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房地产企业融资一般是以地产项目开发为主要目的。企业融资一般是指企业
在运营过程中根据资金需求和发展需要,在自身资金不足的情况下,获取出资人
资金支持,以维持资金链和企业运营,具体指企业筹集资金的行为和过程。我国
中小型房地产开发企业占房地产企业总数的比例很大,无论是产能还是资金需求
量都占据行业主要部分,但其在融资市场中处于弱势和被动地位,_渠道单一,
银行信贷政策苛刻,企业信用等级低,金融机构偏见等诸多因素,导致融资操作
难、融资成本高的问题,已成为影响中小房地产企业生存发展和阻碍产业发展的
重要因素
本文以国内外融资理论为基础,结合中小型房地产企业规模小、信用等级低
等、在融资渠道选择时是典型的信息不对称交易等特点,提出了为降低融资成本, i
中小型房地产企业融资应遵循优序融资理论。另外,由于房地产行业对资金需求
的特殊性和银行贷款对房地产企业的信贷政策,仅靠内源融资一般难以满足房地
产项目的开发,特别是对中小型房地产企业。对此,本文指出在项目开发的不同
阶段适当调整融资方式。全文共分七个部分:第一章对当前国内外相关融资理论
研宄和融资管理研究进行文献综述,介绍本文研究背景、研究目的和研宄方法等
第二章对融资的概念和相关融资理论进行了阐述,并对理论进行对比分析。第三
章分析我国中小型房地产企业融资现状,包括房地产企业发展概况、融资方式和
融资困境等。第四章是案例分析,对案例项目“顺河广场”建设规模、投资估算
进行分析。第五章对“顺河广场”项目融资方案进行设计,分析资金需求节点,
为不同开发阶段选择融资渠道,设计规划了项目的融资方案。第六章是“顺河广
场”项目融资方案实施的保障措施,从政策制度、金融市场以及企业自身等方面
进行阐述。第七章是结论,本文的主要结论是我国中小型房地产企业要改善当前
的融资困境,首先要着眼自身,提高信用等级和综合实力;其次,应加强金融市
III 场建设和信用制度建设;最后,中小型房地产企业在选择融资渠道时,没有固定
的融资选择顺序,而是根据当前的客观环境因素和企业自身能力,尽可能参照优
序融资理论以降低融资成本,设计可行的融资方案
关键词.房地产;优序融资理论;融资方案
IV Abstract
The real estate industry is a pillar industry in China, Which Has important
influence on economic growth and to lead to the development of relevant industries. It
is associated with construction building materials industry, financial industry decoration
services,furniture, lamp act the role ofing electrical appliances and other
industries5andprovides a lot of jobs for the Labour market. It occupies the important
growth point of national economy in our country .As a capital-intensive businesses,In
the operation of real estate has a large net inflow, operation time and the characteristics
of high operating income. Its reliance on capital is higher,so the real estate enterprise
financing ability directly related to the real estate enterprise&39;s competitive ability in the
survival and development prospects.
Real estate enterprises financing in general is a real estate project development as
the main goal. Corporate finance including behavior and the process of enterprises to
raise funds,which Is the enterprise according to their own operating conditions and
development needs, in the case of their own capital insufficiency, the financial support
for investors and creditors, to maintain the capital chain and enterprise operation. Our
country small and medium-sized real estate development enterprises to a large
proportion of the total number of real estate enterprises. Both capacity and demand of
funds, it has the main part industry. But it is weak and passive position in the finance
market. Single financing channel and bank credit policy, demanding, the enterprise
credit rating low, financial institutions, prejudice, and many other factors, lead to the
financing difficult operation, the problem of high financing costs. It has become affects
the existence and development of small and medium-sized real estate enterprises and
important factors hindering the development of the industry.
In this paper, based on the financing theory at home and abroad, In combination
with small and medixxm-sized real estate enterprises small in scale, low credit rating,
information asymmetry deals etc., I Put forward that financing small and medium-sized
real estate enterprises should follow the optimal sequence financing theory,in order to
reduce the cost of financing. In addition, due to the particularity of real estate industry
demand for funds and bank loans to the real estate enterprise credit policy, only by
V endogenous financing is difficult to meet the development of real estate projects in
general5especially for small and medium-sized real estate enterprises. Therefore, this
article points out that in the different stages of project development adjustment
appropriate financing. The full text is divided into six parts: The first chapter of the
current domestic and foreign relevant research on financing theory and financing
management literature review,which introduces the research background, research
purpose,research methods and so on. The second chapter expounds the concept of
financing and related financing theory, and compared the theoretical analysis. The third
chapter analyzes the financing status of small and medium-sized real estate enterprises.
It includes development situation, the real estate enterprise financing and financing
difficulties, etc. The fourth chapter is case analysis. The construction of the project scale,
investment estimation is analyzed. The fifth chapter design financing options and
choose the financing channels for different development phase. The sixth chapter is the
financing plan implementation safeguard measures5from the policy system, financial
market and the enterprise itself and so on. The seventh chapter is conclusion. The main
conclusions of this article is that, In order to improve the current our country small and
medium-sized real estate enterprises financing difficulties, tiiey need to be looked at
theirselves first, improve the credit level and comprehensive strength. Second, we
should strengthen construction of financial market and credit system construction.
Finally, the small and medium-sized real estate enterprises in choosing financing,
financing choice has no fixed order. They are based on the current objective
environmental factors and their own ability, as far as possible reference to optimal
sequence financing theory in order to reduce the cost of financing, design feasible
financing options.
Keywords:The real estate, The optimal sequence financing theory, Financing
options
VI 目录
m m hi
Abstract
V
第1章绪论 1
1.1研宄背景1.2研究目的和研究意义1.2.1研究g的1.2.2研宄意义1.3文献综述1.3.1国外文献综述
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要显示当前回显设置，键入不带参数的 ECHO。1.3.2国内文献综述
:1.3.3文献评述L4研究内容和方法1.4.1研宄内容和研究框架1.4.2研宄方法
“第2章概念界定和理论基础
治2.1融资的基本概念2.1.1融资的定义2.1.2融资的分类2.2融资理论概述2.2.1MM 理论2.2.2权衡理论2.2.3优序融资理论2.2.4融资理论对比分析第3章我国中小型房地产企业融资现状分析3.1我国房地产发展概况3.2我国房地产项目融资需求和特点3.2.1我国房地产项目融资需求分析VII 3.2.2我国房地产项目融资特点3.3中小型房地产企业主要融资方式3.3.1内源融资3.3.2银行贷款3.3.3公司债3.3.4垫资承包施工
21
3.3.5项目融资
22
3.4中小型房地产企业融资面临的问题
23
3.4.1 土地出让金政策变化
23
3.4.2银行贷款大量收缩
23
3.4.3信用等级偏低
26
3.5本章小结
26
第4章“顺河广场”项目分析
27
4.1公司简介
27
4.2项目概况
28
4.3项目实施计划
29
4.4总投资估算分析
29
4.5项目经济评价
32
4.5.1收入估算
32
4.5.2相关税费
33
4.5_3财务评价
34
4.6项目融资需求及资金节点分析
35
第5章“顺河广场”项目融资方案设计
37
5.1“顺河广场”项目融资环境分析
37
5.1.1外部环境分析
37
5.1.2内部环境分析
39
5.2项目融资方案设计原则
41
5.3项目融资方案优化设计
42
5.3.1拆迁补偿阶段
42
5.3_2 土地出让金缴纳阶段
43
5.3.3工程建设阶段
45
VIII 5.4“顺河广场”项目融资方案流程图
47
5.5“顺河广场”项目融资方案风险分析、评价与控制
48
5.5.1风险分析
48
5.5.2模糊综合评价
49
5.5.3风险控制建议
51
第6章“顺河广场”项目融资方案实施的保障措施
53
6.1健全房地产开发融资政策制度
53
6.2建立完善信用评级体系
53
6.3完善金融市场,拓展融资渠道
54
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