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论文编号：	8043
作者编号：	2120112581
上传时间：	2015/12/10 17:38:57
中文题目：	房地产企业多渠道融资模式研究 ——以华夏幸福基业为例
英文题目：	Research of Real Estate Companies’ Multi-channel Financing Strategy: Taking China Fortune Land Development Co. Ltd as an Example
指导老师：	古志辉
中文关键字：	房地产企业；融资模式；融资渠道；华夏幸福
英文关键字：	real estate companies；financing model；financing channel；CFLD
中文摘要：	摘 要 房地产行业关联度高，带动性强，其发展不仅有利于改善社会民生，对于带动大量其他相关产业发展，拉动国民经济快速增长也发挥着强有力的贡献力量，是我国国民经济的支柱产业。在中国经济环境不断改善，综合经济实力不断提高，城镇化如火如荼开展的大背景下，房地产投资也迅速攀升，行业在供需两旺的态势下经历了从2003年到2013年被市场称为“黄金十年”的快速发展时期。而此后为防止楼市过热，在国家出台一系列宏观调控政策，同时又面临着外部经济下行的压力下，房地产融资遭受着供需失衡的困境。作为众所周知的典型的资金密集型行业，房地产企业想健康稳定地走好每一步必然离不开资金链的支持，而该行业企业自身自有资金不足、项目资金需求量大、高风险、投资回报周期长、资金持续性要求高等独特属性使得其只能多元化寻求融资渠道，借助金融创新健全房地产金融体系，从而保证行业有序稳定地发展。 房地产行业有着鲜明的行业特点：对资金依赖性高、项目建设周期长、资金需求量大且投入风险较高、投资回报周期长、资金持续性要求高等。资金和土地无疑是支撑房地产开发和项目开展的基石，缺一不可。能否成功募集资金对于房地产开发和项目的开展来说，可谓是生死攸关的大事。而与我国房地产行业飞速发展的现实情况相比，我国的房地产业务配套的金融服务业的发展却并未能与之并驾齐驱。客观审视我国房地产企业资金来源结构可以发现，很大比例的资金是依靠银行贷款，融资渠道的相对单一，一方面来说加大了银行体系的风险，另一方面鉴于银行对贷款的风险管理和其自身的运营特点与房地产企业的特点并不相符，无法很好地满足房地产业不同项目之间运营差异和多层次的资金需求，而社会中有着多样化资金供给和风险偏好的个人投资者零散资金一般情况下很难进入对于投资资金门槛和经营运作专业性要求较高的房地产业。资金规模的有限性和融资渠道的相对短缺对于我国房地产企业的融资形成了一道厚重的屏障。再者，如今在政策压力之下，银行对房地产企业的融资支持门槛很高，单一的资金供给渠道也显然无法满足对于资金的旺盛需求，融资难、融资贵的困境亟待解决。研究如何拓宽房地产融资渠道，尽可能实现房地产企业健康可持续性发展具有重要的现实意义。如果房地产企业能从相关研究中获得有效信息，有实际案例可供其借鉴，充分利用金融市场的灵活性寻求多元化融资渠道，促进房地产业和金融业相辅相成，形成良性发展是最为合理的选择。 如何建立一个高效有序、健康发展的房地产行业运行体系，关乎社会民生和国家金融市场的稳定，因此一直以来也是国内外学术界关注的热点问题。在现有的经济背景和金融体制下，如何有效地筹集所需要的资金，提高资金的使用效率，使得房地产企业获得健康有序地生存和发展，同时保障资金链系统的良性运转是本文研究的初衷。本文首先简要介绍了本文的研究目的、研究意义、研究思路和研究方法。之后详述了房地产融资领域的相关融资理论和理论发展现状，回顾了基本的理论背景后又介绍了实际操作中较为经常借用的各类融资渠道，我国现行的与房地产行业有关的法律法规，从政策环境、经济环境、市场需求并结合企业规模大小等内外部环境因素，分析每种渠道的融资特点、利弊以及适用范围、操作难易程度；第三部分主要在之前论述的基础上比较了各国房地产企业融资发展的特点、轨迹和现状；经过细化分析找出房地产企业融资难的主要问题和具体原因；第四部分则是在分析得出房地产企业多渠道融资必要性的基础上，为缓解我国房地产企业融资难的形势，丰富我国房地产企业融资渠道和各渠道的可行性，提供了基于各房地产企业类型的不同的融资策略组合，在融资渠道梳理的基础上优化融资策略；第五部分结合我国京津冀地区房地产龙头企业——华夏幸福基业股份有限公司的实际案例，介绍华夏幸福公司的内外部环境并分析其融资策略，探讨其项目融资成功的经验；最后一部分对本文的思路和结论进行了总结。 本文研究房地产业多元化融资渠道建设，分析当前所能使用的融资方式以及探索其创新空间，试图在现阶段经济背景下建立一套行之有效的融资组合模式，优化设计和管理融资风险，可以为房地产企业在激烈的市场环境下寻求有效的资金链以及对今后房地产业和金融业的互动发展提供借鉴，具有重要的理论和现实意义： 第一，不同融资渠道的优劣比较分析，提供较为合理的融资组合建议，可以提高企业的资本收益空间以及促进企业资本结构的健康可持续发展； 第二，通过比较国内外房地产融资渠道相关的理论研究文献，以及各国在融资实践中采取的不同处理方式，探究我国房地产企业融资方式存在的局限性；通过借鉴国际上先进的经验构建自身的渠道建设，帮助房地产企业构建多元化的融资体系； 第三，在理论分析的基础上，通过京津冀地区房地产行业的领头企业华夏幸福基业的实际案例，探索多元化融资模式发展的可行性，总结华夏幸福基业成功的经验，并为其他房地产企业融资渠道的建设提供可靠的借鉴。 关键词：房地产企业；融资模式；融资渠道；华夏幸福
英文摘要：	Abstract The real estate industry has a huge impact on and a close relationship with other industries. As a pillar industry of the national economy, the development of real estate not only is conducive to improve people's livelihood but also promote the development of a number of other related industries, makes a great contribution to economic growth. With continuous development of Chinese economic environment, the comprehensive economic strength continues to improve. Urbanization is now carried out in full swing, the real estate investment is also rising rapidly. Due to the dual increasing demand and supply, the real estate has experienced "gold years "period with rapid development from 2003 to 2013. And thereafter to prevent the property market from overheating, the country introduced a series of macro-control policies on real estate. At the same time, facing the pressure of the economic downturn, real estate underwent financing difficulties of supply and demand imbalance. As a well-known typical capital-intensive industry, real estate, without money support, can’t develop healthily and smoothly. Real estate companies don’t have enough money, contradicting to demanding a large sum of money for projects. A majority of projects is of high risk, has a long period for full rerun on investment and needs investment continuously. These unique attributes make real estate companies to seek diversified financing channels, build comprehensive finance system by financial innovation to ensure stable and orderly development of the industry. Establishing an efficient, orderly and healthy system of the real estate industry relates to people's livelihood and stability of the country's financial markets. It has also been the focus of domestic and foreign academic. In the current economic context and financial system, this article wants to figure out that how to effectively raise funds needed, improve money usage efficiency, make the real estate gain healthy and orderly development and ensure the healthy functioning of the capital chain. Based on current real estate companies’ financing situation, this essay briefly introduces relevant real estate financing theory, and on this basis, compares real estate firms’ finance development in different countries. After reviewing basic theoretical background, this essay then introduces various financing channels in reality, China’s current real estate industry relevant laws and regulations, and analyzes each financing channel’s character, strength and weakness and feasibility area based on the policy environment, economic environment, market demand and company size and other internal factors. According to this analysis, I try to find reasons why it is difficult for real estate to financing. The fourth part, based on the above analysis, provides tailored financing suggestions for different size and characteristics of real estate enterprises in order to solve financing problems. The fifth part is combined with China's leading real estate company----CFLD to introduce its internal and external environment, analyze its financing strategy and explore the successful experience of project financing. The last part summarizes the analysis and conclusion of this paper. By researching and evaluating current economic environment and possible financing channel, this paper can provide meaningful reference for real estate companies to build an efficient financing strategy: In the first place, by comparing different financing channels, this paper can help to improve companies’ revenue potential and ensure the sustainable development of their capital structure. In the second place, by comparing real estate financing theories of different countries and their different financing practices, this paper can help the real estate companies build a sound financing system. In the third place, based on the former topics about theories and the case about China Fortune Land Development, this paper provide available and useful summary of CFLD's success and will be very helpful to other real estate companies. Keywords: real estate companies；financing model；financing channel；CFLD
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