非上市民营商业地产企业融资模式研究——以br集团为例-research on financing mode of unlisted private commercial real estate enterprises - taking br group as an example.docxVIP

摘要我国的商业地产发展受到城市化进程加速等因素的驱动，其投资规模进入放 量发展阶段。商业地产资金使用密集，其项目开发一般周期较长、投资巨大、投 资回收期较长，这就使得商业地产对于资金量的需求较高。如何有效筹措项目资 金，建立与企业自身发展协调的融资模式是商业地产开发商丞待解决的重要问 题。商业地产尤其是民营非上市的商业地产企业作为房地产经济最重要组成部 分，其融资模式一直是金融业界研究的热门话题。通过对新形势下该类型企业融 资模式和融资渠道的研究，可以为该类型企业决策者在企业融资策略方面提供新 的发展思路，以维系企业的持续经营和发展。本文通过对企业融资理论的回顾与比较，分析了非上市民营商业地产公司的 特点和企业发展中存在的问题，阐述了非上市民营商业地产公司的融资现状和面 临的困境，同时采用理论研究和案例研究相结合的方法，以非上市民营房地产企 业 BR 集团为研究对象，深入分析该类企业与大型国有企业、民营上市企业在综 合实力以及融资渠道上的异同，归纳其融资模式的特殊性、局限性以及形成此种 融资模式的内在根源。基于上述分析，提出非上市民营商业地产公司的未来融资方向选择，具体阐 述民营商业地产公司多种创新的融资模式，探索该类企业的上市可能以及由上市 引发的债权融资方式。最后，从非上市民营商业地产公司自身角度和商业地产政策制定及行业发展 两个角度分别进行分析，有针对性的对非上市民营商业地产公司提出融资模式优 化的对策与建议，为帮助民营非上市商业地产公司解决融资困境、最终实现持续 健康发展提供参考意见。关键词：商业地产，房地产金融，融资模式AbstractThe development of commercial real estate in our country is driven by accelerating urbanization process, and the size of its investment gets into the accelerated development stage. Commercial real estate is a typical fund highly intensive industry, with long project development cycle, large scale of investment, and long payback period, etc., which makes the huge fund demand. How to effectively raise the project funds, and to select the most suitable financing mode in compliance with enterprise’s own characteristics, which shall be one of the important and serious issues for commercial real estate developers.As an important component of the real estate industry, the financing model of Non-listed Private Commercial Real Estate Enterprises has been researched as hot topic in the financial circle. Through the research of financing mode and financing channels for non-listed private commercial real estate enterprises under the new market situation, it would provide new development ideas for corporate decision makers in this type of enterprises to make financing strategies, and help the sustainable operation and development of the enterprises.Through the review and comparison of corporate finance theory, this paper analyzed the characteristics of non-listed private commercial real estate enterprises an