目前,我国房地产企业最主要的融资渠道就是银行贷款,但在宏观政策调控的背景

下,单一的融资渠道显然已无法满足房地产开发企业的融资需求。SZ置业发展有限公司

作为在这一背景下成立的项目公司,同样面临着融资难题。

本文首先在对房地产融资相关文献进行回顾的基础上,以房地产融资理论及房地产

信托基本理论为基础,分析了银行贷款、上市融资、债券融资、房地产信托融资这4种

主要的融资模式,包括概念、优劣以及运用情况等;其次,介绍了项目的背景和概况,

然后对SH项目进行了融资分析,并进一步分析了 SZ集团融资问题和原因;最后,从优

劣性、可操作性方面入手,分析了各融资模式后,指出在当前情况下采取信托融资是一

套切实可行的方案,同时针对SZ集团的融资问题给出了建议。

本文认为,作为资金需求量巨大的行业,房地产企业必须大力发展融资渠道的创新;

同时,还需建立适合身发展的多元化融资模式;最后,根据实际情况,从不同的角度加

以综合分析,组合运用不同的融资方式,制定合理的融资策略。在选择融资渠道时,首

要考虑的是它的可操作性和风险控制,这样才能有效解决企业融资问题。在目前宏观调

空的情况下,采取房地产信托融资是比较适合的方式,对其他房地产开发企业也有借鉴

意义。

关键词:房地产公司;融资;房地产信托

第II页
华东理工大学硕士学位论文

SZ Real Estate Company SH Project Trust Financing Research

Abstract

At present, China's real estate enterprises the main financing channels is bank loans, but

under the background of the policy,the single financing channel has clearly unable to meet

the demand of real estate development enterprise financing. SZ real estate development co.,

LTD. As a project company established under the background,also faces the financing

difficult problem.

This paper on the real estate financing,on the basis of literature review, with basic theory

of real estate and real estate trust financing theory as a foundation, analyzed the bank loans,

listing financing, bond financing, real estate trust financing of the four main financing model,

including the concept,advantages and disadvantages and application situation, etc.; Secondly,

tiiis paper introduces the background and general situation of the project,and then analyzed

the financing of SH project, and further analyzes the SZ group financing problems and causes;

In the end,is embodied, operability, after analyzed the financing mode,points out that in the

current circumstances trust financing is a set of feasible solution,and gives Suggestions for

SZ group's financing problem.

The author believes that as the funds demand huge big industry, real estate enterprise must

develop the production of a new financing channel; At the same time,still need to develop a

suitable for their own development of diversified financing model; Finally, according to the

actual situation, and never with the Angle of the add to comprehensive analysis, combination

with no way of financing, formulate reasonable financing strategy. When choosing the

financing channels, the first consideration is its operability and risk control, so as to

effectively solve the problem of corporate finance. In the current macro adjustment empty

cases,adopt the mode of real estate trust financing is more suitable,can also be used for

reference for other real estate development enterprises.

Keywords: real estate company; Financing; Real estate trusts