摘 要...........................................................................................................................II LIST OFABBREVIATIONS.......................................................................................III TABLE OF CONTENTS.............................................................................................IV 目 录..........................................................................................................................VI LIST OF TABLES ....................................................................................................VIII 表 目 录..................................................................................................................IX LIST OF FIGURES ......................................................................................................X 图 目 录..................................................................................................................XI 1 Introduction.................................................................................................................1 1.1 Research Background ......................................................................................1 1.2 Meaning of the Research .................................................................................2 1.3 Research Methods............................................................................................4 1.3.1 Literature Review........................................................................................4 1.3.2 Case Study ..................................................................................................4 2 Literature Review........................................................................................................6 2.1 Theoretical Basis..............................................................................................6 2.2 The Relationship between Real Estate Policy and Corporate Financing.........7 2.3 Research on Capital Structure..........................................................................8 2.4 Research on the Selection of Financing Channels.........................................10 2.5 The Relation between Operation and Financing of Real Estate Companies .12 2.6 Summary........................................................................................................13 3 Case Description.......................................................................................................16 3.1 Company Profile............................................................................................16 3.2 Financing status .............................................................................................17 3.2.1 Corporate bond..........................................................................................19 3.2.2 Bank Loans ...............................................................................................19 3.2.3 Deposit Received......................................................................................20 3.2.4Account Payable........................................................................................20 3.3 Management Status........................................................................................21 3.4 Real Estate Sales............................................................................................23V 3.5 The Financing Crisis Face by CompanyA ....................................................23 3.5.1 Risk of Integration ....................................................................................23 3.5.2 Faced with the Requirement of Deleveraging ..........................................24 3.5.3 Financing Strategies Need to Follow Policy Change ...............................25 4 CaseAnalysis............................................................................................................26 4.1 Centralized Financing Channels ....................................................................26 4.2 Unreasonable Financing Structure.................................................................28 4.2.1 Excessive Debt Financing.........................................................................28 4.2.2 Concentrated Repayment Time.................................................................30 4.3 Weak Stability of Owners' Equity..................................................................31 4.4AlargeAmount of Financing and Weak Bargaining Power ..........................34 4.4.1AlargeAmount of Financing....................................................................34 4.4.2 Weak Bargaining Power............................................................................36 5 Suggestions...............................................................................................................39 5.1 Diversified Financing Channels.....................................................................39 5.1.1 Finance Lease............................................................................................41 5.1.2 Mezzanine Financing................................................................................42 5.2Adjusting Capital Structure............................................................................44 5.2.1Adjusting Financial Leverage...................................................................44 5.2.2 Balance short and long term debt financing .............................................46 5.3 Introducing Equity Financing........................................................................47 5.3.1 Private Fund..............................................................................................48 5.3.2 Strategic Investor......................................................................................48 5.3.3 Extracting Capital Reserve .......................................................................49 5.3.4 Perpetual Bond..........................................................................................50 5.4 Increasing Turnover Speed ............................................................................50 5.4.1 Impact on Total Amount of Financing......................................................50 5.4.2 Impact on Profitability..............................................................................52 6 Conclusion and Research Prospects..........................................................................55 6.1 Conclusion .....................................................................................................55 6.2 Research Prospects.........................................................................................56 6.3 Limitations of this Thesis...............................................................................57 REFERENCE..............................................................................................................58VI 目 录 ABSTRACT....................................................................................................................I 摘 要...........................................................................................................................II LIST OFABBREVIATIONS.......................................................................................III TABLE OF CONTENTS.............................................................................................IV 目 录..........................................................................................................................VI LIST OF TABLES ....................................................................................................VIII 表 目 录..................................................................................................................IX LIST OF FIGURES ......................................................................................................X 图 目 录...........................