房地产在我国国民经济中扮演着至关重要的角色，在发展过程中受多种因素的影 响，仍存在一定问题，其中最凸显的当属融资问题。融资难、融资渠道单一、融资成本 高等问题会严重阻碍房地产企业健康发展。因此部分企业基于发展需求开始逐步拓展融 资渠道，以期通过多元化融资来保障的企业运营。 本文以华夏幸福房地产公司为研究对象，就该企业融资现状和问题进行分析。华夏 幸福在融资过程中存在诸如过于依赖信托融资、现金流过于紧张、融资期限较长、企业 发展实力有限等问题，从内部和外部两个方面剖析存在问题的原因。在分析华夏幸福多 元化融资优化动因基础上，从减少对信托融资的依赖、创新多元化融资渠道、优化企业 融资债务资本结构及降低企业多元化融资成本等方面进行多元化融资方案优化并提出 保障措施，最后通过财务数据对公司多元化融资优化前后效果进行分析。本文研究旨在 促进房地产企业多元化融资方式，为解决房地产行业融资困难提供参考。 关键词：华夏幸福；房地产公司；多元化融资；融资渠道 研究类型：专题研究 ABSTRACT RealestateplaysacrucialroleinChina'snationaleconomy.Influencedbyvarious factorsintheprocessofdevelopment,therearestillsomeproblems,amongwhichthemost prominentoneisfinancing.Financingdifficulties,singlefinancingchannelsandhigh financingcostswillseriouslyhinderthehealthydevelopmentofrealestate enterprises.Therefore,basedonthedevelopmentneeds,someenterprisesbegantogradually expandfinancingchannelsinordertoguaranteetheoperationofenterprisesthrough diversifiedfinancing. Thispapertakeshuaxiahappyrealestatecompanyastheresearchobject,andanalyzes thefinancingstatusandproblemsoftheenterprise.Inthefinancingprocess,Chinafortune fortunehassomeproblems,suchastoomuchrelianceontrustfinancing,tightcashflow,long financingperiod,limitedenterprisedevelopmentstrength,etc.Thereasonsfortheproblems areanalyzedfrombothinternalandexternalaspects.Basedonanalyzingthehuaxiahappiness diversifiedfinancingoptimizemotivation,fromreducingourdependenceontrustfinancing, innovation,diversifiedfinancingchannels,optimizeenterprisedebtfinancingandreduce enterprisecapitalstructuresuchasdiversifiedfinancingcostsfordiversifiedfinancingscheme optimizationandguaranteemeasuresareputforward,atlast,throughfinancialdataonthe company'sdiversifiedfinancingeffectbeforeandafteroptimizationwereanalyzed.Thispaper aimsatpromotingdiversifiedfinancingmethodsofrealestateenterprisesandproviding referenceforsolvingfinancingdifficultiesofrealestateindustry. Keywords:Realestate;Realestatecompany;Diversifiedfinancing;Thefinancingchannels ResearchType:Monographicresearch Subject:ResearchondiversificationfinancingofHuaxiaXingfu estatecompany Specialty:MasterofBusinessAdministration Name:ChenYaoJian（Signature） Instructor:ShiYuFang（Signature） 目录 I 目录 1绪论..........................................................................................................................................1 1.1研究背景及意义...........................................................................................................1 1.1.1研究背景............................................................................................................1 1.1.2研究意义............................................................................................................2 1.2国内外研究现状...........................................................................................................2 1.2.1国外文献综述....................................................................................................2 1.2.2国内文献综述....................................................................................................3 1.2.3国内外文献研究评述........................................................................................5 1.3研究内容.......................................................................................................................6 1.4研究方法.......................................................................................................................6 1.5技术路线.......................................................................................................................6 2房地产企业多元化融资的相关理论基础..............................................................................8 2.1房地产企业多元化融资概述.......................................................................................8 2.1.1房地产企业多元化融资概念............................................................................8 2.1.2房地产企业融资的特点...................................................................................8 2.1.3房地产企业多元化融资影响因素....................................................................9 2.2房地产企业多元化融资方式.....................................................................................10 2.2.1金融机构贷款..................................................................................................10 2.2.2债券融资..........................................................................................................10 2.2.3上市融资..........................................................................................................11 2.2.4利用外资..........................................................................................................11 2.2.5房地产信托......................................................................................................11 2.3房地产企业融资的理论基础.....................................................................................12 2.3.1优序融资理论..................................................................................................12 2.3.2代理成本理论..................................................................................................12 2.3.3资本结构理论..................................................................................................13 3华夏幸福房地产公司融资现状分析....................................................................................14 3.1华夏幸福发展及运营概况........................................................................................14 3.1.1华夏幸福简介..................................................................................................14 3.1.2华夏幸福的运营现状......................................................................................15 3.2华夏幸福主要融资方式............................................................................................16 西安科技大学工商管理硕士学位论文 II 3.2.1融资概况..........................................................................................................16 3.2.2主要融资方式..................................................................................................18 3.3华夏幸福多元化融资问题分析.................................................................................21 3.3.1企业对银行及信托融资的依赖性大..............................................................21 3.3.2融资期限较长收益不确定..............................................................................22 3.3.3发展过快导致现金流紧张..............................................................................22 3.3.4金融机构融资成本较高..................................................................................23 3.4华夏幸福多元化融资存在问题的原因分析.............................................................24 3.4.1内部原因..........................................................................................................24 3.4.2外部原因..........................................................................................................25 4华夏幸福房地产公司多元化融资优化...............................................................................27 4.1华夏幸福房地产公司多元化融资优化原则.............................................................27 4.1.1选择最低的成本融资和对企业发展有利的财务杠杆..................................27 4.1.2选择最佳的资本结构与能提高企业竞争水平的融资形式..........................27 4.1.3基于自身需求选择企业最佳融资机会..........................................................28 4.2华夏幸福多元化融资优化动因...........