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MBA硕士毕业论文_佛奥集团公司融资策略研究DOC

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近二十年来,中国的房地产行业对国家的经济发展起到了重要作用,其发展 扩张也离不开国家政策的支持和大量资金的持续投入。但是,伴随着房地产行业 发展的是各大城市的房价高企,大多数城市房价涨幅远超过GDP和居民个人收入 的增长速度,各级政府纷纷出台相关政策对市场进行调控。 本文以佛山市顺德佛奥集团有限公司(以下称“佛奥集团”)的融资策略为研 究切入点,结合企业在整个行业中所处的位置,分析企业的财务状况和融资概况, 针对佛奥集团所面临的融资环境,综合评价佛奥集团所采取的融资策略,得出佛 奥集团作为一家中小型房地产企业,其采用保守型融资策略,虽然企业的短期资 金压力不大,但长远来讲其规模扩张低于行业发展速度,存在着跟不上行业发展 而被淘汰的经营风险。房地产企业在整个行业的迅速发展中,政策的不断变化导 致房地产行业分化加剧,优胜劣汰,房地产企业在发展过程中离不开资金的支持, 融资能力决定了房地产企业的发展空间,龙头企业的资产规模从百亿级突破到千 亿级、万亿级。因此对佛奥集团的可持续发展提出了相应的建议,转变融资思路, 从融资策略的调整开始,逐步优化资本结构,提高资金周转效率,适时加快发展 步伐。本文所研究的房地产企业融资策略,更多地考虑了佛奥集团的财务现状和 未来发展空间,其结论更适用于同等规模的中小型房地产企业,希望对于大型房 地产企业也能起到一定借鉴作用。 关键词:房地产,佛奥集团,融资策略EMBA 学位论文 作者:许超 佛奥集团公司融资策略研究 II Study on Financing Strategy of Foao Group Abstract In the past 20 years, China's real estate industry has played an important role in the economic development of the country. Its development and expansion cannot be separated from the support of national policies and a large amount of sustained investment. However, with the development of the real estate industry, housing prices in major cities have risen, and the price increase in most cities far exceeds the growth rate of GDP and personal income,Governments at all levels have introduced relevant policies to regulate the market. This paper takes the financing strategy of the Foshan Shunde Foao Group Co., Ltd. (hereinafter referred to as Foao) as the research entry point, and analyzes the financial status and financing overview of the enterprise in combination with the position of the company in the whole industry. In response to the comprehensive evaluation of the financing environment faced by the Foao, the financing strategy adopted by the Foao, as a small and medium-sized real estate enterprise, adopts a conservative financing strategy, Although the short-term financial pressure of enterprises is not large, in the long run, its scale expansion is lower than the speed of industry development, and there are operational risks that cannot be eliminated due to the development of the industry. In the rapid development of the entire industry, the constant changes in policies have led to an intensification of the differentiation of the real estate industry. The survival of the fittest, real estate companies are inseparable from the policy support in the development process, and the financing capacity determines the development space of the real estate industry. The scale of the assets of leading enterprises has exceeded 100 billion trillion. Therefore, it puts forward corresponding suggestions for the sustainable development of the Foao, changes the financing ideas, starts from the adjustment of financing strategies, gradually optimizes the capital structure, improves the efficiency of capital turnover, and accelerates the pace of development in a timely manner. The real estate enterprise financing strategy studied in this paper takes into account the financial status and future development space of the Foao. The conclusions are more applicable to small and medium-sized real estate enterprises of the same scale. I hope that it can also be used as a reference for large real estate companies. Key Words: Real estate, Foao Group, Financing strategyEMBA 学位论文 作者:许超 佛奥集团公司融资策略研究 III 目 录 中文摘要.....................................................................................................I Abstract ....................................................................................................II 第一章 引言...........................................................................................1 1.1 研究背景和研究意义 ....................................................................................1 1.1.1 研究背景 ..................................................................................................................1 1.1.2 研究意义 ..................................................................................................................2 1.2 研究内容与研究思路 ....................................................................................3 1.2.1 研究内容 ..................................................................................................................3 1.2.2 研究的思路及框架 ...............................................................................................3 1.3 研究方法 ........................................................................................................5 第二章 融资策略的相关理论 ..............................................................6 2.1 企业融资和融资策略的类型 ........................................................................6 2.1.1 企业融资 ................................................................................................6 2.1.2 融资策略的类型 ....................................................................................6 2.2 资本结构理论 ................................................................................................7 2.2.1 资本结构的定义 ....................................................................................7 2.2.2 资本结构相关的理论 ............................................................................7 2.3 信息不对称理论 ............................................................................................9 2.4 货币时间价值理论 ......................................................................................10 2.5 企业生命周期理论 ......................................................................................11 第三章 佛奥集团公司基本情况介绍................................................13 3.1 房地产行业概况 ..........................................................................................13 3.1.1 我国房地产行业的现状 ......................................................................13 3.1.2 房地产企业的融资渠道 ......................................................................15EMBA 学位论文 作者:许超 佛奥集团公司融资策略研究 IV 3.2 佛奥集团公司基本情况 ..............................................................................17 3.2.1 佛奥集团公司概况 ..............................................................................17 3.2.2 佛奥集团及下属子公司简介 ..............................................................18 3.3 佛奥集团公司财务简况 ..............................................................................20 3.3.1 公司的资产负债情况 ..........................................................................21 3.3.2 公司的营收情况 ..................................................................................21 第四章 佛奥集团公司融资策略分析................................................23 4.1 佛奥集团的财务指标分析 ..........................................................................23 4.1.1 偿债能力分析 ......................................................................................23 4.1.2 营运能力分析.......................................................................................24 4.1.3 盈利能力分析.......................................................................................25 4.1.4 成长性分析 ..........................................................................................26 4.2 佛奥集团的融资策略分析 ..........................................................................27 4.2.1 现行融资策略的类型 ..........................................................................27 4.2.2 资本结构分析 ......................................................................................28 4.2.3 融资方式与规模 ..................................................................................29 4.2.4 融资渠道的分析 ..................................................................................30 4.2.5 金融机构借款分析 ..............................................................................32 4.3 现行融资策略评价 ......................................................................................35 4.3.1 融资结构合理性的评价 ......................................................................35 4.3.2 融资成本的评价 ..................................................................................36 4.3.3 融资机会的评价 ..................................................................................37 4.4.4 融资风险的评价 ..................................................................................38 4.4.5 评价总结 ..............................................................................................40 第五章 融资策略改进方案和保障措施............................................42 5.1 融资策略的改进方案 ..................................................................................42EMBA 学位论文 作者:许超 佛奥集团公司融资策略研究 V 5.1.1 采取更积极的融资策略 ......................................................................42 5.1.2 优化企业资本结构 ..............................................................................43 5.1.3 建立多层次的融资渠道 ......................................................................44 5.2 改进融资策略的保障措施 ..........................................................................45 5.2.1 提高流动负债占比 ..............................................................................45 5.2.2 资金筹集优先用于项目投资 ..............................................................46 5.2.3 多方面打造融资平台 ..........................................................................47 5.2.4 持续改善现有融资方案 ......................................................................48 第六章 结论与展望 ............................................................................49 6.1 结论 ..............................................................................................................49 6.2 展望 ..............................................................................................................49