【作者】 张平；

【导师】 肖洪生；

【作者基本信息】 山东大学 ， 项目管理（专业学位）， 2017， 硕士

【摘要】 房地产投资具有保值和增值性强的特点,长期以来与黄金和股票被列称为世界三大投资热点,自改革开放以来,我国的居民房地产产品需求增加,促使房地产市场得到了大量的投资开发,进而带动各行业的投资及拉动经济增长,房地产行业逐步成为我国实现经济平稳快速发展的重要支柱。但房地产投资是一个资金密集型行业,项目开发过程中会存在一个较长资金垫付期,伴随着世界范围内经济不景气及金融危机冲击的惨痛教训,我国正在不断完善房地产行业的金融监管体系,监管措施更加多样化。房地产投资的高增值性引来行业内的巨大竞争,如何能在现阶段高风险、高竞争的环境中脱颖而出,谋求企业的生存和发展之道是房地产企业的重要课题。而充足的资金及合理有效的融资方式无疑能帮助企业打破困境,可以弥补房地产项目开发建设中的资金缺口,减少企业的经营风险,最终帮助企业实现利润最大化的目标。撰写本文的灵感来自于对房地产企业在当前经济环境下如何生存、发展的思考,希望通过一定的方法将融资方式的适用性进行量化,找出合理的融资方式帮助房地产企业走出融资困境。本文的分析方法是模糊综合评价法,选取房地产企业比较认可的几种融资方式作为分析与评价对象,包括银行贷款、信托融资、上市融资、租赁融资、债券融资。根据房地产融资实务操作经验,选取房地产企业融资时必须考虑的四项因素作为评价对象的评价因素,包括可行性(政策限制)、融资成本、融资规模(资产抵押率)、灵活性(贷款效率、使用限制),再根据各因素的指标权重及隶属度关系,综合评价后得出矩阵模型,经过数学运算从而得出五种融资方式的隶属度指标。评价因素的权重矢量来自于经验数据(专家评价打分),隶属度的确定通过对企业性质(国有与非国有)、资产规模、企业商誉、盈利能力四个方面加以模糊综合评价得出。对于评价因素的权重与隶属度的确定需要评价者必须具有一定的房地产融资经验和对相关数据的分析辨别能力,才能推算出较为客观、准确的数据。本文的研究意义是通过分析近两年的房地产资本市场数据,再结合近两年的房地产市场宏观政策,得出五种融资方式的评价矢量,帮助决策者快速确定融资方式,这对当前经济环境下房地产企业的融资有一定的指导意义,对信贷政策调整后的房地产筹资活动也有一定的借鉴价值。全文由四个部分构成。本文第一部分为绪论,介绍了资金在房地产项目开发建设中的重要性,以及现阶段房地产行业面临的严峻形势,阐述了房地产资本市场现状,简要介绍了模糊综合评价法,并对国内外相关文献资料进行了梳理;第二部分讨论了文章的理论基础,重点介绍了模糊综合理论的决策模型;第三部分主要对当前经济环境下的信贷政策及五种融资方式的介绍及分析。并在此基础上,运用模糊综合评价法得出五种融资方式的评价矢量进行综合评价,并结合案例进行了对照分析;最后部分是研究结论、论文创新情况及论文存在的不足。更多还原

【Abstract】 Real estate investment has the characteristic value and the value of strong,has been with the gold and the stock was listed as the world’s three largest investment,since the reform and opening up,the residents of real estate products demand in China increased to the real estate market has been a lot of investment and development,and bring investment and stimulate economic growth of the industry,real estate industry has gradually become the important pillar for the steady and rapid economic development in china.But the real estate investment is a capital intensive industry,the project development process will exist for a long period of funds to advance,accompanied by painful lessons in the world economic downturn and the impact of the financial crisis,China’s real estate industry is constantly improving the financial regulatory system,regulatory measures more diversified.High value-added real estate investment attracted enormous competition within the industry,how can the talent shows itself in the present stage of high risk and high competition environment,to seek survival and development of enterprises is an important issue in real estate enterprises.Adequate funding and reasonable and effective way of financing will help enterprises to break the predicament,can make up for the real estate development and construction projects in the funding gap,reduce the management risk of the enterprise,help the enterprise achieve the goal of profit maximization.Thinking of writing this paper is inspired by the real estate enterprises in the current economic environment to survive and develop,hope that through certain ways to quantify applicability of the mode of financing,to find a reasonable way of financing to help real estate enterprises out of the financing difficulties.The method of fuzzy comprehensive evaluation method,several kinds of financing mode of real estate enterprises selected is recognized as the object of analysis and e,valuation,including bank loans,trust financing,stock financing,lease financing,bond financing.According to the real estate financing practice experience,must consider four factors as evaluation object factor selection of real estate enterprise financing,including feasibility(restrictions),financing cost,financing scale(mortgage rate),flexibility(loan efficiency,use restrictions),then according to the index weight of each factor and the degree of membership the relationship between the comprehensive evaluation,the matrix model,through mathematical operation so as to ’obtain the membership index of five kinds of financing.The weight vector of evaluation factors from empirical data(expert evaluation scoring),determined by the nature of enterprise membership(state owned and non state owned),the four aspects of asset size,business reputation and profitability to the fuzzy comprehensive evaluation.For the determination of the weights and the degree of membership of the evaluation factors,it is necessary for the evaluators to have some real estate financing experience and the ability to identify and analyze relevant data,so that more objective and accurate data can be calculated.The significance of this study is through the analysis of the real estate capital market data in recent years,combined with the macro policy of the real estate market in recent years,the evaluation of five kinds of financing vector,financing way to quickly determine help policy makers,has a certain guiding significance for the financing of real estate enterprises in the current economic environment,the adjustment of credit policy after the real estate financing activities also has a certain reference value.The full text is composed of four parts.The first part is the introduction,introduces the importance of investment in real estate projects in development and construction,and the serious situation at this stage of the real estate industry,this paper expounds the present situation of the real estate capital market,briefly introduced the fuzzy comprehensive evaluation method,on the domestic and foreign related literature reviews;the second part discusses the theoretical basis of this paper,introduces the theory of fuzzy comprehensive decision model;the introduction and analysis of the third part of the current economic environment,credit policy and five kinds of financing.And on this basis,using fuzzy comprehensive evaluation method to get the evaluation of five kinds of financing methods for comprehensive evaluation vector,and a case of comparative analysis;the last part is the deficiency of innovation and the research conclusion,the.更多还原