自2017年以来，国家调控政策相继出台，一轮接一轮严调控措施陆续推出， 房地产企业的相关数额开始逐渐降低，因此该行业的整体发展开始逐渐减缓，整体 行业发展前景不够良好。有关该项目的开发一直伴随着资金的使用，我国房地产企 业已经普遍面临资金短缺的情形，如果他们不能更好地借助多样化的的金融工具， 拓宽融资渠道，降低或者分散风险，那么房地产企业随时都可能会出现财务危机。 目前，我国大多房地产企业过分依赖从银行获取开发贷款，而且贷款品种及操作模 式比较单一。伴随着国家对房地产业进行宏观调控及执行金融紧缩政策，房地产行 业已逐渐迈入资本时代，而房地产资金的来源和资本运作结构无法匹配，资金过于 集中银行等问题开始凸显。从房地产业的现状来看，如何合理有效融资，并降低融 资风险，已经是亟需解决的一大课题。 从实践意义方面来看，房地产融资是房地产企业取得资金的方式及过程。融资 模式是地产公司经营主体根据本身经营能力、资产实力、和发展规划，进行的决策 与分析，在某一个时间点采用某一种方式，通过合作渠道向投资者或债权人进行融 资，保证经营主体正常经营。鉴于目前我国房地产企业融资渠道较之发达国家还有 比较明显的差距，加上国家对房地产行业严控的态度，本文旨在通过ZL地产公司 传统融资模式来研究如何在当前国家高压态势下，结合国内外相关理论，如MM 理论、权衡理论、优序融资理论等融资理论，分析其目前主要的融资模式，找出不 足之处，类比国内外房企融资模式，创新出适合ZL地产的私募股权融资、购房尾 款ABS、类reits等融资新模式，也能为该行业树立新的案例，为其他企业指明正 确的方向，具有很高的现实意义和参考价值。 本篇文章的研究主体式ZL地产公司，主要分析其实际的运转状况和融资的现 实情况，以及对融资数据的定量分析，目的在于找到适合ZL地产公司的创新融资 的模式，充分的对管理的模式方法进行改善，确保企业能够充分的利用现有的资金， 保证资金能够最大程度的被利用。进一步的分析国际上的良好案例，深度分析ZL 地产公司融资模式创新的可行性及可能会存在的问题，结合我国现行金融政策和 市场环境，提出适合ZL地产公司选择的新的融资方式，同时借鉴国外房地产融资 的先进经验拓宽ZL地产公司的融资渠道。 本文的研究结论是房地产企业需要适度使用新型融资方式进行融资，并且关 注各种新融资方式背后所蕴藏的风险，合理寻找并运用适合本企业发展的新融资 模式，过度依赖某种融资模式将使房地产企业在后期付出高额的成本，增加企业融 资的风险，限制公司融资能力，为企业埋下巨大的经营隐患。 关键词：房地产，融资理论，融资渠道，融资模式 2 Abstract Since 2017, the state's regulatory policies have been promulgated one after another. And the strict regulation has landed one by one. New loans for real estate companies have begun to decline, and the winter of real estate financing has begun. Real estate development is a system engineering with intensive use of capital and huge investment. China's real estate enterprises are generally faced with shortage of funds. Without better recourse to a wide range of real estate financial instrument open up finance channels and reduce or spread risk, real estate companies are at risk of financial crisis. At present, many real estate enterprises in our country rely too much on bank loans, and the types of loans and operating methods are relatively single. With the macro-regulation of real estates and the implementation of financial policies, the real estates industry began to enter a capital era, and the source of real estate funds and the operation structure of funds are not matched. The issue of excessive concentration of funds in banks has begun to become prominent. From the current situation of real estate industry in our country, how to raise funds reasonably and effectively and reduce the financing risk is an urgent issue. In practical significance, financing is the way and process by which the operating entity obtains funds. The financing mode is that the operating entity conducts decision- making analysis according to its own operating ability, capital strength, and development planning. At a certain point in time, it uses a certain method to finance investors or creditors through a cooperative channel to ensure the normal operation of the operating entity. As a capital-intensive enterprise, the real estate industry not only plays an important role in the development of enterprises, but also has become an important issue that affects the development of enterprises because of its direct impact on the raising and operation of capital. Due to the large gap between financing channels of real estates enterprises in China and the developed countries, and the attitude of the country to the real estate industry, this paper aims to study how to use ZL real estate financing model to study under the current national high-pressure situation. Combining MM theory, weighing theory, financing order theory and other financing theories, this paper analyzes its traditional financing model that relies on indirect financing, finds out the shortcomings, and compares domestic and foreign housing enterprise financing models according to financial growth cycle theory and entrusted agency theory. Innovative financing models 3 such as private equity co-financing, ABS and REITs, which are suitable for ZL real estate companies, can also provide reference value for other real estate companies facing the same financing problems. Through systematic analysis of the financing channels and financing status of China's ZL real estate companies, as well as quantitative analysis of financing cases, the purpose of this article is to find the best financing model suitable for ZL real estate companies, and to seek better management models to improve the efficiency of capital use. Based on the foreign financing methods with good operating results, analyze the feasibility and possible problems or risks of ZL real estate company's financing method innovation, and combine the current policies and economic environment of China to propose new financing methods that ZL real estate companies can choose from. The advanced experience of foreign real estate financing broadens the financing channels of ZL Real Estate. The conclusion of this paper is that enterprises should appropriately use new financing methods for financing, take attention to the risks behind all kinds of financing methods, reasonably find and use new financing models suitable for the development of the enterprise, excessive dependence on a certain financing model will make the enterprise pay high financing costs in the later stage, increase the financing risk of the enterprise, limit the refinancing ability of the company, and provide the enterprise There are huge financing hidden dangers.。。。。。。以下内容略