字數(shù)：18948

摘要
隨著我國金融市場的完善和房地產(chǎn)市場的逐漸發(fā)展，房地產(chǎn)企業(yè)資本結(jié)構(gòu)優(yōu)化受到越來越多的關(guān)注。資金是企業(yè)的血液，特別是房地產(chǎn)企業(yè)具有資金需求量大和到位時間要求高等特點，融資活動就顯得尤為重要。融資決策是房地產(chǎn)項目前期策劃的重要內(nèi)容，也是房地產(chǎn)企業(yè)財務(wù)管理的重點。目的在于尋找和確定最優(yōu)融資方案解決房地產(chǎn)開發(fā)中的資金問題。房地產(chǎn)企業(yè)的融資方案直接影響著項目的風險大小與獲利水平的高低，因此研究如何通過科學的決策方式來確定最終融資方案，對資本結(jié)構(gòu)的優(yōu)化具有重要的現(xiàn)實意義。
本文以當前房地產(chǎn)業(yè)發(fā)展的客觀事實為分析背景，首先對房地產(chǎn)業(yè)的發(fā)展進行闡述并提出問題，分析國內(nèi)外發(fā)展現(xiàn)狀，對資本結(jié)構(gòu)與融資、資本結(jié)構(gòu)與融資決策的關(guān)系進行研究；其次，探討了我國房地產(chǎn)企業(yè)傳統(tǒng)的融資渠道和新近出現(xiàn)的融資渠道，分析國外房地產(chǎn)企業(yè)融資渠道，在此基礎(chǔ)上分析我國房地產(chǎn)企業(yè)資本結(jié)構(gòu)現(xiàn)狀和我國房地產(chǎn)企業(yè)資本結(jié)構(gòu)優(yōu)化運營模式，并研究資本結(jié)構(gòu)影響因素和融資風險；最后以江蘇明偉置業(yè)為例，分析明偉置業(yè)的融資情況，并以具體的房地產(chǎn)企業(yè)融資為例進行研究，分析該項目的資本結(jié)構(gòu)以及如何選擇融資方案并優(yōu)化資本結(jié)構(gòu)。
關(guān)鍵詞  房地產(chǎn)企業(yè)；融資決策；融資組合；資本結(jié)構(gòu)

Abstract
With the improvement of China's financial markets and the progressive development of the real estate market, real estate corporate finance activities are more and more attention. The blood of the enterprise funds, in particular, the demand for real estate companies with capital   requirements of large and advanced features in place of time, it is particularly important in financing activities. Real estate project financing decision is an important part of pre-planning, financial management is the focus of the real estate business. Aimed at finding and determine the best financing programs to address the funding problems in the real estate development. Financing real estate companies a direct impact on project risk level of size and profitability, so study how the decision-making through scientific approach to determine the final financing package, the optimization of capital structure has important practical significance.
    In this paper, the objective fact that the current real estate development background for the analysis, first described the development of the real estate industry and ask questions, analyze the development situation at home and abroad to introduce the Western theory of capital structure and financing, capital structure and financing, capital structure and Financing decision to study the relationship; Secondly, we explore the traditional financing of real estate enterprises and newly emerging channels of financing, analysis of foreign real estate financing channels for enterprises, on this basis, analysis of the status of the real estate business and our real estate capital structure Optimization of capital structure business model and study the capital structure and financing risk factors; Finally, Jiangsu Mingwei examples reasoning of real estate company capital structure optimization is to maximize the enterprise value of the research financing, analysis of the project's capital structure, financing options and choose Optimize the capital structure.

Keywords   Real estate   Financing decision   Financing portfolio   Capital Structure
 
目       錄
摘要 I
Abstract II
1 緒論 3
1.1 研究的背景及意義 3
1.1.1 研究的背景 3
1.1.2 研究的意義 4
1.2 國內(nèi)外研究現(xiàn)狀 4
1.2.1 國外研究現(xiàn)狀 4
1.2.2 國內(nèi)研究現(xiàn)狀 5
1.3 研究內(nèi)容與方法 6
1.3.1 研究對象與范圍 6
1.4 技術(shù)路線圖 7
2 我國房地產(chǎn)企業(yè)資本結(jié)構(gòu)與融資現(xiàn)狀分析 8
2.1 房地產(chǎn)資本結(jié)構(gòu)基本理論 8
2.1.1 相關(guān)概念的界定 8
2.1.2 資本結(jié)構(gòu)與融資結(jié)構(gòu)的區(qū)別和聯(lián)系 8
2.2 房地產(chǎn)企業(yè)融資總體概況 8
2.3 房地產(chǎn)企業(yè)融資主要存在的問題 9
2.4 房地產(chǎn)企業(yè)融資方式 10
3 我國房地產(chǎn)企業(yè)融資渠道的研究 14
3.1 融資的分類 14
3.2 債權(quán)融資 15
3.3 自有資金 15
3.4 股權(quán)融資 15
3.5 債券融資 16
3.6 預(yù)收款 16
4 資本結(jié)構(gòu)影響因素及資本結(jié)構(gòu)優(yōu)化 18
4.1.1 影響融資的主要因素 18
4.1.2 融資風險分析 19
4.2.1 政府政策 19
4.2.2 利率 20
4.2.3 房地產(chǎn)企業(yè)的獲利能力 20
4.2.4 房地產(chǎn)企業(yè)的信用等級 20
4.3.1 各單項籌資方式的資金成本率 20
4.3.2 綜合籌資成本率 21
4.3.3 杠桿效應(yīng) 22
5.2.1 資本結(jié)構(gòu)分析 28