房地产企业融资方式比较分析
|
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。房地产业开发投资规模大、周期长、房地产价值昂贵等特点使得开发、投资需要的资金量巨大,而我国房地产金融市场还不够完善,房地产金融产品很少,主要依赖于银行贷款,房地产融资相对困难,导致房地产投资的市场风险和融资信用风险高度集中于商业银行。如何解决好房地产融资问题已经成为房地产企业的当务之急。
本文理论联系实际、案例研究、实证分析、比较分析的方法,提出了我国房地产企业在当前的经济形势下融资方面出现的主要问题,并分析了产生这些问题的原因。文章首先通过企业融资的相关理论知识,从分析我国房地产商的融资现状入手,寻找金融创新的可行之路;然后研究了上市公司WKE和中小型公司DC公司以往和正在寻求的融资渠道,分析并总结了WKE成功的资本融资带来企业高速发展的成因,对比了DC公司一项融资请求遭拒的实例,提出房地产商在不同的生命周期中应采取不同的融资策略。最后,提出了改善我国房地产商单一的融资渠道的几条建议。从论文中可以看出,金融创新无论是上市公司还是中小型公司,都是迫切可求的,特别是中小型房地产商,面临被重组或是“洗牌出局”的危机,当然,大浪淘沙,从企业实际出发,融资成功的企业才有可能生存下去。
Housing industry pays a very critical role in a country’s economy. It is an intensive capital needed industry. Sometime, money even can talk. Capital collection is very important for the housing investors due to housing needs huge investment especially when the land cost is very high and the ROI is very long. Recently, Chinese housing financing is prospering but it is still far away from being mature compared with that of the well developed countries. Its major capital is from the commercial banks which causes the commercial banks are running a super high risk of market and credit. How to well settle the method of collecting capital for housing industry is very critical in modern world. This paper reveals the issues recently existed in the housing capital collection area and analyzes their root cause with the help of case study, comparison analysis, real practicing etc.
This paper firstly uses relevant capital collection theory and the analysis of our current capital collection situation to find the feasible way of innovative financing. Then, it proposes a theory that capital strategy should be changed based on different life cycle. This proposal was got with the help of studying cases of Vanke and DC (Vanke has been prospering due to the successful capital collection while DC’s application was declined again and again)
At last, it proposes several ways for bettering our current sole capital collection situation. This paper also reveals that financial invocation is super critical to no matter public or middle/small size companies. All the housing companies especially the middle or small size ones will be facing a risk of being shuffled again. Only can the one who has the capital collection issue well settled survive.
本文理论联系实际、案例研究、实证分析、比较分析的方法,提出了我国房地产企业在当前的经济形势下融资方面出现的主要问题,并分析了产生这些问题的原因。文章首先通过企业融资的相关理论知识,从分析我国房地产商的融资现状入手,寻找金融创新的可行之路;然后研究了上市公司WKE和中小型公司DC公司以往和正在寻求的融资渠道,分析并总结了WKE成功的资本融资带来企业高速发展的成因,对比了DC公司一项融资请求遭拒的实例,提出房地产商在不同的生命周期中应采取不同的融资策略。最后,提出了改善我国房地产商单一的融资渠道的几条建议。从论文中可以看出,金融创新无论是上市公司还是中小型公司,都是迫切可求的,特别是中小型房地产商,面临被重组或是“洗牌出局”的危机,当然,大浪淘沙,从企业实际出发,融资成功的企业才有可能生存下去。
Housing industry pays a very critical role in a country’s economy. It is an intensive capital needed industry. Sometime, money even can talk. Capital collection is very important for the housing investors due to housing needs huge investment especially when the land cost is very high and the ROI is very long. Recently, Chinese housing financing is prospering but it is still far away from being mature compared with that of the well developed countries. Its major capital is from the commercial banks which causes the commercial banks are running a super high risk of market and credit. How to well settle the method of collecting capital for housing industry is very critical in modern world. This paper reveals the issues recently existed in the housing capital collection area and analyzes their root cause with the help of case study, comparison analysis, real practicing etc.
This paper firstly uses relevant capital collection theory and the analysis of our current capital collection situation to find the feasible way of innovative financing. Then, it proposes a theory that capital strategy should be changed based on different life cycle. This proposal was got with the help of studying cases of Vanke and DC (Vanke has been prospering due to the successful capital collection while DC’s application was declined again and again)
At last, it proposes several ways for bettering our current sole capital collection situation. This paper also reveals that financial invocation is super critical to no matter public or middle/small size companies. All the housing companies especially the middle or small size ones will be facing a risk of being shuffled again. Only can the one who has the capital collection issue well settled survive.
引文
[1]密桦.我国中小企业融资面临的困境及其对策研究.华中师范大学, 2005
[2]陈国红.全运会体育场馆融资模式分析.南京体育学院学报(社会科学版), 2006(4): 11-25
[3]谢宁.山东省农民专业合作社融资问题研究.山东农业大学, 2008
[4]张晖.从优序融资理论看我国企业融资模式的选择.会计之友, 2006(12): 20-24
[5]卢立宇.中美房地产融资比较研究.重庆大学, 2006
[6]郑军.房地产开发企业的资金管理.科学咨询, 2009(10): 4-6
[7]覃健.我国房地产开发企业融资组合优化模式研究.广西大学, 2007
[8]姚福强.以私募基金形式实现房地产融资的初步研究.山东大学, 2009
[9]罗春燕.房地产企业融资结构优化设计.华南理工大学, 2008
[10]王淑.浅谈我国房地产业融资风险的控制对策.中国科技博览, 2009(35): 100-110
[11]杨中宣等.房地产企业融资问题研究.商业时代, 2007(28): 25-26
[12]王淑娟.浅谈我国房地产业融资风险的控制对策.中国科技博览, 2009(35): 15-20
[13]王苏南.中小房地产企业融资问题探讨.会计师, 2009(6): 14-16
[14]战杰.房地产高速发展过程中金融风险的分析与防范.中国海洋大学, 2009
[15]庞宇.房地产业基金将牵动地产融资神经--访中国银河证券投资管理总部市场营销部经理聂润.城市开发, 2005(3): 24-26
[16]李朝霞.中国房地产投资基金的理论与发展研究.武汉理工大学, 2003
[17]周革平.我国房地产金融的未来发展趋势.金融与经济, 2004(1): 3-4
[18]张竞.我国银行保险业发展问题研究.金融经济(理论版), 2004(9): 17-19
[19]孙美松.我国房地产企业融资方式研究.合作经济与科技, 2008(3): 25-35
[20]王琪.广西北部湾投资集团有限公司融资平台建设的思考.会计之友, 2010(34): 10-14
[21]吕荣胜等.基于金融租赁的EMC模式创新研究.华北电力大学学报(社会科学版), 2010(6): 8-10
[22]李莹.房地产企业融资方式研究.武汉科技大学, 2009
[23]张兰荣.我国上市公司融资结构现状及原因分析——以万科集团为例.科教导刊, 2010(3): 5-7
[24]陈宇华.我国房地产企业资本运营研究.广西大学, 2005
[25]吴海滨,房地产企业资本运营战略研究——以万科为例.天津大学, 2009
[26]王月荣.浅谈房地产开发财务管控策略与创新.现代经济信息, 2009(21): 5-6
[27]李洁.陕西中小企业融资策略研究.西北工业大学, 2004
[28]陈志鹏.发展房地产投资信托为房地产公司融资另辟蹊径.金融教学与研究, 2003(4): 2-3
[29]王娟.我国房地产金融面临的若干问题与对策分析.金融与经济, 2007(4): 10-12
[30]梅瑛.浅谈房地产公司的融资策略.湖南财经高等专科学校学报, 2006(4): 6-8
[31]杨荣华.武汉市房地产企业融资现状研究.时代经贸(学术版), 2006(6): 16-17
[32]巴曙松.房地产融资渴望新路径.中国金融家, 2006(2): 20
[33]肖元真.李文昌.胡书芳.房地产调空的政策导向及其市场走势.郑州航空工业管理学院学报, 2007(2): 89-90
[34]王中宣.房地产企业融资问题研究.商业时代, 2007(7): 187
[35]庞宇.房地产业基金将牵动地产融资神经——访中国银河证券投资管理总部市场营销部经理聂润成.城市商会, 22005(2): 24
[36]张顺慈.当前房地产业融资渠道分析.广东建材, 2007(2): 142-143
[37]郑军.我国房地产企业资金链管理研究.广西大学, 2010(4): 41-42
[38] WKEA历年年度报告
[39]凌廷友,王甫.权衡理论和优序融资理论之比较.财会月刊, 2003(6): 5-7
[40]余梦.信息不对称下的企业融资选择.西南财经大学, 2008
[41]李长秋.资本结构相关理论及其对我国的影响.商业时代, 2010(21): 69
[42]岳宾.中小企业融资模式与决策研究.北京林业大学, 2008
[43]顾迪.上市公司财务杠杆实证研究.西华大学, 2008
[44]董竹.中小企业融资研究:资本结构与金融环境的影响.吉林大学, 2008
[45]刘凤娟.行为财务理论在公司理财中的应用.山东大学, 20068
[46]吴曰丰.华能并购大士能源融资研究.华东师范大学, 2011
[47]潘连乡.我国上市公司现金持有量与财务杠杆关系研究——以上海B股为例.企业经济, 2009(2): 55-57
[48]刘万才.制度.行为与国有企业资本结构优化.同济大学, 2008
[49] Joseph Hu. Real Estate securitization and the Capital Markets: A Study of the U. S Experience and Policy Implication for Taiwan. Standard & Poor's, 2006(8): 13-14
[50] Richard lmperiale. Real Estate Investment Trusts. New Strategies for Portfolio Management, 2006(6): 23-24
[51] Steve Bergsman. REITs & Rates. www. Nareit. tom, September/October, 2006
[52] Robert Taggart. Managing Investment, 2004
[53] Widener J. P. Real Estate Finance. New Jersey, 2007(3): l1-12
[54] Don M. Chance.金融衍生工具和风险控制.北京:中信出版社, 2004: 104
[55] Jones. Oliver. The Devdopment of all Effective Secondary Mortgage Market. Journal of Finance, 1996: 358-346
[56] William B. Bmeggman, Jeffrey D. Fisher. Real Estate. Finance And Investment: 11”, rditi.北京:机械工业出版社, 2004
[57] Robert Brown, Alans-Gtterman. Financing Start·Ups—Hovr to Raise Money for. Emerging Companies.北京:中信出版社, 2004
[58] Wilkes,F.M:Capital budgeting techniques,Wiley New York,1997
[59] Howe, J.S and Shilling: J.D.Capital structure theory and REIT security offerings, The Journal of Finance,1998: 43
[60] Jensen, F. E.and Langemeier, N.Optimal leverage with risk aversion: empirical evidence, Agricultural Finance Review, 1996:56
[61] Clifford Chance: PROJECT FINANCE,IFR Publishing Ltd, 1991
[2]陈国红.全运会体育场馆融资模式分析.南京体育学院学报(社会科学版), 2006(4): 11-25
[3]谢宁.山东省农民专业合作社融资问题研究.山东农业大学, 2008
[4]张晖.从优序融资理论看我国企业融资模式的选择.会计之友, 2006(12): 20-24
[5]卢立宇.中美房地产融资比较研究.重庆大学, 2006
[6]郑军.房地产开发企业的资金管理.科学咨询, 2009(10): 4-6
[7]覃健.我国房地产开发企业融资组合优化模式研究.广西大学, 2007
[8]姚福强.以私募基金形式实现房地产融资的初步研究.山东大学, 2009
[9]罗春燕.房地产企业融资结构优化设计.华南理工大学, 2008
[10]王淑.浅谈我国房地产业融资风险的控制对策.中国科技博览, 2009(35): 100-110
[11]杨中宣等.房地产企业融资问题研究.商业时代, 2007(28): 25-26
[12]王淑娟.浅谈我国房地产业融资风险的控制对策.中国科技博览, 2009(35): 15-20
[13]王苏南.中小房地产企业融资问题探讨.会计师, 2009(6): 14-16
[14]战杰.房地产高速发展过程中金融风险的分析与防范.中国海洋大学, 2009
[15]庞宇.房地产业基金将牵动地产融资神经--访中国银河证券投资管理总部市场营销部经理聂润.城市开发, 2005(3): 24-26
[16]李朝霞.中国房地产投资基金的理论与发展研究.武汉理工大学, 2003
[17]周革平.我国房地产金融的未来发展趋势.金融与经济, 2004(1): 3-4
[18]张竞.我国银行保险业发展问题研究.金融经济(理论版), 2004(9): 17-19
[19]孙美松.我国房地产企业融资方式研究.合作经济与科技, 2008(3): 25-35
[20]王琪.广西北部湾投资集团有限公司融资平台建设的思考.会计之友, 2010(34): 10-14
[21]吕荣胜等.基于金融租赁的EMC模式创新研究.华北电力大学学报(社会科学版), 2010(6): 8-10
[22]李莹.房地产企业融资方式研究.武汉科技大学, 2009
[23]张兰荣.我国上市公司融资结构现状及原因分析——以万科集团为例.科教导刊, 2010(3): 5-7
[24]陈宇华.我国房地产企业资本运营研究.广西大学, 2005
[25]吴海滨,房地产企业资本运营战略研究——以万科为例.天津大学, 2009
[26]王月荣.浅谈房地产开发财务管控策略与创新.现代经济信息, 2009(21): 5-6
[27]李洁.陕西中小企业融资策略研究.西北工业大学, 2004
[28]陈志鹏.发展房地产投资信托为房地产公司融资另辟蹊径.金融教学与研究, 2003(4): 2-3
[29]王娟.我国房地产金融面临的若干问题与对策分析.金融与经济, 2007(4): 10-12
[30]梅瑛.浅谈房地产公司的融资策略.湖南财经高等专科学校学报, 2006(4): 6-8
[31]杨荣华.武汉市房地产企业融资现状研究.时代经贸(学术版), 2006(6): 16-17
[32]巴曙松.房地产融资渴望新路径.中国金融家, 2006(2): 20
[33]肖元真.李文昌.胡书芳.房地产调空的政策导向及其市场走势.郑州航空工业管理学院学报, 2007(2): 89-90
[34]王中宣.房地产企业融资问题研究.商业时代, 2007(7): 187
[35]庞宇.房地产业基金将牵动地产融资神经——访中国银河证券投资管理总部市场营销部经理聂润成.城市商会, 22005(2): 24
[36]张顺慈.当前房地产业融资渠道分析.广东建材, 2007(2): 142-143
[37]郑军.我国房地产企业资金链管理研究.广西大学, 2010(4): 41-42
[38] WKEA历年年度报告
[39]凌廷友,王甫.权衡理论和优序融资理论之比较.财会月刊, 2003(6): 5-7
[40]余梦.信息不对称下的企业融资选择.西南财经大学, 2008
[41]李长秋.资本结构相关理论及其对我国的影响.商业时代, 2010(21): 69
[42]岳宾.中小企业融资模式与决策研究.北京林业大学, 2008
[43]顾迪.上市公司财务杠杆实证研究.西华大学, 2008
[44]董竹.中小企业融资研究:资本结构与金融环境的影响.吉林大学, 2008
[45]刘凤娟.行为财务理论在公司理财中的应用.山东大学, 20068
[46]吴曰丰.华能并购大士能源融资研究.华东师范大学, 2011
[47]潘连乡.我国上市公司现金持有量与财务杠杆关系研究——以上海B股为例.企业经济, 2009(2): 55-57
[48]刘万才.制度.行为与国有企业资本结构优化.同济大学, 2008
[49] Joseph Hu. Real Estate securitization and the Capital Markets: A Study of the U. S Experience and Policy Implication for Taiwan. Standard & Poor's, 2006(8): 13-14
[50] Richard lmperiale. Real Estate Investment Trusts. New Strategies for Portfolio Management, 2006(6): 23-24
[51] Steve Bergsman. REITs & Rates. www. Nareit. tom, September/October, 2006
[52] Robert Taggart. Managing Investment, 2004
[53] Widener J. P. Real Estate Finance. New Jersey, 2007(3): l1-12
[54] Don M. Chance.金融衍生工具和风险控制.北京:中信出版社, 2004: 104
[55] Jones. Oliver. The Devdopment of all Effective Secondary Mortgage Market. Journal of Finance, 1996: 358-346
[56] William B. Bmeggman, Jeffrey D. Fisher. Real Estate. Finance And Investment: 11”, rditi.北京:机械工业出版社, 2004
[57] Robert Brown, Alans-Gtterman. Financing Start·Ups—Hovr to Raise Money for. Emerging Companies.北京:中信出版社, 2004
[58] Wilkes,F.M:Capital budgeting techniques,Wiley New York,1997
[59] Howe, J.S and Shilling: J.D.Capital structure theory and REIT security offerings, The Journal of Finance,1998: 43
[60] Jensen, F. E.and Langemeier, N.Optimal leverage with risk aversion: empirical evidence, Agricultural Finance Review, 1996:56
[61] Clifford Chance: PROJECT FINANCE,IFR Publishing Ltd, 1991