本文關鍵詞：琿春市鼎力房地產開發公司融資路徑研究　出處：《吉林大學》2014年碩士論文　論文類型：學位論文

  更多相關文章： 中小房地產企業 融資路徑 內源融資 債權融資 股權融資

【摘要】：自1998年房改以來，，我國房地產行業經過了十多年的高速發展，房地產開發的隊伍不斷擴大，為提高國家競爭力發揮了無法忽視的作用。房地產在國民經濟中的地位越來越重要，房地產是國民經濟發展的支柱產業，其發展的快速與否決定了我國經濟的增長方式、就業結構、收入水平和在國際中的競爭地位。房地產行業的發展帶動了其他相關行業的快速發展，由此可見，在現階段，加大房地產行業的投入，保持其健康穩定的發展，將對宏觀經濟的整體發展有著重要的意義。 房地產行業的快速發展需要源源不斷的資金支持，房地產業需要很大的前期投入，投資周期長，資金回流速度慢，房地產投資風險大。我國金融體系建設不夠完善，缺乏為中小房地產企業提供服務的中小金融機構，金融機構的金融產品單一，中小房地產的貸款融資渠道有限。在資本市場上進行直接融資有著較高的門檻，對融資企業的規模、盈利能力和償債能力有著較高的要求。中小房地產企業的規模較小，盈利不穩定，難以達到資本市場融資的門檻要求。因此，與其他行業不同，房地產行業面臨著更嚴峻的融資難題。 琿春市鼎力房地產公司是位于琿春市的一家民營企業，公司的主營業務是從事地產的開發和銷售。公司成立時間短，規模小，盈利不穩定，是一家典型的中小房地產公司。基于以上分析，本文以琿春市鼎力房地產公司為例，分析了中小房地產企業的融資路徑現狀及存在的問題。分析結果顯示，鼎力房地產公司目前主要依賴于內源融資，外源融資受限。在外部融資路徑中，鼎力房地產公司首選債權融資方式，且融資方式單一，主要依靠商業信用貸款的方式。鼎力房地產公司不能在資本市場上直接進行融資，股權融資路徑受到了很大的限制。導致鼎力房地產公司融資路徑存在問題的原因不僅僅限于公司自身存在的問題，我國金融機構體系不夠完善和創業板資本市場的建設存在問題是導致鼎力房地產公司融資難題的又一重要問題。因此，為了擴寬鼎力房地產公司的融資渠道，我國應加強中小金融扶持體系的建設，為中小房地產企業的發展設立發展基金，成立中小房地產企業信用擔保體系。同時，我國應完善現有創業板資本市場的建設，擴寬創業板資本市場上市公司的行業涵蓋范圍，吸引更多具有潛力的中小房地產企業進入創業板資本市場進行直接融資。 前人關于融資路徑分析的研究多局限于中小企業總體，沒有限定行業。本文在分析時，以房地產行業為研究對象，并以琿春市鼎力房地產公司為實例，研究比較具體，能為我國中小房地產企業的發展提供一定參考意義。
[Abstract]:Since 1998, housing reform, China's real estate industry after more than 10 years of rapid development, real estate development team continues to expand, play an increasingly important role in improving national competitiveness. The real estate is becoming more and more important in the national economy, the real estate is the pillar industry of the national economy, its rapid development and determines whether or not China's economic growth, employment structure, income level and in the international competitive position. The development of the real estate industry has driven the rapid development of other related industries, thus, at this stage, real estate industry investment, to maintain the healthy and stable development, the overall development of the macro economy has the vital significance.
The rapid development of the real estate industry Everfount need financial support, the real estate industry needs a lot of upfront investment, long investment cycle, slow capital return, the real estate investment risk. The construction of China's financial system is not perfect, the lack of small and medium-sized financial institutions provide services for small and medium-sized real estate enterprises, financial institutions, financial products single small and medium-sized real estate loans, financing channels are limited. There is a higher threshold for direct financing in the capital market, the financing of the enterprise scale, profitability and solvency have higher requirements. Small and medium-sized real estate enterprises in small scale, profitability is not stable, it is difficult to reach the threshold of capital market financing requirements. Therefore, different from other industries, the real estate industry is facing more serious financing problems.
Hunchun Dingli Real Estate Company is a private enterprise located in Hunchun City, the main business of the company is engaged in real estate development and sales. The company set up a short time, small scale, profitability is not stable, is a typical small and medium-sized Real Estate Company. Based on the above analysis, this paper takes Hunchun Dingli Real Estate Company as an example, analyzes the financing path the current situation of small and medium-sized real estate enterprises and the existing problems. The analysis results show that the full Real Estate Company currently rely mainly on internal financing, external financing is limited. In the external financing path, their first choice of Real Estate Company debt financing, and the financing way is single, mainly rely on commercial credit. Their Real Estate Company can not direct financing in the capital market on the path of equity financing has been greatly restricted. In their Real Estate Company financing path of the reasons of the problems not only Only the company's own problems, the construction of China's financial system is not perfect and the GEM market capital problems is another important cause of problems to the financing problems of Real Estate Company. Therefore, in order to broaden their financing channels of the Real Estate Company, China should strengthen the construction of small and medium-sized financial support system, set up a development fund for the development of small and medium-sized real real estate enterprises, the establishment of credit guarantee system for small and medium-sized real estate enterprises. At the same time, China should improve the construction of the existing gem capital market, widening the gem capital market of Listed Companies in the industry scope, attract more potential small and medium-sized real estate enterprises to enter the gem capital market for direct financing.
Study on financing path analysis is limited to small and medium-sized enterprises of previous overall, not limited to industry. Based on the analysis, the real estate industry as the research object, and takes Hunchun city as an example to study their Real Estate Company, more specific, can provide a reference for the development of China's small and medium-sized real estate enterprises.

【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F299.233.4;F275

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本文編號：1371691