房地产开发企业的融资融券方式探索与实践研究-工商管理专业论文.docxVIP

房地产开发企业的融资融券方式探索与实践研究 摘 要 房地产开发企业在中国货币政策不断收紧的大环境下，融资难度不断增大。 房地产企业由于企业性质导致企业对资金需求量大且周期长，如此不良的资金环 境使企业资金链收紧，企业发展遇到瓶颈。国内房地产企业为了缓解融资约束， 积极拓宽融资渠道，采用了多种多样的融资方式，主要包括银行贷款、民间借贷 债券融资、境内外IPO融资、房地产投资基金及房地产信托基金等。但是这些融 资方式由于受到不同程度的经济、政治和市场因素桎梏，并不足以满足房地产企 业的融资需求。 针对这样的情况，证券公司通过创新业务——融资融券交易，及其衍生业务 股票质押式回购业务与约定购回式交易业务，为企业提供融资服务，满足房地产 企业的融资需求。本文通过对房地产开发企业的投融资现状及存在问题进行分 析，引入融资融券及其衍生业务的相关理论知识与实际操作，并将融资融券交易 的融资方式用于BJ房地产开发公司的融资实践，得出研究的结论。 本文基于我国房地产开发企业融资渠道短缺的现状，提出了一种全新且可行 的房地产开发企业融资方式。于融资方房地产开发企业而言，该种方式有利于房 地产企业融资成本控制在较低的水平，且融资手续方便、资金使用灵活、放款速 度快；于被融资方券商而言，能够通过融资融券这项创新业务改善自身的单一经 营模式，实现企业经营转型，提升其在金融市场的影响地位。本文以BJ房地产开 发公司为实例，充分证明了该类融资方式的可行性，为实现房地块开发企业融资 结构多元化做了一定工作。 关键词：房地产开发企业、融资融券、股票质押式回购业务、约定购回式交 易、融资 I Study on Real Estate Enterprise Margin Trading Methods and Practices Abstract With China’s monetary policy being tightened continuously, real-estate enterprises face greater difficulty in financing. Such an unfavourable capital environment imposes great stress on capital chain of real estate enterprises, who have high capital demand and long cycle, and their development therefore hit a bottleneck. Common financing methods in domestic real estate market include bank loan, IPO financing home and abroad, bond financing, real estate trust fund and investment fund, private loans, etc. All these methods are influenced by economic, political and market factors more or less, and can’t satisfy real estate enterprises’ demand. In such a context, security companies launched their innovative business- margin trading, buy-back on pledged stock, and agreed repurchase securities trading, all which can better satisfy real estate enterprise financing requirement. With an analysis on current real estate market investment and financing situation, as well as on problems occurred, the paper introduces some theory and application of margin trading business and its derivative business, it also presents a case of margin trading practice in BJ real estate development financing business, and then reaches a conclu