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1、M房地产公司融资模式研究摘要：随着我国政府房地产调控政策持续性地对房地产行业的严格限制， 大量的房地产公司不得不面临着各种各样的资金问题。尤其当前我国房地产公司 以间接融资为主的银行贷款融资方式，在国家政策调控和信贷政策的彫响下，融 资困顿显现无疑，项目建设资本金比例的提升，房企为了满足项目建设的要求， 以及银行贷款的条件，房企想方设法通过关联公司贷款，虚增资本金到位情况。 来满足项目建设的资金需求。金融危机的席卷全球，造成金融机构融出资金意愿 的大大降低，中国房地产企业想从金融机构取得融资的愿望开始大打折扣。同时, 美国“两房”破产，美国购房者的住房贷款大量不按时还款，这一阴影也投射到 了房
2、地产市场，市场总的投资规模受到抑制，房企不得不更加深切的关注融 资方式、渠道和及吋有效利用手中的资金，降低项目建成风险；而购房者也迟疑 于当前消费还是等待，显然这对房企回款乂形成了障碍。然而，在此次大潮中没 有受到冲击的投资基金、私募基金，在潮落之后把投资信心放到了中国的一些中、 小城市的房地产市场，通过设立房地产投资基金的方式来进行股权投资，签订回 购协议，把抄底房地产作为一种机会。这给的房地产公司创新融资方式又提 供了新的思路。而一些房地产商在这种背景下也开始由主要使用银行贷款转向选 择新的融资方式。M公司是一家投资控股公司，主营业务是房地产建设，现房地 产业务稳定发展。但M公司也面临严峻
3、的资金短缺问题，多个项目应国家政策要 求同时在建或开工，而从金融机构申请融资的需求无法得到审批，从其他渠道获 取资金变成了 M公司的唯一选择。本文通过对M公司融资需求的分析，举出改善房地产公司融资的途径与模 式、拓宽房地产融资渠道，解决房地产公司资金来源的可靠性、提高资金使用效 率、降低融资成本与融资风险的建议。在研究中实现对于融资理论在实践中的审 视，在应用中更加深入地把握相关的融资理论，结合实际发展适合于中国房地产 公司发展的融资理论，为提高房地产公司融资提供理论支持，进而对于相关融资 理论进行必要的发展与补充。找出问题并解决问题，实现其融资模式的进一步创 新，进而解决象M公司一样的房地产
4、公司融资难的问题。关键词：房地产 私募股权基金 融资 模式 Abstract： with the development of our government real estate policies continue tostrictly limit the real estate industry, a large number of real estate enterprises have to face funding problems of various kinds. In order to achieve the state of the real estate project o
5、f 让s own funds ratio requirements, real estate enterprises to adopt various ways to obtain bank loans as its own funds, particularly in the last two years the real estate project capital ratio requirements increase, the real estate business is through the association of corporate loans, misappropria
6、tion of funds, has started projects Xiaoshouhuikuan reinvestment methods together its own funds. The current global financial crisis, the financial institutions to provide financing ability greatly atrophy. Chinas real estate companies expect to obtain the main funds from the bank support, will beco
7、me more unrealistic. At the same time, the financial crisis has made the United States real estate market into a period of downturn, which undoubtedly will cause shadows to the real estate market in China : on the one hand, the new real estate investment will be more cautious, pay close attention to
8、 the source of funds and financing methods, try to timely and cost effective use of Co. funds, reduce development risk； on the other hand, the people will postpone consumption, investment of the purchase will be delayed,which is not conducive to the timelyrecovery of funds for real estate enterprise
9、s. However, there are some in this crisis has not been the impact of investment funds, private equity funds, they had to focus on to China, some of the small city real estate market in the aftermath of the crisis, to make equity investments through the establishment of the real estate investment fun
10、d, enter into repurchase agreements, real estate as the hunters a chance. This gives the Chinese real estate enterprise innovation financing way and provides a new way of thinking. And some real estate developers in this context also start by mainly using bank loans to choose the new financing way.
11、M company is a Invest-holding Company, its scope of business investment in real estate development, stable development of the real estate business. But M also faces serious shortage of funds, a number of projects should be national policy requirements in the construction or construction, the main ac
12、cess funds from bank loans project development model has been difficult to achieve. So, to expand direct financing channels become the only way in front of M company. In this paper, through the research for the financing model of M company, in order to further improve the financing channels and the
13、mode of real estate enterprises expanding real estate financing, solve the real estate enteiprise capital supply effectiveness, improve economic efficiency, reduce the cost of financing real estate enterprises and financing risk suggestion. In the study the financing theory in practice, more in-dept
14、h grasp of the related financing theory in application, combined with the actual development of suitable for the development of Chinese real estate enterprise financing theory, provide the theoretical support for improving the real estate financing, and then for the relevant theories of financing fo
15、r development and the necessary supplement. To find out the problems and solve the problem, to realize the further innovation of financing mode, and then solve the financing difficulties like M company as the real estate business problems. Keywords： Private equity real estate fund financing model第一章
16、绪论1选题背景及意义11.1.1选题背景11.1.2选题意义21.2文献综述31.2.1国外研究现状31.2.2国内研究现状41.2.3文献评述51.3研究日的错误!未定义书签。1.4研究思路与研究方法错误!未定义书签。1.4.1研究思路101.4.2研究方法错误!未定义书签。1.4论文结构错误!未定义书签。第二章M房地产公司融资模式现状分析122M房地产公司融资模式类别122.1.1 M房地产公司融资模式一错误!未定义书签。2.1.2M房地产公司传统的房地产融资模式122.2 M房地产公司融资模式存在的问题142.2.1项目融资渠道单一，主要依赖银行贷款142.2.2资本结钩不合理，负债比率偏高14223债务融资为主，引发财务风险加大152.2.4银行贷款与项目开发周期不匹配，融资效率低15第三章国内外房地产融资模式比较分析163.1美国房地产公司信托融资模式分析163.1.1模式简介163.1
