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论文编号：	9511
作者编号：	2120152551
上传时间：	2017/12/6 21:39:14
中文题目：	房地产企业资产证券化融资的应用研究——以SR集团为例
英文题目：	The application research on asset securitization for real estate enterprises’ financing activity——Illustrated by the case of SR group
指导老师：	刘志远
中文关键字：	房地产;融资:资产证券化
英文关键字：	Assets Securitizations;Real Estate;Financing
中文摘要：	房地产行业是关系国民民生的重要行业，是非常典型的资本密集型行业，房地产企业的现金流对企业生存和发展至关重要。近年来，房地产行业在不断发展的同时出现了房价不断攀升、房地产泡沫的情形。因此，为了抑制上升过快的房价和平衡房地产企业的供需，国家出台了一系列调控措施：限购、限贷、限价、限售，收紧房地产企业融资。房地产企业通过银行信贷、债券融资、股权融资等方式融资开始遭遇瓶颈，房地产企业急需拓宽融资渠道、建立更加合理的融资结构，因此房地产企业的融资决策对房地产企业的可持续发展的重要性日益突显。 近年来，我国资本市场不断创新发展，金融创新开始助力房地产发展，资产证券化作为金融创新产品渐渐开始被房地产企业所关注。资产证券化融资可以为房地产企业带来融资成本的降低、资产的盘活、补充资金充足度等优势，因此作为新兴融资方式在近两年来被广泛使用。 本文首先分析了资本证券化的相关理论，其次比较了房地产企业多种融资模式的优缺点，最后以SR集团成功发行的购房尾款资产支持专项计划进行融资为例，研究资产证券化融资在SR集团的应用，在分析了SR集团通过资产证券化融资的动因及所达到的效果的同时，还总结和归纳了SR集团在采用资产证券化进行融资案例中存在的不足和以后进行改善的建议，进而为我国房地产企业进行资产证券化融资给予一定的启示。
英文摘要：	The real estate industry is a key industry linked to people’s daily life in China and it is a typical capital-intensive industry. The cash flow of real estate enterprises is essential to the survival and development of enterprises. In recent years, as the sustainable development of the real estate industry, there has been a situation that price rising and bubble of real estate. Therefore, the government has published and applied a series of regulatory measures, like financing limit, purchase limit, price limit and sales limit to control the financing of real estate enterprises in order to restrain the over-rising housing prices and balance the supply and demand of real estate industry. The real estate enterprises began to encounter bottlenecks via the traditional ways of financing, like bank loans, bond offering and equity financing. Thus the real estate enterprises need to broaden the financing channels, establish more appropriate direct financing structure, which means the financing decision of real estate enterprises is the most important to the development of real estate enterprise. With the development of the capital market, the financial innovation began to involve in the development of real estate industry. The asset securitization, as a financial innovation product, gradually draw the attention of real estate enterprises. Asset securitization financing can bring the advantages for real estate enterprises such as reducing financing costs, activating assets and supplementing capital adequacy. As a result, it has been widely used as an emerging financing method in the past two years. Firstly, this paper analyzes the theory of assets securitization. Secondly it compares the advantages and disadvantages of a variety of financing method of real estate enterprises. Finally it selects the case of SR group, who successfully issued asset-backed securitization special plan of trade receivables for financing to study the application of asset securitization. This paper analyses the purpose and results of the SR group by the asset securitization financing, meanwhile it summaries up the key focus on the process and give some improvement suggestion for SR group. Also, they can instruct other real estate enterprise to use asset securitization for financing.
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