房地产论文我国房地产企业融资模式研究.docVIP

房地产论文：我国房地产企业融资模式研究 【中文摘要】房地产业是我国的支柱产业之一,是推动我国经济快速增长的产业之一,房地产业的健康稳定发展对我国经济的增长将产生深远的影响,房地产业的发展可以带动一系列相关产业的发展,为社会提供就业机会。房地产业是典型的资金密集型产业,有效解决该行业的融资问题是促进其健康发展的途径。我国房地产资金来源主要以银行贷款为主,其他金融方式如上市融资、信托融资、债券融资以及基金融资等占比例较小,融资结构比较单一。近几年,政府出台的一系列金融信贷政策,提高了房地产企业贷款的门槛,提高了房地产企业的自有资金比例,加上2008年次贷危机诱发的金融危机,使得一半以上的房地产企业面临资金链断裂之患,迫使房地产企业调整资本结构,积极寻找新的融资渠道。本文首先对我国房地产业的发展中遇到的问题进行了阐述,并由此引出本文的研究是解决房地产企业融资问题。接着介绍了房地产融资模式的理论基础——资本结构理论和有效市场理论,然后分析了我国房地产行业发展状况及融资现状,找出房地产企业融资存在的问题,并深入分析了房地产企业融资问题的根源,最后根据资本结构理论,在资本结构最优化(加权平均资本成最低)的框架内,建立了房地产企业的融资模型,提出了房地产企业的融资模式。通过论证研究,本文旨在消化国家宏观金融政策变动的冲击,化解房地产开发企业资金链断裂危机,解决当前房地产企业融资渠道单一的问题,帮助它们找到一条可行多元化融资优化模式,以实现企业的可持续发展。本文的创新之处是在资本结构的框架内研究了房地产企业的融资模式；不但根据企业价值最大化理论建立了房地产企业的融资模型；还探讨了房地产企业融资的政治成本。 【英文摘要】The industry of real estate is one of pillar industries in our country, is to promote rapid economic growth in one industry. Healthy and stable development of the real estate industry on China抯 economic growth will have a profound impact. Real estate development can promote the development of a series of related industries, providing employment opportunities for the community. Real estate is a typical capital-intensive industry. Effective solution to the problem of financing the industry is the way to promote their healthy development.China抯 real estate financing to bank loans mainly dominated other financial means such as public finance, trust financing, bond financing and financing account for the proportion of smaller funds, financing structure is simple. In recent years, the government introduced a series of financial and credit policy, raised the threshold of real estate business loans. Real estate enterprises increased the proportion of own funds, coupled with 2008 subprime crisis-induced financial crisis, made more than half real estate finance companies face the risk of strand breaks, forcing the real estate enterprises to adjust the capital structure, and actively seek new financing channels.Firstly, the development of China抯 real estate problems were desc