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摘 要
伴随着中国经济的快速发展，房地产业已成为我国国民经济的一个重要支柱
产业。在这样的宏观经济发展趋势的背景下，做为行业的中坚力量，房地产上市公
司在多轮调控中持续成长，稳步发展，对整个房地产行业的发展乃至整个国民经济
的发展都产生了深远的影响。房地产行业是一个典型的资金密集型产业，资本是企
业经营活动的起点，也是企业收益分配赖以遵循的基础。足够的资本规模可以保证
企业投资的需要，而融资方式的妥善搭配，可以降低资本成本。

中国房地产开发企业的资金来源主要是国内贷款、自筹资金及其他资金（主要
是定金及预付款）三个方面。央行和银监会对全国除西藏以外的 30 个省（市）的
调查数据显示，房地产企业负债率为 75.76%，银行贷款在总负债中的比重为 41.32%，
银行贷款占其全部资金来源的 40.8%。从房地产市场资金链的实际情况看，商业银
行参与了土地储备、交易、房地产开发和房地产销售的整个过程。在以银行信贷为
主导的房地产融资格局中，其他融资方式如上市融资、信托融资、债券融资等融资
方式所占比例较小。由此可以看出，我国房地产融资的基本特点是：债务融资占主
导，股权融资比例小，融资渠道单一，融资结构不尽合理。加上金融危机的影响，
以及不断的宏观调控政策对于房地产企业的影响，迫使房地产企业要优化资本结
构，积极寻找新的融资渠道。

本文首先针对我国房地产行业的经济背景和政治背景做了简单的调查，并根据
调查的数据对我国房地产企业的融资现状和资本结构作了简单的阐述，然后根据对
房地产上市公司融资渠道及资金成本的调查，结合调查数据利用 SWOT 分析法及比
较法，总结出了上市公司在融资结构及资金成本管理方面存在的问题，最后根据总
结出的问题，针对在房地产短期发展和长期发展提出了几点建议。通过本文的调查
研究，旨在化解房地产企业的资金危机，解决房地产企业融资渠道单一的问题，优
化房地产企业的资本结构，能够为企业融资的实践提供可借鉴的理论依据，帮助企
业找到一条可行且多元化的融资模式，以实现企业可持续发展及企业价值最大化。

关键词：房地产上市公司，融资，融资渠道，资金成本Investigation of the Real Estate Listed Company’s
Financing Channel and Management of Capital Cost
Abstract
With the rapid development of Chinese economy, the real estate industry has
become an important pillar industry of our national economy. In the background of
macro economic development trend, and as the backbone of the industry, the real estate
listing Corporation continued growth in several rounds of regulation, steady
development, and will bring profound influence on the development of the real estate
industry and the entire national economy. The real estate industry is a typical capital
intensive industry, capital is the starting point for the business activities of enterprises,
and also it is the basis of income distributing follow. Enough capital size can guarantee
the need of enterprise investment. And to properly match the financing activities can
reduce the cost of capital.
The financial resources of the real estate mainly come from the domestic loans,
self-financing, and other funds(the deposit and advance payment)。The proportion of its
own funds in real estate enterprises are relatively low, while the bank credit funds
accounted for a relatively high investment in real estate. The central bank and the
CBRC to the 30 provinces except Tibet(city) survey data show that, the debt rate of the
real estate enterprise is 75.76%, and the proportion of the bank loans in total debt is
41.32%, bank loans accounted for all sources of funds 40.8%. From the actual situation
in the real estate market funds chain, commercial banks involved in the whole process
of land reserve, land trade ,real estate development and real estate sales. In leading to
bank credit for real estate financing pattern, other financing methods such as the listing
and financing, trust financing, bond financing and other financing accounted for
relatively small. This indicates the basic characteristics of the real estate financing in
China is debt financing is the dominant, the proportion of equity financing is small, the