物流园区物流地产之所以成为当前中国产业地产投资中的新兴热土是因为当前中
国电子商务和网络消费市场正在经历巨大变革。近年来,我国物流园区物流地产投资开
发产业与国内房地产开发业受国家政策的严厉调控不同,物流地产产业业属于我国产业
政策扶植、大力支持发展的服务业领域,同时该产业允许外商投资企业进入。
物流地产项目投资具有与一般住宅以及商业地产项目相同的经济性质,物流地产投
资商以获得未来的物流地产项目稳定的现金收益或转售收益为目的。物流地产投资的对
象包括物流地产资产和物流地产资产权益。投资商直接参与物流园区项目幵发建设或者
购买物流园区的过程并参与有关的管理工作,包括从购买物流用地开始的项目投资、开
发、建设和物业建成后的成熟资产收购投资两种形式。
企业在采用外部债权融资时,需确定什么样的融资比例可以说的筹资企业的收益率
得到较大提高,因为当筹资企业的债务成本率一旦超过税前收益率,那么高比例融资将
使企业必然面对丧失偿债能力以及权益收益下降的财务风险。在此基础上,物流地产投
资开发企业必须认真分析融资项目本身的市场情况以及市场宏观环境,才能确定企业在
面临财务风险时可以承受的融资水平,从而使企业资金结构最优化,股东财富最大化。
关键词:物流地产投资分析;物流地产投资;物流地产融资;
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华东理工大学硕士学位论文
Study ofthe investment and financing of Logistics real estate in China
Abstract
Because of the current booming China e-commerce and online consumer market
Logistics real estate has become the emerging hot spot of current China industrial real
estate investment activity. Logistics real estate project investment has the same
economic nature as that of the residential and commercial real estate projects.logistics real
estate investors set investing goals on stable cash flow and future resale profit of logistics real
estate projects. Object of logistics real estate investmentincluding logistics real estate assets
and logistics real estate equity. Investorsto participate directly in the process of project
development of logistics park construction or purchase of logistics park and were involved in
themanagement work, including the acquisition of mature assets or purchase logistics
land before the start of the project investment5development5 constructionand property after the
completion of the investmentin two forms.
Enterprises adapt external debt financing, need to consider and determine what kind
offinaxicing ratio can be safe while ensure the financing enterprise's profit rate can increase
greatly, because when the financing cost of corporate debt rate once exceed the pre tax return
rate of the project,such high proportion of financing will lead theenterprise have to face
the loss of solvency and equity earnings decline and financial risk rise. On the basis of this, a
careful analysis ofthe market situation of financing of the project itself and the market
macro environment of logistics real estate.Theinvestment and development company must
determine what financing structure the enterprise can bear in the face of financial risk to
ensure the optimization of enterprise capital structure and the maximization of shareholder
wealth.
Keywords: Logistics real estate investment; Logistics real estate financing; Logistics real
estate project analysis