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1、 黑龙江科技学院经济管理学院黑龙江科技学院经济管理学院金融专业双学位毕业论文金融专业双学位毕业论文宇辉房地产公司并购中融资风险控制问题研究学 生 姓 名 一学位班级 财务管理 08-11 二学位班级 金 融 指 导 教 师 完 成 时 间 2012 年 5 月 15 日 摘 要近二十年来，我国房地产行业作为一个新兴的行业，经历了从计划经济到市场经济，福利分房到自主购房的演变过程。作为资金密集型产业，我国房地产企业受到 2008 年以来国家一系列宏观政策的影响，企业资金缺口十分严峻，随时面临资金链断裂的危险，因此通过并购进行的房地产企业整合成为企业持续经营和稳步发展的必然途径。而根据 2010
2、年中国并购报告的统计资料显示，我国房地产企业并购资金 75%以上来自银行贷款，过度依赖银行以及融资方式的高度集中势必会加剧企业并购的融资风险，严重的甚至导致企业的破产。因此，对这一风险的控制问题具有重要的现实意义。本文通过对国内外企业并购的融资风险和测度方法的研究现状分析，指出了宇辉房地产企业并购融资方式单一，多元化融资不均衡等问题，通过和并购融资风险以及和房地产企业融资风险的差异性对比，总结了宇辉房地产企业并购融资风险的特性，并按照融资方式的不同进行了风险的分类。在对比分析其他风险测度方法优缺点的基础上，对宇辉房地产公司融资风险进行测度，并且讨论了该方法的适用性，确定其对并购中融资风险测度的
3、可行性，得出并购融资风险多数处于轻警和中警阶段的结论，针对这一并购融资风险的预警，提出几点适合宇通房地产公司并购中融资风险控制的建议和规避防范风险的措施，促进了宇通房地产企业的进一步发展，这对于全面快速提高房地产企业的市场竞争力有着重要意义。AbstractIn the past twenty years, as a rising industry, Chinas real estate industry experienced the evolutionary process from planned economy to market economy,welfare time to ind
4、ependent purchase. As a capital intensive industry, Chinas realestate enterprises suffered from a series influence of state macroeconomic policy since 2008, enterprises funding gap is becoming quite large, facing the danger of capital chain rupture, therefore, through Merger & Acquisition (abbr. M&A
5、) to integrate the real estate enterprises has become the necessary approach for the corporation to be strong. According to the 2010 Chinese acquisitions statistics report, it shows that more than 75% of merger capital come form bank loans in Chinas real estate enterprise, highly concentration of fi
6、nancing modes will exacerbate the financing risk of real estate enterprise merger, even lead to the risk of enterprises bankruptcy. Therefore, to control the financing risk has an important practical significance.This paper analyzes the current research situation financing risk andmeasurement method
7、s of domestic and international enterprise merger, pointed out that the problem like the single way of Chinas M&A financing and imbalance of diversified financing. And it summarizes financing risk of real estate enterprise merger, also calssifies the financing risk according to different financing m
8、odes.In contrast to the advantages and disadvantages of other risk measurement methods, to measure the financing risk in using efficacy coefficient method, and to discuss the applicability and feasibility of this method, to analyze the rectification of efficacy coefficient method, including the syst
9、em construction of this method.According to the case analysis of real estate merger, this paper explained the calculating process of efficacy coefficient method. On this basis, this paper selects the case of the real estate enterprise merger in 2009, it concluds that the most financing risk is in th
10、e level of minor and moderate warnings, it proposed 5 pointsfor control financing risk of our real estate merger, such as optimization financing structure, broaden financing channels, selection of innovation financing methods, improvement related regulations of real estate financing system and so on
11、. In order to reduce the financing risk, optimize financing decision, to promote the further development of the real estate enterprises, it has an important significance for the rapidly improvement of market competitiveness.目 录摘 要.IAbstract.II第一章 绪论.11.1 研究背景.11.2 研究目的与意义.11.3 国内外研究现状 .2第二章 房地产企业并购中
12、融资风险理论.42.1 风险控制的含义和过程 .42.1.1 风险和风险控制的含义.42.1.2 风险控制的过程.42.2 房地产企业的并购动因和并购风险分析.52.2.1 房地产企业的并购动因分析.52.2.2 房地产企业的并购风险分析.5第三章 宇辉房地产公司并购中融资风险分析.63.1 综合功效系数的计算.63.2 并购融资风险的险情统计分析.63.3 并购融资风险的描述性结果分析.7第四章 宇辉房地产公司并购中融资风险控制的建议.84.1 优化企业的融资结构.84.2 拓宽企业的融资渠道.84.3 增强企业竞争力,加强企业的风险防范.9结束语.10致谢.11参考文献.12第一章 绪 论1.1 研究背景在现代企业生产经营中，融资成为经营活动的一个重要组成部分，融资给企业带来不利影响的可能性引发了融资风险，不同的融资方式给企业带来的融资风险是不同的。例如股票融资主要引发企业控制权的分散和股权稀释的风险，债权融资主要给企业带来流动性以及破产的风险。我国房地产行业作为一个新兴的产业，经历了从计
