房地产企业融资方式研究
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摘要
房地产业作为国民经济支柱性产业,对国民经济的发展起着举足轻重的作用。同时房地产业是一个典型的资金密集型产业,充足的资金支持对房地产业的发展至关重要。我国房地产行业,自从1998年开始连续9年保持了增长远高于GDP增长的态势,国家为了在宏观上控制房地产泡沫的出现,出台了各项关于土地、金融等方面的政策法规,对房地产开发做了一定程度的限制,房地产企业的资金链面临着日益严峻的挑战。如何解决房地产业发展的资金瓶颈,已是每个房地产企业都面临的亟待解决的重大问题。目前,我国的房地产企业主要依靠银行贷款解决资金需求,有少量的大型企业开始上市融资。但是,仅仅以这两种方式不能很好的解决房地产企业的资金需求,尤其是对于中小房地产企业更是如此。于是房地产基金、房地产投资信托以及其他金融创新应运而生。
本文通过对房地产业自身特点和对房地产业有较大影响的相关因素进行全面的研究,论述了现今国内房地产企业融资的方式渠道及各自特点。通过对当前房地产企业融资特点进行深入的分析和科学的论证,采用系统的,发展的观点,阐述了我国房地产企业目前存在的诸多问题,并提出了改进融资策略的建议。并通过分析各种主要融资方式的优缺点、政策约束和成本,总结出,房地产企业必须采取多元化的融资方式,根据不同的生命周期阶段来选择合适自己企业的融资方式,这样才能更好的解决融资困难的问题。
The Realty Industry plays an important role in the development of economy in our nation. Meanwhile, it is a typical capital-intensive industry where the key point lies in enough capital. Since the year of 1998, the increase of Chinese Realty Business has been much more than its GDP for nine years. In order to control the Realty Business Bubble, the nation issues various regularities and policies on tract and finance to limit the financial exploit. The chain funds of Realty Business face baptism. Solution of the problems mentioned before in terms of the development of Realty Business has been of significant for corporations. However, only two ways of solutions cannot satisfy the requirement of capital especially for small and medium scaled corporations. As a result, there come the Real Estate Fund, Real Estate Investment Trust and other financial innovations.
This thesis analyzes the characters of Realty Business and relevant elements, and expedites the financing channels in nation in present time. Through analyzing the present features of Realty Business from systematic and developing point of view, the thesis expounded several problems in Real Estate Enterprises now, and make recommendations in Financial Policies. At last, by analyzing kinds of financing regularities and policies, the conclusion is drawn that the Realty Business should finance in different ways and choose appropriate financing ways in accordance with different situations which will solve the problems.
本文通过对房地产业自身特点和对房地产业有较大影响的相关因素进行全面的研究,论述了现今国内房地产企业融资的方式渠道及各自特点。通过对当前房地产企业融资特点进行深入的分析和科学的论证,采用系统的,发展的观点,阐述了我国房地产企业目前存在的诸多问题,并提出了改进融资策略的建议。并通过分析各种主要融资方式的优缺点、政策约束和成本,总结出,房地产企业必须采取多元化的融资方式,根据不同的生命周期阶段来选择合适自己企业的融资方式,这样才能更好的解决融资困难的问题。
The Realty Industry plays an important role in the development of economy in our nation. Meanwhile, it is a typical capital-intensive industry where the key point lies in enough capital. Since the year of 1998, the increase of Chinese Realty Business has been much more than its GDP for nine years. In order to control the Realty Business Bubble, the nation issues various regularities and policies on tract and finance to limit the financial exploit. The chain funds of Realty Business face baptism. Solution of the problems mentioned before in terms of the development of Realty Business has been of significant for corporations. However, only two ways of solutions cannot satisfy the requirement of capital especially for small and medium scaled corporations. As a result, there come the Real Estate Fund, Real Estate Investment Trust and other financial innovations.
This thesis analyzes the characters of Realty Business and relevant elements, and expedites the financing channels in nation in present time. Through analyzing the present features of Realty Business from systematic and developing point of view, the thesis expounded several problems in Real Estate Enterprises now, and make recommendations in Financial Policies. At last, by analyzing kinds of financing regularities and policies, the conclusion is drawn that the Realty Business should finance in different ways and choose appropriate financing ways in accordance with different situations which will solve the problems.
引文
1龙胜平.房地产金融与投资.高等教育出版社.1998: 10~12 30 42~45 70~80
2张占录.房地产筹资运作与实例.中国物资出版社.2006: 60~61
3金学惠.宏观调控政策对房地产融资市场的影响.上海房地.2006.12: 43
4王希迎.房地产企业融资新解.中国经济出版社.2005: 5
5赵红英.当前房地产开发融资问题之探讨.中国房地产金融.2001,02:20~23
6 D.Durand. Cost of Debt and Equily Funds for Business: Trends and Problems of Measurement" In Conference on Research On Business Finance. New York: National Bureau of Economic Research.1952.
7 Mayers.S And N.S.Majluf. Corporate Financing and Investment Decision When Firms Have Information That Investors Do Not Have. Journal of Financial Economics. 13.June.1984.
8郭松克.企业融资学.河南人民出版.2002:44
9 Stephen A.Ross,Randolph W.Westerfield,Jeffrey F.Jaffe,Corporate Finance, 4th, McGraw-Hill Companies, 1996: 45~50
10 Townsend,Robert M. Optimal Contracts and Competitive Markets with Costly State Verification. Journal of Economic Theory.1979.21:265~293.
11沙维德.房地产融资概论.上海人民出版社, 1995:6
12 William B.Brueggeman,Jelfrey D.Fisher.Real Estate Finance and Investment.机械工业出版社.2003
13 Frederic S.Mishkin, Stanley G Earkins.Financial Markets and Institutions, 3/e.清华大学出版社.2001
14 Cotterman, Robert F. The Effects of Federal Minimum Wages on the Industrial Distribution of Teenager Employment.The Economics of Legal Minimum Wages.Edited by Simon Rottenberg, Washington, DC:American Enterprise Institute 1981:42~59
15苏品.房地产融资的良方—房地产信托.城市开发.2005,07:68~69
16尹中立.房地产基金在地产融资中颇受关注.投资北京.2004,11:79
17李勇,刘雯惜.试论海外房地产基金在中国的发展.基建优化.2005,01:65~67
18张育才,衰新胜,王金海.房地产融资捷径—“壳”之路.中国房地信息.2004,11:54-56
19巫文勇.从国外房地产融资模式看我国房地产金融证券化.世纪桥.2005,03:96~97
20董文华.浅议房地产融资租赁.中国房地产.2004,02:60~61
21王学东.商业房地产项目融资与运营管理.商业时代.2004,15:18~19
22孙翠兰.我国房地产融资方式的比较、选择与调整.金融论坛.2005,10:47~50
23王希迎,丁建臣,陆桂娟.房地产企业融资新解[M].中国经济出版社.2005:33
24 F.Modinliani and M.H.Miller. The Cosl of Capital, Corporation Finance and the Investment.American Economic Review.June.,1958:58~61
25 F.Modinliani and M.H.Miller. Corporate Income Taxes and the Cost of Capital: A Correction.American Economic Review.June.,1963:98~102
26卢福财.企业融资效率分析[M].经济管理出版社,2001: 18
27万江,郭丹.现代企业融资方式与技巧.西南财经大学出版社.2006:78~84
28徐慧琴,龚道新.企业家经营能力与企业生命周期.工业技术经济. 2006,06:54
29张涛,龙卓平.中国房地产融资渠道和投资方式的完善与发展.中国房地产金融.2005,07: 27~29
30周江,刘芳名.建立我国房地产多元化融资机制.中国房地产金融,2005.03:71
31丁行政.中国房地产金融存在的主要问题与对策.中国房地产金融. 2004,07: 68
32尹伯成等.房地产金融学概论[M].复旦大学出版社,2000:83~84
33潘爱青.房地产融资问题研究.科技创业月刊2006.07: 29
34 Terrence M. Clauretie, G..Stacy Sirmans. Real Estate Finace:Theory and Practice,prentice ball inc.1992: 66~67
35李健飞,王晶.宏观调控背景下的房地产金融创新[J].宏观经济研究,2005,03:43
36刘斌.拓宽直接融资渠道探析.中国金融.2003,03: 30~32
37李志宾.房地产融资几种新渠道研究.商场现代化2006. 12: 195
38徐妥夫.房地产企业创新融资方式探讨.高科技产业. 2006,03: 75~77
39文时萍.我国房地产投资基金创新意义[J].企业经济,2004,07:18~21
40张超.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.2005,07: 36~37
41毕星,冯克茹ABS一种新的房地产融资方式城市房地产业2007.03: 66-68
42穆宝敏.中国房地产证券化初探.投资研究.2003: 45
43徐一千.房地产金融.化工出版社.2005: 56
44李媛.金融调控下拓宽房地产企业融资渠道的探讨.经济论坛.2006,13:57~59
45沈超群.房产新政下房地产金融政策调控的思考.国土资源导刊.2006,01: 68~69
46何远秀,赵光洲.新形势下房地产开发企业面临的挑战及对策分析.经济问题探.2005,07: 91~92
47 T.L.Satty.A scale method for priorities in hierarchical structures[J].Journal of mathematical psychology,1977,15:234~281
48 T.L.Satty. Decision Makinn for Leasers,Wodsworth Inc. Belmont. Calfornia. 1982:167~171
49梁莱歆,黄振丰,吴振荣.基于企业生命周期的中美高科技上市公司融资结构比较研究.管理现代化.2005.01: 33~37
50韩志成.企业双主体生命周期与经营者激励机制研究.南京航空航天大学.2005:41~45
51谢国珍.基于企业生命周期的财务战略选择.中国农业会计. 2006,06: 68~70
52涂建明.创业企业生命周期中的经营与财务.现代企业. 2003,10:64~66
53何兰英,盛秋生,王春燕.企业生命周期各阶段的财务特点与财务管理要求.理论观察.2005,06:32~35
54范如国.企业并购理论.武汉大学出版社,2003: 98
55王新军,胡歇庄.香港的房地产融资方式及借鉴.上海经济研究,2005,10: 107
56 Harris, Miltonand Raviv, Artur. A Sequential Signaling Model of Convertible Debt Call Policy. Journal of finance,40,No5,1985:1263~1281
57 Wiedemer, Johnp. Real estate finance—6thed,Prentice Hall,1990:132~135
58 Rubinmstein,Mark. A Mean Variance Synthesis of corporate Financial Theory. Joural of finance,28,No1,1993:167~182
59 Narayanan.M. Debt Versus Equity under A symmetric Information. Jourmalof financial and quantitative analysis,23,No1,2003: 39~52
2张占录.房地产筹资运作与实例.中国物资出版社.2006: 60~61
3金学惠.宏观调控政策对房地产融资市场的影响.上海房地.2006.12: 43
4王希迎.房地产企业融资新解.中国经济出版社.2005: 5
5赵红英.当前房地产开发融资问题之探讨.中国房地产金融.2001,02:20~23
6 D.Durand. Cost of Debt and Equily Funds for Business: Trends and Problems of Measurement" In Conference on Research On Business Finance. New York: National Bureau of Economic Research.1952.
7 Mayers.S And N.S.Majluf. Corporate Financing and Investment Decision When Firms Have Information That Investors Do Not Have. Journal of Financial Economics. 13.June.1984.
8郭松克.企业融资学.河南人民出版.2002:44
9 Stephen A.Ross,Randolph W.Westerfield,Jeffrey F.Jaffe,Corporate Finance, 4th, McGraw-Hill Companies, 1996: 45~50
10 Townsend,Robert M. Optimal Contracts and Competitive Markets with Costly State Verification. Journal of Economic Theory.1979.21:265~293.
11沙维德.房地产融资概论.上海人民出版社, 1995:6
12 William B.Brueggeman,Jelfrey D.Fisher.Real Estate Finance and Investment.机械工业出版社.2003
13 Frederic S.Mishkin, Stanley G Earkins.Financial Markets and Institutions, 3/e.清华大学出版社.2001
14 Cotterman, Robert F. The Effects of Federal Minimum Wages on the Industrial Distribution of Teenager Employment.The Economics of Legal Minimum Wages.Edited by Simon Rottenberg, Washington, DC:American Enterprise Institute 1981:42~59
15苏品.房地产融资的良方—房地产信托.城市开发.2005,07:68~69
16尹中立.房地产基金在地产融资中颇受关注.投资北京.2004,11:79
17李勇,刘雯惜.试论海外房地产基金在中国的发展.基建优化.2005,01:65~67
18张育才,衰新胜,王金海.房地产融资捷径—“壳”之路.中国房地信息.2004,11:54-56
19巫文勇.从国外房地产融资模式看我国房地产金融证券化.世纪桥.2005,03:96~97
20董文华.浅议房地产融资租赁.中国房地产.2004,02:60~61
21王学东.商业房地产项目融资与运营管理.商业时代.2004,15:18~19
22孙翠兰.我国房地产融资方式的比较、选择与调整.金融论坛.2005,10:47~50
23王希迎,丁建臣,陆桂娟.房地产企业融资新解[M].中国经济出版社.2005:33
24 F.Modinliani and M.H.Miller. The Cosl of Capital, Corporation Finance and the Investment.American Economic Review.June.,1958:58~61
25 F.Modinliani and M.H.Miller. Corporate Income Taxes and the Cost of Capital: A Correction.American Economic Review.June.,1963:98~102
26卢福财.企业融资效率分析[M].经济管理出版社,2001: 18
27万江,郭丹.现代企业融资方式与技巧.西南财经大学出版社.2006:78~84
28徐慧琴,龚道新.企业家经营能力与企业生命周期.工业技术经济. 2006,06:54
29张涛,龙卓平.中国房地产融资渠道和投资方式的完善与发展.中国房地产金融.2005,07: 27~29
30周江,刘芳名.建立我国房地产多元化融资机制.中国房地产金融,2005.03:71
31丁行政.中国房地产金融存在的主要问题与对策.中国房地产金融. 2004,07: 68
32尹伯成等.房地产金融学概论[M].复旦大学出版社,2000:83~84
33潘爱青.房地产融资问题研究.科技创业月刊2006.07: 29
34 Terrence M. Clauretie, G..Stacy Sirmans. Real Estate Finace:Theory and Practice,prentice ball inc.1992: 66~67
35李健飞,王晶.宏观调控背景下的房地产金融创新[J].宏观经济研究,2005,03:43
36刘斌.拓宽直接融资渠道探析.中国金融.2003,03: 30~32
37李志宾.房地产融资几种新渠道研究.商场现代化2006. 12: 195
38徐妥夫.房地产企业创新融资方式探讨.高科技产业. 2006,03: 75~77
39文时萍.我国房地产投资基金创新意义[J].企业经济,2004,07:18~21
40张超.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.2005,07: 36~37
41毕星,冯克茹ABS一种新的房地产融资方式城市房地产业2007.03: 66-68
42穆宝敏.中国房地产证券化初探.投资研究.2003: 45
43徐一千.房地产金融.化工出版社.2005: 56
44李媛.金融调控下拓宽房地产企业融资渠道的探讨.经济论坛.2006,13:57~59
45沈超群.房产新政下房地产金融政策调控的思考.国土资源导刊.2006,01: 68~69
46何远秀,赵光洲.新形势下房地产开发企业面临的挑战及对策分析.经济问题探.2005,07: 91~92
47 T.L.Satty.A scale method for priorities in hierarchical structures[J].Journal of mathematical psychology,1977,15:234~281
48 T.L.Satty. Decision Makinn for Leasers,Wodsworth Inc. Belmont. Calfornia. 1982:167~171
49梁莱歆,黄振丰,吴振荣.基于企业生命周期的中美高科技上市公司融资结构比较研究.管理现代化.2005.01: 33~37
50韩志成.企业双主体生命周期与经营者激励机制研究.南京航空航天大学.2005:41~45
51谢国珍.基于企业生命周期的财务战略选择.中国农业会计. 2006,06: 68~70
52涂建明.创业企业生命周期中的经营与财务.现代企业. 2003,10:64~66
53何兰英,盛秋生,王春燕.企业生命周期各阶段的财务特点与财务管理要求.理论观察.2005,06:32~35
54范如国.企业并购理论.武汉大学出版社,2003: 98
55王新军,胡歇庄.香港的房地产融资方式及借鉴.上海经济研究,2005,10: 107
56 Harris, Miltonand Raviv, Artur. A Sequential Signaling Model of Convertible Debt Call Policy. Journal of finance,40,No5,1985:1263~1281
57 Wiedemer, Johnp. Real estate finance—6thed,Prentice Hall,1990:132~135
58 Rubinmstein,Mark. A Mean Variance Synthesis of corporate Financial Theory. Joural of finance,28,No1,1993:167~182
59 Narayanan.M. Debt Versus Equity under A symmetric Information. Jourmalof financial and quantitative analysis,23,No1,2003: 39~52