic. With the continuous development of Chinese real estate market, the enterprises in this industry have more and more new attempt of how to fund. These new attempt, perhaps are not based on new theories, however, under the guidance of the traditional theory, combined with their own actual situation to select funds management, it is very important for real estate enterprises to select their own fund management policy. This paper discusses the background and significance of this research, and review status of research and development, domestic and international fund management mode, describing financial management concepts, characteristics and fund management research. On this basis, discuss methods reviewed in this paper, and summarize the innovation and insufficiency of this paper. Next, discuss the traditional fund management policy’s adaptability in today's environment, and the current situation. Case discuss how the enterprise based on its own specific characteristics adapted to select and adjust fund management, evaluate their strengths and weaknesses, combined with the development trend of the future of the enterprise, give some optimization and recommendation. Finally, based on a variety of fund management policies and analysis of Hutchison Whampoa real estate, make conclusions that enterprises should consider many factors outside of industry characteristics, combined with future trends, coordinate funding Management costs and benefits, in order to improve capital efficiency and ultimately improve the level of corporate beneficial capability .
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