深圳市世霖房地产开发公司融资路径研究 房地产行业作为拉动中国GDP增长的重要力量，是国民经济的支柱产业， 其能否健康发展影响到国家金融安全。而资金是企业的生命线，对于资金密集 型的房地产企业来说，正常的生产经营活动更加需要大量资金进行及时补充。 而对于房地产企业生产经营活动中的资金短缺，一方面由于宏观环境的不确定 性导致房地产日常经营利润波动较大，仅通过内源资金来难以满足正常需求。 而另一方面，近几年来国家为了防止房价上涨过快导致系统性金融风险增加， 出台了一系列政策，因而传统以来依赖商业银行贷款的外部融资渠道会更不顺 畅。此外，中小房地产企业自身规模较小，资金保障力度低，资金链条脆弱， 难以获得较多的投资者关注和银行支持。因此，和其他行业相比，研究房地产 企业融资路径问题是当今时代背景下重要的话题。 世霖房地产开发公司是位于深圳市的一家中等规模的国有企业，主营业务 一般是从事房地产开发经营。世霖公司成立时间短，然而自成立以来企业发展 迅速，资产规模和开发规模不断扩大，是一家典型的国有产权的房地产企业。 然而在其扩大过程中，行政化管理痕迹明显，在激烈的市场竞争下企业市场份 额不断紧缩，并且由于国家开始防范房地产领域系统性金融风险的发生，因而 传统赖以依存的银行借贷融资受到严格管控，难以满足企业良性发展的融资需 求，导致了目前国有中小房地产企业普遍缺乏市场竞争能力。 本文以深圳市世霖房地产开发公司为研究主体，先是简要介绍了关于融资 优序相关理论，对现有的融资理论和有关文献进行简要论述，尤其是对房地产 企业方面的融资文献进行梳理。其次，介绍世霖房地产开发公司基本情况简介、 融资路径现状以及融资路径存在的问题。再次，对世霖房地产开发公司融资问 题成因进行分析，主要原因有自身经营和治理结构的不足、融资缺乏合理规划、 II 缺乏融资创新以及融资环境的负面影响等。最后，对世霖房地产开发公司融资 路径进行方案设计以及对实施新融资方式采取保障措施，进而有助于其扩宽融 资渠道，采取合适的融资策略，降低融资成本，实现公司价值最大化。 前人关于融资路径分析的研究大多局限于中小企业总体，而研究房地产企 业融资问题的文献又较多关注于非国有企业。而相对于非国有企业而言，国有 房地产企业由于其独特的产权性质，经营目标和政治目标常常混淆，高管对企 业筹资的战略意义重视不足，融资路径单一且一旦国家宏观政策调控容易造成 融资困难，因而以国有房地产公司为研究对象，并以深圳市世霖房地产开发公 司为实例，进行具体融资路径的研究，可能对中国中小房地产企业尤其是国有 企业的发展，具有一定的参考价值。 关键词： 融资路径，房地产公司，融资方式选择 III Abstract Research on Financing Path of Shilin Real Estate Company in Shenzhen As an important force driving China's GDP growth, the real estate industry is the pillar industry of the national economy, and its healthy development will affect the national financial security. The capital is the lifeline of the enterprise. For the capital-intensive real estate enterprises, the normal production and operation activities require more timely replenishment of large amounts of funds. However, for the shortage of funds in the production activities of real estate enterprises, on the one hand, due to the uncertainty of the macro environment, the daily operating profit of real estate fluctuates greatly, and it is difficult to meet normal demand only through internal resources. On the other hand, in recent years, in order to prevent the rapid rise of housing prices, the system has increased the systemic financial risks and introduced a series of policies. Therefore, the external financing channels that rely on commercial bank loans have not been smoother. In addition, small and medium-sized real estate enterprises are small in scale, low in capital security, and fragile in the capital chain, making it difficult to obtain more investor attention and bank support. Therefore, compared with other industries, studying the financing path of real estate enterprises is an important topic in the current era. Shilin Real Estate Company is a medium-sized state-owned enterprise located in Shenzhen. Its main business is generally engaged in real estate development and operation. Shilin Company was established for a short time. However, since its establishment, the company has developed rapidly, and its asset scale and development scale have been expanding. It is a typical state-owned property real estate enterprise. However, in the process of its expansion, the traces of administrative management are obvious. Under the fierce market competition, the market share of enterprises is shrinking, and as the country begins to prevent the occurrence of systemic financial risks in the real estate sector, the traditional IV borrowing financing relied on the bank is strictly regulated. Control and control, it is difficult to meet the financing needs of the sound development of enterprises, leading to the current lack of market competitiveness of state-owned small and medium-sized real estate enterprises. This article takes Shilin Real Estate Company as a case study. Firstly, it briefly introduces the relevant theory of financing priority order, and briefly discusses the existing financing theory and related literature, especially the financing literature of real estate enterprises. Secondly, it introduces the basic situation of Shilin Real Estate Company, the current status of financing path and the problems of financing path. Thirdly, the analysis of the causes of financing problems of Shilin Real Estate Company is mainly due to the lack of self-management and governance structure, the lack of reasonable financing, the lack of financing innovation and the negative impact of the financing environment. Finally, the design of the financing path of Shilin Real Estate Company and the implementation of new financing methods will help to expand the financing channels, adopt appropriate financing strategies, reduce financing costs, and maximize the company's value. Most of the previous studies on financing path analysis are limited to the overall SMEs, while the literature on the financing of real estate enterprises is more concerned with non-state-owned enterprises. Compared with non-state-owned enterprises, state-owned real estate enterprises are often confused because of their unique nature of property rights, business objectives and political goals. Executives pay insufficient attention to the strategic significance of corporate financing, and the financing path is single and once the national macro-control regulation is easy to cause financing Difficulties, so the state-owned real estate company as the research object, and Shenzhen Shilin real estate company as an example, the specific financing path research, may have a certain reference value for the development of China's small and medium-sized real estate enterprises, especially state-owned enterprises. Keywords: Financing path，Real Estate Company，The financing mode selection V 目 录 第1章 绪论 ........................................................................................... 1 1.1 研究背景与意义 ............................................................................ 1 1.2 研究方法与内容 ............................................................................ 3 1.3 理论基础和文献综述 .................................................................... 5 第2章 深圳市世霖房地产开发公司融资路径现状与问题 .............. 9 2.1 房地产行业融资路径概述 ............................................................ 9 2.2 世霖房地产开发公司基本情况简介 .......................................... 11 2.3 世霖房地产开发公司融资路径现状 .......................................... 11 2.4 世霖房地产开发公司融资路径存在的问题 .............................. 16 第3章 深圳市世霖房地产开发公司融资问题成因分析 ................. 20 3.1 自身经营和治理结构的不足 ...................................................... 20 3.2 融资缺乏合理规划 ...................................................................... 22 3.3 缺乏融资创新 .............................................................................. 24 3.4 融资环境的负面影响 .................................................................. 25 第4章 深圳市世霖房地产开发公司融资路径方案设计和实施保障29 4.1 强化世霖房地产开发公司自身建设 .......................................... 29 4.2 加强融资风险管理 ........