某房地产企业资本结构优化策略分析.doc

字数：18948

摘要
随着我国金融市场的完善和房地产市场的逐渐发展，房地产企业资本结构优化受到越来越多的关注。资金是企业的血液，特别是房地产企业具有资金需求量大和到位时间要求高等特点，融资活动就显得尤为重要。融资决策是房地产项目前期策划的重要内容，也是房地产企业财务管理的重点。目的在于寻找和确定最优融资方案解决房地产开发中的资金问题。房地产企业的融资方案直接影响着项目的风险大小与获利水平的高低，因此研究如何通过科学的决策方式来确定最终融资方案，对资本结构的优化具有重要的现实意义。
本文以当前房地产业发展的客观事实为分析背景，首先对房地产业的发展进行阐述并提出问题，分析国内外发展现状，对资本结构与融资、资本结构与融资决策的关系进行研究；其次，探讨了我国房地产企业传统的融资渠道和新近出现的融资渠道，分析国外房地产企业融资渠道，在此基础上分析我国房地产企业资本结构现状和我国房地产企业资本结构优化运营模式，并研究资本结构影响因素和融资风险；最后以江苏明伟置业为例，分析明伟置业的融资情况，并以具体的房地产企业融资为例进行研究，分析该项目的资本结构以及如何选择融资方案并优化资本结构。
关键词  房地产企业；融资决策；融资组合；资本结构

Abstract
With the improvement of China's financial markets and the progressive development of the real estate market, real estate corporate finance activities are more and more attention. The blood of the enterprise funds, in particular, the demand for real estate companies with capital   requirements of large and advanced features in place of time, it is particularly important in financing activities. Real estate project financing decision is an important part of pre-planning, financial management is the focus of the real estate business. Aimed at finding and determine the best financing programs to address the funding problems in the real estate development. Financing real estate companies a direct impact on project risk level of size and profitability, so study how the decision-making through scientific approach to determine the final financing package, the optimization of capital structure has important practical significance.
    In this paper, the objective fact that the current real estate development background for the analysis, first described the development of the real estate industry and ask questions, analyze the development situation at home and abroad to introduce the Western theory of capital structure and financing, capital structure and financing, capital structure and Financing decision to study the relationship; Secondly, we explore the traditional financing of real estate enterprises and newly emerging channels of financing, analysis of foreign real estate financing channels for enterprises, on this basis, analysis of the status of the real estate business and our real estate capital structure Optimization of capital structure business model and study the capital structure and financing risk factors; Finally, Jiangsu Mingwei examples reasoning of real estate company capital structure optimization is to maximize the enterprise value of the research financing, analysis of the project's capital structure, financing options and choose Optimize the capital structure.

Keywords   Real estate   Financing decision   Financing portfolio   Capital Structure
 
目       录
摘要 I
Abstract II
1 绪论 3
1.1 研究的背景及意义 3
1.1.1 研究的背景 3
1.1.2 研究的意义 4
1.2 国内外研究现状 4
1.2.1 国外研究现状 4
1.2.2 国内研究现状 5
1.3 研究内容与方法 6
1.3.1 研究对象与范围 6
1.4 技术路线图 7
2 我国房地产企业资本结构与融资现状分析 8
2.1 房地产资本结构基本理论 8
2.1.1 相关概念的界定 8
2.1.2 资本结构与融资结构的区别和联系 8
2.2 房地产企业融资总体概况 8
2.3 房地产企业融资主要存在的问题 9
2.4 房地产企业融资方式 10
3 我国房地产企业融资渠道的研究 14
3.1 融资的分类 14
3.2 债权融资 15
3.3 自有资金 15
3.4 股权融资 15
3.5 债券融资 16
3.6 预收款 16
4 资本结构影响因素及资本结构优化 18
4.1.1 影响融资的主要因素 18
4.1.2 融资风险分析 19
4.2.1 政府政策 19
4.2.2 利率 20
4.2.3 房地产企业的获利能力 20
4.2.4 房地产企业的信用等级 20
4.3.1 各单项筹资方式的资金成本率 20
4.3.2 综合筹资成本率 21
4.3.3 杠杆效应 22
5.2.1 资本结构分析 28