恒大集团三线城市地产项目融资策略研究 房地产产业是当前我国经济发展的重要支柱型产业之一，本身的发展具有 其自身的运作模式和经营特点，简单来说，它既需要有充足的资金保证，又需 要形成集成规模，而且投资收益的时间相对较长，但是收益较高。最近几年我 国房地产行业的发展增速较前几年来说虽然有所减缓，但仍然呈现持续上升的 趋势。企业投资增长代表了融资体量的增加，就房地产企业来说，当项目融资 得以合理推进时，又可以使其产业发展中降低成本，降低风险，与此同时，也 可以为房地产企业的融资提供合理的项目渠道，进一步拓宽其融资方式。完善 房地产融资的结构、持续降低融资成本是每一个公司需要重视的。 中国恒大集团作为国内龙头房地产企业，其融资方面一直处于相对良好的 形势。然而，面对众多企业的竞争和资源整合，恒大集团的融资渠道也依然存 在一些不足，特别是在三线城市的地产开发项目上。恒大集团三线城市的房地 产项目融资渠道的问题已经逐渐成为恒大集团发展的主要难题和阻力。 文章第一部分，对恒大集团企业发展状况企业融资情况和当前融资过程中 可能存在的缺陷，进行了全面分析和把握，对于恒大集团三线城市地产项目融 资存在的优缺点进行讨论，并对其缺陷进行详细阐述，通过以上分析可以看出， 当前，在三线城市地产项目问题中主要存在以下四个方面的问题。即以银行开 发贷款融资为依赖、债务企业融资的比例严重过高、流动负债率过高占总资产 负债比过高以及企业存在较大的潜在债务融资风险。文章第二部分，针对恒大 集团三线城市房地产项目融资的主要问题进行了原因分析，根据第一部分提出 的以上四类问题，分别找出问题发生的主要原因，也就是缺乏必要的融资渠道、 融资创新意识仍有待提升，企业自我融资结构不合理，抗风险能力略弱，企业 在融资过程中风险管理相关措施仍需要进一步建立健全，在其中关于融资创新 意识的方面，本文进行了多方面叙述，从当前融资创新意识较低和企业融资相 II 对单一、多元化和多层次的融资渠道模式有待探索和开发。文章第三部分主要 是对存在的问题提出相应的对策建议，包括注重企业融资方式的完善并全力打 造一丰富多元的融资渠道，进一步加强融资结构的平稳和理性，从而进一步促 进资金平衡发展，提升企业的盈利能力并不断完善内部控制章程并进一步优化 其融资和风险管理的体系。 本文的目的是试图对恒大集团三线城市房地产开发项目中出现的融资难 和资金不到位等问题进行综合研究，并提出行之有效的改进方式，可以进一步 加强其在国内同行业的核心竞争力。另外，我国其他房地产企业也存在相似的 问题，希望本文也能够为有关企业提供帮助。 关键词： 融资分析，融资策略，经营风险，优化渠道 I Abstract Research on the financing strategy of the third-line city real estate project of HengdaGroup Real estate industry as one of important economic pillar industry in our country, has its unique characteristics, simply said, it has a large capital needs much investment long investment cycle high return on investment in recent years, the development of Chinese real estate industry growth than a few years ago while slowed, but still showed a trend of rising.Enterprise investment growth represents the financing volume increase, in terms of real estate enterprises, the project financing at the same time can effectively guarantee the long-term low cost low risk, real estate enterprises is an urgent need to solve the problem of project financing, how to effectively develop real estate financing channel perfect real estate financing structure continues to reduce the cost of financing is what every company needs to pay attention Constant day group as a leading domestic real estate enterprises in China, the financing has been in a relatively good situation, however, in the face of competition and resource integration, many enterprises constant day group financing channel is still exists some shortages, particularly in the three cities real estate development projects on constant group third line cities real estate project financing problem has gradually become the main problem of constant day group development and resistance. The first part of the article, the constant day group, the basic development of the enterprise financing development present situation and the possible existence of contradictions and problems in the financing for the understanding and analysis of constant day group three line city real estate project financing advantages and disadvantages are discussed, and the disadvantage is the main problem is discussed in detail through the above analysis result, the current constant day group, three line city real estate project problems mainly has four, namely as a development bank loan II financing is dependent on the proportion of debt financing seriously excessive flow high debt to total assets and liabilities ratio is too high and there are many potential enterprise debt financing risk.Article in the second part, in view of the constant day group, the main problem with three line city real estate project financing has carried on the reason analysis, respectively for the first part puts forward four problems, find out the corresponding main reason, namely the financing channels, financing innovation consciousness is not strong, enterprise self financing structure is unreasonable, slightly weak ability to resist risk, enterprise risk management in the process of financing system is not sound and effective among them, the financing innovation consciousness is not strong has carried on the elaboration from two aspects, namely, the lower level of the current financing innovation consciousness and enterprise financing is relatively single diversified and multi-level financing mode to exploration and development.This article analyzes the problems existing in the third part mainly puts forward the corresponding countermeasures and Suggestions, including emphasis on the improvement of the enterprise financing way does its best to build a diversified financing channels to enhance financing structure in order to better realize the balance of the enhancement of company profit ability and perfect the internal control rules and further optimize the financing and risk management system. The purpose of this article is attempt to constant day group, three line city real estate development project financing problems and provide effective strategies to improve research guidance and advice, to further strengthen its core competitiveness in the domestic industry to provide help and other real estate enterprises in our country there are similar problems, I hope this article can also provide help for enterprises.