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1、ClassifiedIndex:CODE:10075U.D.C:NO:20091452ADissertationforthedegreeofM.ManagementAnalysisonfinancingmodelofChina'srealestateenterpriseCandidate:JiangYinmingSupervisor:Prof.HuangPengzhangAcademicDegreeAppliedfor:MasterofManagementSpecialty:BusinessManagementUniversity:HebeiUniversityDateofO
2、ralExamination:June,2013摘要摘要房地产业是典型资金密集型行业，是国民经济的支柱性行业，房地产行业具有投资周期长、投资金额大的特点，房地产融资成为房地产企业发展的重要课题。当前房地产融资融资渠道单一，资金来源过度依赖商业银行贷款，另外国家的房地产行业调控也加剧了房地产企业的资金压力。因此，进行房地产融资模式多样化的研究，有助于在现实情况下寻找适合房地产业发展的融资模式，促进房地产业平稳健康的发展。本文首先对现代企业融资理论进行了阐述，分析了我国房地产业发展现状和房地产融资现状，对目前存在于我国房地产业融资的主要问题进行讨论，认为我国房地产融资规模增长迅速
3、，但是融资结构单一，加剧系统性风险，房地产企业负债率比较高。本文对银行贷款、股票融资、信托融资、私募基金融资及海外市场融资五种融资模式的概念、分类和现状进行梳理。最后根据房地产企业的特点与发展规模，提出了不同规模的房地产企业的融资路径路径选择。关键词房地产融资渠道房地产信托房地产基金IAbstractAbstractRealestate,atypicalcapital-intensiveindustry,canbeseenaspillarindustries.Therearetwomaincharacteristicsoftherealestateindustryisalon
4、g-terminvestmentcycleandalargeamountofinvestment,sothattheissueofrealestatefinanceshouldbeconcernedasithasimportantinfluenceonthedevelopmentofrealestate.Currently,financingchannelofrealestatefinancingissingle,over-relianceonsourcesoffundingcommercialbankloans.Inaddition,regulationsofthereal
5、estateindustryalsoincreasedthefinancialpressure.Thus,theresearchonavarietymodesofrealestatefinancingcanbegoodforthedevelopmentofrealestatefinancinginrealitythatwillbepromotestableandhealthydevelopmentoftherealestateindustry.Firstly,basedonthetheoryofmoderncorporatefinance,thisessaywillbemai
6、nlyanalyzedthecurrentsituationoftherealestatedevelopmentandrealestatefinancing.Secondly,thereareissueswouldbediscussed:therapidgrowthofChina'srealestatefinancingscale,singlefinancingstructure,systemicriskandrelativelyhighrealestatebusinessdebtratio.Thirdly,bankloans,equityfinancing,trustfin
7、ancing,privateequityfinancingandoverseasmarketfinancingwillbeanalyzedaswellbasedonconcepts,classificationsandcurrentsituation.Finally,accordingtothecharacteristicsoftherealestatebusinessandthescaleofdevelopment,differentscaleoftherealestatebusinessfinanc
