杠杆原理在房地产开发行业筹集资金中的应用的研究.doc

本科毕业论文 二〇一二年六月 摘 要 随着房地产行业的高度集中化，技术化，一体化，从而在现代经济社会中，使的竞争环境的管理模式和团体结构，以及客户的供应和需求都在该行业发生着翻天覆地的变化。从房地产开发行业的战略大局考虑，对财务管理水平的要求更加重要，本文拿华都房地产开发有限公司作为典型的案例，进而引入了杠杆原理、筹资等原理。按照国内的研究状况，借鉴国外的先进理念，根据房地产开发行业不同发展时期，制定出相应筹资方案。为了实现每个房地产行业预计的目标，我们需要将理论与实际结合，这样可以使该行业减少经营与财务风险，取得经营效益，实现利润的最大化，从而取得竞争优势和灵活面对各种危机，在竞争中生存和发展。 本文首先对筹资理论的理解，结合筹资理论的内涵，意义，目标与原则，以及对最佳资本结构的分析，界定最优资本结构，并结合财务杠杆原理分祈财务杠杆对资本结构的影响，在此基础上设计利用财务杠杆实现资本结构优化的应用方案；运用相关财务管理中杠杆原理的知识,对筹资经营状况进行了详细的分析。这样才能选择合理筹资，减少风险，降低损失，合理经营。其次，每一个房地产行业都是具有生命发展的四个时期，充分分析每个时期的特点。运用相关的杠杆效应和筹资理论，提出相关的、合理筹资理论，及达到控制总风险的对策。从而提出了每一个时期的筹资实施方案。最后，介绍华都房地产开发有限公司的整体情况，并根据高公司2011年的经营状况，计算分析，得出结论，从而达到了本文研究的最终目的。 关键词：杠杆原理；筹资；战略；风险；生命周期理论 Abstract In contemporary highly centralized, technology, integration of modern economic society, the competitive environment, management mode, group structure, as well as the needs of customers in the enterprise undergoing major changes. From the overall strategic considerations, the demand for the level of financial management is more important, This article take the China Real Estate Development Co., Ltd. as a typical case,and thus the introduction of leverage, funding a series of concepts. Therefore, in accordance with the domestic situation, to learn from foreign advanced concepts, according to the different period of development of enterprises, to develop appropriate funding programs. Properly skilled use of leverage to avoid operational risk and financial risk, achieve leveraged income to maximize enterprise value, to enable enterprises to gain competitive advantage, flexibility to face the risks, survival and development in the competition, each financial managers or the goal of the entrepreneur. At first, understanding of the theory of financing, combined with the connotation of the fund-raising theory, meaning, objectives and principles, as well as the best capital structure analysis, the optimization of capital structure from the theoretica