作为资金密集型的房地产行业在我国已经得到了长足发展，也为国民经济的建设提 供了重要保障。房地产行业日益成为国民经济支柱产业后，我们逐渐开始意识到房地产 之所以在我国能够得到迅速的发展有赖于多方面的原因。这当中既有国民经济增长的促 进作用，也有政府政策的推动作用，所以对房地产行业进行研究要多方面考察。然而， 对房地产行业进行彻底的研究就有一个不能回避的问题——房地产企业融资。房地产行 业资金密集的需求决定着地产行业本身就是一个现金为王的行业，要想企业得到长期的 发展就需要源源不断的资金注入，而如何为房地产企业寻找合适的资金来源就成为各个 房地产企业亟待解决的问题。 近几年来我国进一步提高银行贷款门槛，实行限购令，房地产的融资状况受到了前 所未有的考验，房地产企业要想长久发展下去必须寻求新的融资渠道采用更加灵活的融 资策略。 文章从我国房地产行业融资现状出发，在充分论证目前国内房地产融资的渠道和产 生的一系列问题的基础上，以HD集团为例详细阐述了HD在其企业发展壮大的不同阶段 采取的不同融资渠道，以及不同的融资策略选择给企业带来的不同影响。最后归纳总结 出一些房地产融资的选择方式，仅供借鉴。 关键字：房地产企业、融资渠道、策略、HD集团 III ABSTRACT As a capital intensive real estate industry, it has made great progress in China, and also provides an important guarantee for the construction of the national economy. The real estate industry is increasingly becoming the pillar industry of the national economy. There are many reasons why the real estate industry can get rapid development in China. There are not only the promotion of national economic growth, but also the promotion of government policies, so the study of the real estate industry should be carried out in many aspects. However, there is an unavoidable problem in the thorough research of the real estate industry -- enterprise financing. The capital intensive demand of the real estate industry determines that the real estate industry itself is a cash dominated industry. In order to achieve long-term development of enterprises, it needs continuous capital injection. How to find a suitable capital source for real estate enterprises has become an urgent problem for all real estate enterprises. In recent years, China has further raised the threshold of bank loans and implemented the purchase restriction order. The financing situation of real estate has been unprecedented tested. Real estate enterprises must seek new financing channels and adopt more flexible financing strategies if they want to develop for a long time. Starting from the current situation of real estate industry financing in China, this paper fully demonstrates the current domestic real estate financing channels and a series of problems, and takes HD as an example to elaborate the different financing channels adopted by HD in different stages of its enterprise development and expansion, as well as the different effects of different financing strategies on enterprises. Finally, the paper summarizes some real estate financing options for reference only. KEY WORDS：real estate enterprises, financing channels, financing strategies, HD group V 目 录 摘要...........................................................................................................................................I ABSTRACT............................................................................................................................III 第1章 绪论..............................................................................................................................1 1.1研究背景、目的和意义...................................................................................................1 1.1.1研究背景....................................................................................................................1 1.1.2研究目的....................................................................................................................2 1.1.3研究意义....................................................................................................................2 1.2国内外文献综述...............................................................................................................3 1.2.1国外相关理论研究....................................................................................................3 1.2.2国内相关文献............................................................................................................5 1.2.3文献理论研究评述....................................................................................................9 1.3 研究内容和方法..............................................................................................................9 1.3.1 研究内容...................................................................................................................9 1.3.2 研究方法.................................................................................................................10 1.4 创新点............................................................................................................................10 第2章 房地产融资理论分析................................................................................................11 2.1 房地产融资理论基础....................................................................................................11 2.1.1 融资及相关理论.....................................................................................................11 2.1.2 优序融资理论.........................................................................................................11 2.1.3 权衡融资理论.........................................................................................................12 2.1.4企业生命周期理论..................................................................................................14 2.2 房地产融资策略选择影响因素....................................................................................15 2.2.1 融资成本.................................................................................................................15 2.2.2 融资效率.................................................................................................................16 2.2.3 融资风险.................................................................................................................17 VI 第3 章我国房地产企业融资现状分析.................................................................................19 3.1 我国房地产企业的主要融资策略................................................................................19 3.1.1 银行贷款.................................................................................................................19 3.1.2 上市融资.................................................................................................................21 3.1.3 债券融资.................................................................................................................22 3.1.4 联合开发.................................................................................................................24 3.1.5 内部融资.................................................................................................................24 3.1.6 售后回租.................................................................................................................25 3.1.7 房地产信托投资基金.............................................................................................26 3.2 房地产企业融资策略存在的问题..............................................................................27 3.2.1 融资渠道单一性.....................................................................................................27 3.2.2 现金流动负债比的影响.........................................................................................28 3.2.3融资结构不合理......................................................................................................29 3.2.4受政策影响较大......................................................................................................30 第4章 HD集团融资策略分析.......................