我国房地产企业融资分析
|
摘要
房地产作为国民经济的支柱产业，需要大量的资金投入。我国房地产企业的特点是规模小、资源分散、社会资源低效使用，与其资金密集型的行业特点极不相适应，与国外同行业相比差距较大。
目前，我国大多数开发商以 “滚动开发”模式运作，资金来源以银行信贷为主，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，融资格局较为单一，很容易受到宏观政策和经济环境的影响。2003年央行121号文件下发后，央行银根紧缩使得一半以上的房地产企业面临资金链断裂之患，甚至面临出局的危险。传统的融资形式已不能满足房地产开发所需要的资金，在国内金融市场还未完全开放的条件下，房地产业如何拓展新的融资渠道，成为关系到其生存和发展的头等大事。
目前，房地产界和金融界都在认真思考如何拓宽房地产融资渠道的问题。房地产企业在实际运作中开始从过去的主要依靠银行贷款，转向上市、海外融资、企业债券、股权融资、房地产信托等多种途径。与此同时，理论界也对房地产融资创新各抒己见，房地产金融资本已成为房地产业界关心的首要问题。
本文针对当前房地产企业融资中存在的问题进行研究。通过阐述房地产及其资金运用方面的特点，分析房地产企业融资的概念和分类；对我国房地产企业融资进行了历史回顾与特征分析，并对国内外
房地产企业融资方式进行比较；探讨了房地产企业融资方式的概念、特点和现状；指出多渠道筹资房地产资金可以解决大量资金需求和分散风险，筹集房地产资金必须考虑筹资规模、时机、企业的利益和投资者的权益、资金来源结构等方面的因素；对房地产企业上市融资进行了回顾，分析了房地产上市公司及其融资的特点和必要性，并提出房地产企业选择上市融资的建议；介绍项目融资及其特点，分析项目融资在房地产业的独特优势、房地产开发项目融资决策；最后，对房地产企业融资进行展望并提出一些建议。
As the backbone of national economy, the industry of real estate requires considerable investment. The characteristics of real estate companies in China mainly include the following aspects: their business scopes are relatively small; their operation resources are separated; their social resources are utilized with poor efficiency. Recent situation of real estate industry in China does not accommodate its characteristic of capital denseness. Compared to the situation of foreign real estate industry, Chinese real estate companies have a long way to go.
Recently, most real estate developers in China adopt “Rolling Development” as their operation formats. Their capital resources are mainly from bank credit. Other financing methods include financing in the stock market, fiducial financing, bond financing and fund financing. The ratios of these financing methods are relatively small. Their financing structures are comparatively simple and are easily influenced by the macroscopical economy polices and economic environment. After the No. 121 Document of Central Bank was issued in 2003, the stringency policy of Central Bank put more than half of Chinese real estate companies in danger of capital lack, or even being washed out from competition. Conventional financing methods are not able to satisfy the capital requirements of recent real estate development. Since finance market in China is not fully open now, new financing methods of Chinese real estate companies will affect their competition, or even their survivals in the business sector
Presently, both the practitioners from real estate industry and finance industry have been considering the problem of how to find more approaches of real estate financing. In real practice, real estate companies had not depended on bank loans as its main financing approaches. They turned to other new financing approaches such as stock market financing, overseas financing, enterprise bond, shares right financing, and real estate trust and so on. Meanwhile, researchers have suggested several ways of innovation in real estate financing. Financial capital has been the principal problem
faced by real estate industry.
Through addressing the characteristics of real estate industry in China and its financing approaches, this research analyzes the concepts and classification of the financing approaches of Chinese real estate companies. This research also reviews the history of financing approaches of Chinese real estate industry and analyzes their characteristics. A comparison between various financing approaches of Chinese and foreign real estate companies is also included in this research. By thoroughly exploring the concepts, characteristics and current situation of various real estate companies, this research indicates that multi-channel financing is able to satisfy the considerable capital requirement and disperse risks. Real estate financing must consider factors such as financing scope, occasion, company profit and investor’s rights and interests, as well as capital resource and structure. This research also reviews the real estate financing in stock market and analyzes the characteristics and necessity of real estate companies listed in the stock market. Furthermore, this research gives suggestions on financing in the stock market of real estate companies. This research also introduces project finance and its characteristics. It also analyzes its unique advantages in real estate industry and decision-making of real estate project development. In the last part of this research, the author introduces her expectations and suggestions to the financing of real estate companies.
目前，我国大多数开发商以 “滚动开发”模式运作，资金来源以银行信贷为主，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，融资格局较为单一，很容易受到宏观政策和经济环境的影响。2003年央行121号文件下发后，央行银根紧缩使得一半以上的房地产企业面临资金链断裂之患，甚至面临出局的危险。传统的融资形式已不能满足房地产开发所需要的资金，在国内金融市场还未完全开放的条件下，房地产业如何拓展新的融资渠道，成为关系到其生存和发展的头等大事。
目前，房地产界和金融界都在认真思考如何拓宽房地产融资渠道的问题。房地产企业在实际运作中开始从过去的主要依靠银行贷款，转向上市、海外融资、企业债券、股权融资、房地产信托等多种途径。与此同时，理论界也对房地产融资创新各抒己见，房地产金融资本已成为房地产业界关心的首要问题。
本文针对当前房地产企业融资中存在的问题进行研究。通过阐述房地产及其资金运用方面的特点，分析房地产企业融资的概念和分类；对我国房地产企业融资进行了历史回顾与特征分析，并对国内外
房地产企业融资方式进行比较；探讨了房地产企业融资方式的概念、特点和现状；指出多渠道筹资房地产资金可以解决大量资金需求和分散风险，筹集房地产资金必须考虑筹资规模、时机、企业的利益和投资者的权益、资金来源结构等方面的因素；对房地产企业上市融资进行了回顾，分析了房地产上市公司及其融资的特点和必要性，并提出房地产企业选择上市融资的建议；介绍项目融资及其特点，分析项目融资在房地产业的独特优势、房地产开发项目融资决策；最后，对房地产企业融资进行展望并提出一些建议。
As the backbone of national economy, the industry of real estate requires considerable investment. The characteristics of real estate companies in China mainly include the following aspects: their business scopes are relatively small; their operation resources are separated; their social resources are utilized with poor efficiency. Recent situation of real estate industry in China does not accommodate its characteristic of capital denseness. Compared to the situation of foreign real estate industry, Chinese real estate companies have a long way to go.
Recently, most real estate developers in China adopt “Rolling Development” as their operation formats. Their capital resources are mainly from bank credit. Other financing methods include financing in the stock market, fiducial financing, bond financing and fund financing. The ratios of these financing methods are relatively small. Their financing structures are comparatively simple and are easily influenced by the macroscopical economy polices and economic environment. After the No. 121 Document of Central Bank was issued in 2003, the stringency policy of Central Bank put more than half of Chinese real estate companies in danger of capital lack, or even being washed out from competition. Conventional financing methods are not able to satisfy the capital requirements of recent real estate development. Since finance market in China is not fully open now, new financing methods of Chinese real estate companies will affect their competition, or even their survivals in the business sector
Presently, both the practitioners from real estate industry and finance industry have been considering the problem of how to find more approaches of real estate financing. In real practice, real estate companies had not depended on bank loans as its main financing approaches. They turned to other new financing approaches such as stock market financing, overseas financing, enterprise bond, shares right financing, and real estate trust and so on. Meanwhile, researchers have suggested several ways of innovation in real estate financing. Financial capital has been the principal problem
faced by real estate industry.
Through addressing the characteristics of real estate industry in China and its financing approaches, this research analyzes the concepts and classification of the financing approaches of Chinese real estate companies. This research also reviews the history of financing approaches of Chinese real estate industry and analyzes their characteristics. A comparison between various financing approaches of Chinese and foreign real estate companies is also included in this research. By thoroughly exploring the concepts, characteristics and current situation of various real estate companies, this research indicates that multi-channel financing is able to satisfy the considerable capital requirement and disperse risks. Real estate financing must consider factors such as financing scope, occasion, company profit and investor’s rights and interests, as well as capital resource and structure. This research also reviews the real estate financing in stock market and analyzes the characteristics and necessity of real estate companies listed in the stock market. Furthermore, this research gives suggestions on financing in the stock market of real estate companies. This research also introduces project finance and its characteristics. It also analyzes its unique advantages in real estate industry and decision-making of real estate project development. In the last part of this research, the author introduces her expectations and suggestions to the financing of real estate companies.
引文
[1] William B.Brueggeman，Jeffrey D.Fisher. 2003. Real Estate Finance And Investments
[2] 查尔斯·J·雅各布斯. 2003. 房地产职业导论. 经济科学出版社
[3] 贺志东. 2002. 房地产开发企业纳税筹划. 机械工业出版社
[4] 龙胜平. 1998. 房地产金融与投资. 高教出版社
[5] 张占录. 1998. 房地产筹资运作与实例.中国物资出版社
[6] 曹建元. 2003. 房地产金融. 上海财经大学出版社
[7] 程东跃. 2002. 金融租赁与企业融资. 中国财政经济出版社
[8] 方芳. 2003. 工程项目投资与融资. 上海财经大学出版社
[9] 张玉明. 2003. 资本结构优化与高新技术企业融资策略. 上海三联书店
[10] 于立君. 2003. 房地产会计. 机械工业出版社
[11] 包宗华. 2002. 住宅与房地产. 中国建筑工业出版社
[12] 戴德梁行房地产顾问（天津）有限公司. 2004. 房地产融资新渠道——房地产投资基金. 天津城市建设综合开发论文汇编
[13] 张红等. 2001. 房地产企业上市融资的回顾与展望. 中国房地产金融. 6
[14] 詹朝曦. 2002. 我国住房融资体制与国外模式比较. 湖南房地产. 11
[15] 詹朝曦. 2002. 我国住房融资机制与新、德、美模式比较. 企业经济. 12
[16] 应红. 2000. 中国住房金融的发展与改革的深化. 中国房地产金融. 5
[17] 孙家春. 1999. 进一步完善我国房地产融资的对策探讨. 中央财经大学学报. 4
[18] 刘晓君等. 2002. 构建我国多元化的住房融资模式的设想. 建筑经济. 8
[19] 于淑娟等. 2001. 房地产信贷问题的几点思考. 郑州工业大学学报（社会科学版）.9
[20] 张超. 2000. 房地产投资基金——推进房地产业发展的新亮点. 中国房地产金融.9
[21] 房地产亟需建立多元型的开发融资体系. 人民日报. 2002年11月22日
[22] 我国房地产业融资体系的发展趋势. 中外房地产导报. 2002年11月19日
[23] 翁少群等. 2003. 我国房地产上市公司债务融资水平分析.中国房地产金融
[24] 房地产企业如何实现融资结构多元化. 天津日报（经济周刊第17版）. 2004年4月30日
[25] 张伟明. 2001. 入世对我国房地产业及其上市公司的影响. 科技与企业. 10
[26] 施美程. 2004. 关于工程欠款的财务风险控制. 施工企业管理. 4
[2] 查尔斯·J·雅各布斯. 2003. 房地产职业导论. 经济科学出版社
[3] 贺志东. 2002. 房地产开发企业纳税筹划. 机械工业出版社
[4] 龙胜平. 1998. 房地产金融与投资. 高教出版社
[5] 张占录. 1998. 房地产筹资运作与实例.中国物资出版社
[6] 曹建元. 2003. 房地产金融. 上海财经大学出版社
[7] 程东跃. 2002. 金融租赁与企业融资. 中国财政经济出版社
[8] 方芳. 2003. 工程项目投资与融资. 上海财经大学出版社
[9] 张玉明. 2003. 资本结构优化与高新技术企业融资策略. 上海三联书店
[10] 于立君. 2003. 房地产会计. 机械工业出版社
[11] 包宗华. 2002. 住宅与房地产. 中国建筑工业出版社
[12] 戴德梁行房地产顾问（天津）有限公司. 2004. 房地产融资新渠道——房地产投资基金. 天津城市建设综合开发论文汇编
[13] 张红等. 2001. 房地产企业上市融资的回顾与展望. 中国房地产金融. 6
[14] 詹朝曦. 2002. 我国住房融资体制与国外模式比较. 湖南房地产. 11
[15] 詹朝曦. 2002. 我国住房融资机制与新、德、美模式比较. 企业经济. 12
[16] 应红. 2000. 中国住房金融的发展与改革的深化. 中国房地产金融. 5
[17] 孙家春. 1999. 进一步完善我国房地产融资的对策探讨. 中央财经大学学报. 4
[18] 刘晓君等. 2002. 构建我国多元化的住房融资模式的设想. 建筑经济. 8
[19] 于淑娟等. 2001. 房地产信贷问题的几点思考. 郑州工业大学学报（社会科学版）.9
[20] 张超. 2000. 房地产投资基金——推进房地产业发展的新亮点. 中国房地产金融.9
[21] 房地产亟需建立多元型的开发融资体系. 人民日报. 2002年11月22日
[22] 我国房地产业融资体系的发展趋势. 中外房地产导报. 2002年11月19日
[23] 翁少群等. 2003. 我国房地产上市公司债务融资水平分析.中国房地产金融
[24] 房地产企业如何实现融资结构多元化. 天津日报（经济周刊第17版）. 2004年4月30日
[25] 张伟明. 2001. 入世对我国房地产业及其上市公司的影响. 科技与企业. 10
[26] 施美程. 2004. 关于工程欠款的财务风险控制. 施工企业管理. 4