房地产上市公司负债融资分析..doc

摘要 房地产业是国民经济中的重要行业之一，对社会经济的持续稳定增长具有举足轻重的作用。同时其又是一个资金密集型产业，其发展离不开资金的支持。Abstract The real estate industry is one of the important industries of our national economy, and it is good for the continuous increase of the social economy. At the same time, as a kind of capital-intensive industry, its development is inseparable from the support of economy. Real estate finance is the guarantee of the development of real estate industry, and also is the main method when controlling the real estate market and promoting the real estate consumption as well. Especially in recent years, as a hot industry, the real estate industry needs more investment, and investment grows continuously, with the loan transaction increasing fast. All these reasons make the room rate rise fast，and at the same time, produce some instabilities. For this phenomenon, the government has introduced a series of control policy, and they strengthen the real estate enterprise’s debt financing, so that it makes some risks for the real estate. In view of the present situation of the real estate quoted company, this article uses the theoretical analysis, discussing the financing problems of the real estate industry in the aspect of debt financing and discussing the risks and putting forward some proposals. Key words: real estate, quoted company, debt financing, actuality, risks and suggestions 正文 由于近几年房地产行业发展迅速，房价上升过快，政府出台了一系列的政策来限制房价的持续飙升。由报道可以看出，2011年初至今的限购政策效力正在显现。截至2012年4月8日，已公布的75家A股上市房企年报显示，2011年末，房地产行业资金链已趋紧，整体负债率呈上升趋势，存货也创历史新高。中国房地产研究会测评数据显示，中国房企500强2011年资产负债率均值为68.18%，较2010年的66.40%上升了1.78%。同期，500强企业的净负债率由2010年50.07%上升到66.59%。在这样的情况下，如何有效地进行房地产负债融资就显得极为重要。 负债结构属于企业资本结构的一种，关于企业资本结构的研究，国内外学术界大致分为两个方向。一个方向是莫迪格利·安尼和默顿·米勒的MM理论为中心，探讨企业价值与资本结构的关系，形成关于资本结构研究的主流学派——资本结构理论学派。另一个方向则是在MM理论的基础之上，着重研究影响企业资本结构的各种具体因素，即资本结构决定因素学派。房地产投资增速将略有减缓。在政府控制房价、调整住房供应结构、加强土地控制、信贷控制等一系列宏观调控政策陆续出台的背景下，地方政府过度的投资冲动将受到一定程度的抑制，对土地与房屋开发投资的增速也将相应减缓。因此从整体上看，如果国家针对房地产的宏观调控政策落实到位，未来2—3年我国房地产开发投资的增速将略有减缓 从房地产市场的资金来源情况看，2011年，