【作者】 张强；

【导师】 胡树林； 陈勇；

【作者基本信息】 西南科技大学 ， 金融（专业学位）， 2023， 硕士

【摘要】 近年来,我国房地产市场发展迅猛,越来越多的房地产企业为了迅速发展而加杠杆快速扩张,在国家相关调控政策出台后,为规避调控和监管,与金融企业合作催生出“明股实债”的融资模式继续融资扩张,杠杆对于企业来说既是机遇也是风险。因此,本文基于融资风险视角,以蓝光发展迅速崛起又迅速衰落的案例为研究对象,研究蓝光发展高杠杆与“明股实债”的融资的动因、风险以及影响,为监管机构、房地产企业、金融企业以及投资者提供一些前瞻性的建议和启示。首先,通过梳理国家关于房地产行业的调控政策,分析蓝光发展运用高杠杆与“明股实债”扩张的各自动因:高杠杆扩张一是为了更快速的发展抢占市场,二是为了获得更多的回报。而“明股实债”扩张的动因,一是因为监管有漏洞且法律存在盲区,二是蓝光发展的经营模式和国家监管政策的驱动,因房地产行业的特殊性,企业购买土地储备以及后续的开发,需要源源不断的资金支持,使得企业有大量的资金需求,在国家未出台相关政策之前,多数房地产企业的发展方式是首先买下一块土地储备,继而拿去银行作抵押,抵押的资金继续购买土地储备,周而复始,但以这种方式发展起来的房地产企业只能依靠借新还旧来保证企业正常运行,一旦资金需求得不到满足,企业资金链断裂,就可能引发企业破产。而随着国家对房地产行业调控政策的出台,提高了房地产企业融资的门槛,房地产企业资金需求得不到满足,转而开始寻找可以隐藏债务从而满足融资条件能继续融资的方法,于是催生了“明股实债”,即以股权的形式投资但实质上签署的是保本保收益的类似债权的合同,一方面,这种融资模式可以帮助房地产企业将负债转移至表外,降低资产负债率,优化财务报表,减轻资金压力。另一方面,金融机构也可以通过这种模式规避监管的借贷限制,获取高额收益。这种融资模式同时满足了房地产企业和金融机构的利益诉求,但实际上却是一种成本较高且风险较大的融资模式。高杠杆扩张本就面临着巨大的财务压力,而与此同时又进行了融资成本更高的“明股实债”操作,巨大的债务压力严重影响蓝光发展的经营。最终因内控机制、现金流不足等因素出现债务违约,继而被下调信用评级,从此之后开始衰败。更多还原

【Abstract】 In recent years,China’s real estate market has developed rapidly,more and more real estate enterprises in order to develop rapidly and leverage rapid expansion,after the introduction of relevant national regulatory policies,in order to circumvent regulation and supervision,and financial enterprises to promote the "Financing Agreement of Share-based Debts" financing model to continue financing expansion,leverage for enterprises is both an opportunity and a risk.Therefore,based on the perspective of financing risk,this paper studies the motives,risks and impacts of the financing of high leverage and "Financing Agreement of Share-based Debts" of Languang development based on the case of rapid rise and decline of Languang development,and provides some forward-looking suggestions and enlightenment for regulators,real estate enterprises,financial enterprises and investors.First of all,by sorting out the national regulatory policies on the real estate industry,the automatic causes of Languang Development’s use of high leverage and "Financing Agreement of Share-based Debts" expansion are analyzed: high leverage expansion is firstly for faster development to seize the market,and second,to obtain more returns.And the motivation for the expansion of "Financing Agreement of Share-based Debts",one is because of loopholes in supervision and there are blind areas in the law,the second is the business model of blue light development and the drive of national regulatory policies,due to the particularity of the real estate industry,enterprises purchase land and subsequent development,need a steady stream of financial support,so that enterprises have a large number of capital needs,before the state has not introduced relevant policies,most real estate enterprises development mode is to first buy a piece of land,and then take the bank as collateral,mortgaged funds continue to buy land,and so on,However,real estate enterprises developed in this way can only rely on borrowing new to pay off the old to ensure the normal operation of the enterprise,once the capital demand is not met and the capital chain of the enterprise is broken,it may lead to the bankruptcy of the enterprise.With the introduction of the state’s regulation and control policies for the real estate industry,the threshold for financing of real estate enterprises has been raised,and the capital needs of real estate enterprises have not been met,and they have begun to look for ways to hide debts to meet financing conditions and continue to finance,so as to give birth to "Financing Agreement of Share-based Debts",that is,investment in the form of equity but essentially signed a contract similar to the debt of guaranteed principal and income,on the one hand,this financing model can help real estate enterprises transfer liabilities off-balance-sheet,reduce the asset-liability ratio,and optimize financial statements.Reduce financial pressure.On the other hand,financial institutions can also use this model to circumvent regulatory lending restrictions and obtain high returns.This financing model satisfies the interests of real estate enterprises and financial institutions,but it is actually a financing model with higher cost and higher risk.The high-leverage expansion is already facing huge financial pressure,and at the same time,the "Financing Agreement of Share-based Debts" operation with higher financing costs has been carried out,and the huge debt pressure has seriously affected the operation of Languang Development.Eventually,due to internal control mechanisms,insufficient cash flow and other factors,the debt defaulted,and then the credit rating was downgraded,and since then it has begun to decay.更多还原