I 分类号 密 级 U D C 学校代码 10689 硕士学位论文 房地产企业的融资问题研究 —以 A 房地产公司为例 Research on Financing of Real Estate Enterprises: Case Study of A Real Estate Company 姓 名， 黄俊芳 导 师（职称）， 赵越 申 请 学 位 类别， 专业硕士 专 业， 工商管理 研 究 方 向， 金融 学院（中心、所）， 商学院 论文完成时间， 2019 年 4 月 25 日Abstract IIAbstract III 摘要 房地产行业深深地影响了几代中国人的现实生活和精神世界。房地产公司 对资金的需用量非常大，其融资能力是决定其在激烈的市场竞争中能否立足和 长远发展的关键。科学的融资不但是确保项目正常建设运转的根本条件，而且 是其改进资本结构、达到战略扩张的重要保障。此篇文章以房地产融资的有关 理论为基础，把 A 房地产企业当作实例，探究房地产公司融资的问题。随着国 家宏观调控的持续深入，房地产这一行粗放式、高速发展的时间已结束，行业 资金面进一步收紧，融资难度提高，A 房地产公司需要不断拓宽融资渠道、创 新融资方式，房地产资产证券化在将来会存在非常大的提升空间。强者更强已 经变成我们国家房地产将来的走向，中小房地产企业积极退让或者被并购的情 况会越来越多。大型房地产企业在获取丰厚盈利的同时更应承担更多的社会责 任，回馈社会和人民。让人们住有所居,安居乐业是房地产行业最终的奋斗目 标。 关键词，房地产融资 多元化融资 资产证券化Abstract IV Abstract The real estate industry has deeply influenced the real life and spiritual world of several generations of Chinese people. Real estate companies need a large amount of capital, and their financing ability is the key to determine whether they can stand and develop in the fierce market competition. Scientific financing is not only the basic condition to ensurethenormal operationoftheproject, but also theimportant guarantee to improve the capital structure and achieve strategic expansion. Based on the theory ofreal estatefinancing,this articletakesAreal estatecompanyas anexampleto explore the financing problem of real estate company. With the continuous deepening of national macro-control, the time of extensive and rapid development of real estate industry has come to an end, the industry's capital is further tightened and financing difficulty is increased. A real estate company needs to constantly broaden financing channels and innovate financing methods. Real estate asset securitization will have great room for improvement in the future. The stronger has become the future trend of our country's real estate industry. More and more small and medium-sized real estate enterprises will be actively conceded or merged. Large-scale real estate enterprises should take more social responsibility and give back to the society and people when they get rich profits. Let people live and work in peace and contentment is the ultimate goal of the real estate industry. Key words: Real-estate Financing ； Diversified- Financing; Asset-backed Securitization目录 V 目 录 摘要..........................................................................................................II ABSTRACT............................................................................................. IV 第一章 绪论...............................................................................................1 第一节 论文的选题背景.........................................................................................1 第二节 论文的研究意义.........................................................................................1 第三节 国内外相关研究动态及文献综述..............................................................2 一、国外研究现状及相关文献综述 ...................................................................................2 二、国内研究现状及相关文献综述 ................................................................................4 第四节 研究内容、预期成果和实践能力水平评估..............................................5 一、研究内容..........................................................................................................................5 二、预期成果和实践能力水平评估 ......................................................................................5 第五节 拟采取的研究方法和技术路线..................................................................6 一、本文采用的研究方法......................................................................................................6 二、技术路线..........................................................................................................................6 第二章 房地产企业融资理论及分类......................................................8 第一节 房地产企业与金融的关系..........................................................................8 第二节 现代融资理论..............................................................................................8 一、MM 理论..........................................................................................................................8 二、权衡理论..........................................................................................................................8 第三节 房地产企业融资方式的分类......................................................................9 一、房地产企业自有资金......................................................................................................9 二、房地产企业预收房款......................................................................................................9 三、银行贷款........................................................................................................................10 四、上市融资........................................................................................................................10 五、债券融资........................................................................................................................12 六、房地产企业其他融资方式 ............................................................................................13 第三章 A 房地产公司融资案例分析 ....................................................14 第一节 A 房地产公司的介绍 ................................................................................14目录 VI 第二节 A 房地产公司的融资环境分析 ................................................................14 一、2018 年 1-12 月全国房地产开发和销售情况..............................................................14 二、房地产企业近五年的土地购置价格 ............................................................................16 第三节 A 房地产公司的融资方式分析 ................................................................16 一、银行贷款........................................................................................................................16 二、上市融资 ....................................................................................................................17 三、债券融资........................................................................................................................18 四、中期票据........................................................................................................................19 五、基金融资........................................................................................................................20 六、境外融资........................................................................................................................20 第四章 A 房地产公司融资优劣势分析 ................................................22 第一节 A 房地产公司融资的优势.........................................................................22 第二节 A 房地产公司融资的劣势 ........................................................................23 一、企业资产负债率高，资本结构不合理 ........................................................................23 二、A 房地产公司为扩大经营规模，融资增速过快，导致短期负债占比大，还款压力 大 ....................................................................................................................................................24 三、存货周转率及总资产周转率逐年下降，资产“变现”困难.........................................25 第五章 A 房