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1、华中科技大学硕士学位论文AbstractAsthebackboneofnationaleconomy,theindustryofrealestaterequiresconsiderableinvestment.So,financingsholdthebalanceonRealEstatebusinesses.Recently,thecapitalresourcesofmostrealestatedevelopersinChinaaremainlyfrombankcredit.Theirfinancings
2、tructuresarecomparativelysimpleandareeasilyinfluencedbythemacroeconomicpolicesandeconomyenvironment.AftertheNO.121DocumentandaseriespolicyofCentralBankwasissued,thestringencypolicyofCentralBankputmorethanhalfofChineserealestatecompaniesindangerofcapitalla
3、ck,orevenbeingwashedoutfromthemarket.Conventionalfinancingmethodsarenotabletosatisfythecapitalrequirementsofrecentrealestatedevelopment.Nowadays,realestatecompanieshadnotdependedonbankloansasitsonlyfinancingapproaches.Inrealpractice,theyhadturnedtootherne
4、wfinancingapproachessuchasstockmarketfinancing,overseasfinancing,enterprisebond,sharesrightfinancing,andREITsandsoon.Thearticleanalyzesthefinancingproblemsonthefootofrealestatecompanies.Throughanalyzingthecharacteristicsofrealestatefinancinginchinatodayan
5、dcomparingtheadvantagesanddisadvantages,costandriskoffinancingapproaches,thisresearchapprovesthegovernment,financingorganizations,realestateenterprises,andagentcompaniestomakeefforttoexploitmorewaystofinanceandimprovetheproportionofdirectfinance.Sincethec
6、apitalmarketsarenotperfectinchinatoday,therealestateenterpriseswithdifferentscopehaveagreatdifferenceinchoosingfinancingapproaches.Onthebaseofanalyzingthecharacteristicsofeveryfinancingapproach,togetherwiththemoderncapitalstructuretheory,thearticlestudies
7、thefinanceschemeoptimizationmethodsoftherealestateenterprisesonthestockmarketbycombiningwithqualitativeanalysisandquantitativeanalysis,andprovidesapracticalmethodtorealizetheoptimizationstructureofcapital——thelowestWACCandhighestmarketvalue.Thearticlealso
8、researchesthefinancedecisionofintermediateandsmallrealestateenterprisesbasingonthedeferentcapitalrequirementsinphasesofrealestatedevelopment．Tosumup,thepaperofferedeffectivepointofview,trainofthoughtandmethodforreal
