【作者】 张丹丹；

【导师】 唐晓旺；

【作者基本信息】 郑州大学 ， 工商管理硕士（专业学位）， 2021， 硕士

【摘要】 自1998年国家实行房改以来,我国房地产市场化发展历程已经23年有余久。房地产行业做为国民经济的支柱产业,是国家调控经济的主要手段之一。在这二十多年间伴随着经济发展周期波动,国家针对房地产行业的调控几经反复。2016年年底开启严格的“限购、限贷、限价、限售”组合调控政策之后,国家针对房地产行业实施了进一步限贷管理新规。2020年8月,住房部、人民银行召开重点房地产企业座谈会,提出了房地产企业融资三条红线管理要求。2020年12月,进一步对银行提出了针对房地产贷款的集中度管控要求。国家针对房地产行业的宏观调控紧周期进入常态化,房地产行业融资压力日益增大。河南XX地产集团,成立于2005年,是河南省内知名地产企业,位列全省前十位,主要定位于郑州市核心区域土地一级、二级联动开发,成功开发过郑州市中心一系列优秀地产项目,多次荣获“房地产公司商品房销售信誉十佳单位”、“消费者最信赖的房地产企业奖”、“中国值得尊敬的房地产品牌企业”、“中原地产十大领袖企业”、“年度郑州市房地产行业诚信经营先进单位”,具有河南省内较高的行业知名度和客户认可度。但是随着国家宏观政策的不断收紧,企业规模的不断扩大,融资规模的不断增长,企业融资工作也遇到了很多现实问题.如:融资渠道过于单一、对银行的依赖性过高、融资结构不合理、内源融资能力偏弱、融资成本高、缺乏直接融资渠道等,这些融资问题直接影响到企业运营成本及现金流状况,关系到企业的生存和发展。因此,如何解决目前融资过程中遇到的现实问题并成功融得资金,保证现金流的长期稳定,保证企业稳健的发展,是河南XX地产集团迫切需要解决的问题。融资问题产生的主要原因,一方面是企业自有资金积累不足、信用级别不高、自有资产有限等自身原因,也有中国资本市场不发达,直接融资平台搭建不完善、缺乏系统的政策支持及银行风险管理偏好等外部原因。在此基础上,本文针对性的提出了几点融资对策。第一、在维持银行金融渠道稳定合作关系基础上,进一步深化、拓展与信托机构、资产管理公司、证券公司等非银行金融机构的合作关系,开辟新的融资模式和渠道。第二、优化融资结构,平衡资产负债结构、经营负债与金融负债结构、长期借款与短期借款结构、直接融资与间接融资结构。第三、通过提升内源融资能力,包括企业自身盈利能力、现金及应收账款管理水平等方式,满足企业现金流需求,降低外源融资杠杆水平。第四、降低企业融资成本,在利用银行项目贷、开发贷、并购贷等低成本融资产品基础上,通过提升经营性负债水平、开辟直接融资渠道等方式进一步降低融资成本。在国家宏观调控背景下,通过对河南XX地产集团融资问题进行研究,并提出相关对策,有利于帮助该公司改善总体融资能力、降低融资成本,促进和支持企业健康平稳发展,对于帮助国家二线城市当地房企其他中小房地产企业拓展融资渠道、应对融资难的问题,也具有很强的借鉴及参考价值。更多还原

【Abstract】 Since the implementation of the national housing reform in 1998,China’s real estate marketization has experienced more than 20 years of development.As the pillar industry of national economy,the real estate industry is one of the main means of national economic regulation.Along with the fluctuation of economic development cycle in the past 20 years,the state has repeatedly regulated the real estate industry.At the end of 2016,after the strict combination of "purchase restriction,loan restriction,price restriction and sale restriction" regulation policy was launched,the country implemented new regulations on further loan restriction management for the real estate industry.In August 2020,the Ministry of Housing and the People’s Bank of China held a symposium for key real estate enterprises and put forward three red line management requirements for financing of real estate enterprises.The national macro-control and tightening cycle for the real estate industry has become normal,and the financing pressure of the real estate industry is increasing day by day.Henan XX real estate group,was founded in 2005,is a well-known real estate enterprise in henan province,in the province’s top ten,mainly located in zhengzhou city core region cooperation to develop the land primary,secondary,successful development in zhengzhou city center,a series of excellent properties,repeatedly won the "top ten units of commercial real estate company sales credit","the most trusted consumer real estate enterprise award","China respected real estate brand enterprise","10 big leader of the central plains real estate enterprise","annual zhengzhou city real estate industry the good faith management advanced unit",has henan province higher industry recognition and customer recognition.However,with the continuous tightening of national macro policies,the continuous expansion of enterprise scale and the continuous growth of financing scale,the financing work of enterprises has also encountered many practical problems.For example,the financing channels are too single,the dependence on banks is too high,the financing structure is unreasonable,the internal financing ability is weak,the financing cost is high,the lack of direct financing channels,and so on.These financing problems directly affect the operating costs and cash flow status of enterprises,and are related to the survival and development of enterprises.Therefore,how to solve the current practical problems encountered in the financing process and successfully raise funds,to ensure the long-term stability of cash flow,to ensure the steady development of the enterprise,is an urgent problem for Henan XX Real Estate Group to solve.The main reasons for financing problems are,on the one hand,the insufficient accumulation of self-owned funds,low credit rating and limited self-owned assets of enterprises,and on the other hand,external reasons such as China’s underdeveloped capital market,imperfect construction of direct financing platforms,lack of systematic policy support and banks’ risk management preference.On this basis,this paper puts forward several financing countermeasures.First,on the basis of maintaining the stable cooperative relationship of bank financial channels,further deepen and expand the cooperative relationship with trust institutions,asset management companies,securities companies and other non-bank financial institutions,and open up new financing models and channels.Second,optimize the financing structure,balance the structure of assets and liabilities,operating liabilities and financial liabilities,long-term borrowing and short-term borrowing,direct financing and indirect financing.Third,by improving the internal financing capacity,including the enterprise’s own profitability,cash and accounts receivable management level,to meet the needs of corporate cash flow,reduce the leverage level of external financing.Fourth,reduce the financing cost of enterprises.Based on the use of low-cost financing products such as bank project loan,development loan and merger loan,further reduce the financing cost by increasing the level of operational liabilities and opening up direct financing channels.Under the background of national macroeconomic regulation and control,through to the Henan XX real estate group financing problems,and puts forward relevant countermeasures,which help the company improve the overall financing ability,reduce the financing cost,healthy and stable development,promote and support enterprises to help local enterprise,other national second-tier cities expand the financing channels of small and medium-sized real estate enterprises,deal with the financing difficult problem,also has a strong reference and reference value.更多还原