本文關(guān)鍵詞：萬科公司的融資策略研究　出處：《廣西師范大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn)企業(yè) 萬科公司 融資環(huán)境 融資風(fēng)險 融資策略

【摘要】：在企業(yè)的發(fā)展進程中,充足的資金來源和完善的資金鏈是十分重要的。資金、市場和土地并稱為房地產(chǎn)產(chǎn)業(yè)的三大基本元素,房地產(chǎn)也由于其巨大的資金投入被稱為資金密集型產(chǎn)業(yè)。由于產(chǎn)品市場價格呈周期性波動變化,房地產(chǎn)產(chǎn)業(yè)的興衰也與經(jīng)濟環(huán)境、市場環(huán)境、政策環(huán)境、法律環(huán)境等密切相關(guān),因此必須根據(jù)房地產(chǎn)企業(yè)面臨的經(jīng)濟環(huán)境、市場環(huán)境、政策環(huán)境、法律環(huán)境等來調(diào)整房地產(chǎn)企業(yè)的融資策略。 本文主要采用了理論與實踐相結(jié)合的研究方法,對萬科公司的融資策略進行了研究。全文分為六個部分。 第一部分是引言。主要對文章的選題背景和研究意義、研究現(xiàn)狀以及研究思路和方法進行簡要介紹。 第二部分是融資的基本理論。分析了房地產(chǎn)行業(yè)資金的需求特點,對營運資金的支付特點,對企業(yè)融資的要求做出分析,并總結(jié)了房地產(chǎn)企業(yè)融資的相關(guān)理論：平衡理論、新優(yōu)序融資理論、代理成本理論、控制權(quán)理論、項目融資理論。 第三部分是房地產(chǎn)企業(yè)融資分類、融資方式與融資影響因素。房地產(chǎn)企業(yè)主要融資方式有：銀行貸款、上市融資、發(fā)行企業(yè)債券、房地產(chǎn)信托、金融租賃、房地產(chǎn)投資基金、和建筑承包商合作融資等；影響房地產(chǎn)企業(yè)融資的主要因素有：政策環(huán)境、經(jīng)濟環(huán)境、金融市場換環(huán)境、土地政策、稅收政策等。 第四部分是萬科公司的融資策略研究。這是本文的重點。在該部分,首先分析了萬科公司面臨不同融資環(huán)境下的融資情況,其次從內(nèi)源融資和外源融資兩個方面對萬科公司的融資情況進行了分析,并指出其成功因素和存在問題；最后從內(nèi)源融資和外源融資兩個角度分析了萬科公司未來的融資策略。 第五部分是萬科公司的融資風(fēng)險控制研究。融資的風(fēng)險是客觀存在的。在該部分,從財務(wù)風(fēng)險控制和經(jīng)營風(fēng)險控制兩方面對萬科公司的融資風(fēng)險控制措施進行分析。 第六部分是萬科公司的融資策略對我國房地產(chǎn)行業(yè)其他公司的啟示。 當(dāng)今國內(nèi)外經(jīng)濟形勢不容樂觀,我國房地產(chǎn)企業(yè)更面臨著銀根緊縮的局面。房地產(chǎn)行業(yè)的發(fā)展與經(jīng)濟環(huán)境、政策環(huán)境等息息相關(guān),為保證其資金的正常運轉(zhuǎn),企業(yè)的融資策略就必須根據(jù)這些環(huán)境不斷地進行相應(yīng)的調(diào)整。一個企業(yè)的成功與否從某個角度上講取決于該企業(yè)的資金來源及對市場預(yù)測能力。本文主要通過對萬科公司融資策略以及融資風(fēng)險控制的分析,以期為我國其他房地產(chǎn)企業(yè)在融資時提供有益的啟示。
[Abstract]:In the process of enterprise development, adequate funds and improve the capital chain is very important. Capital market and land known as the three basic elements of the real estate industry, real estate is also due to the huge capital investment is called the capital intensive industry. Because the market price cyclical changes the real estate industry, the rise and fall with the economic environment, market environment, policy environment, legal environment are closely related, therefore must be based on the real estate enterprises are facing economic environment, market environment, policy environment, legal environment to adjust the real estate enterprise financing strategy.
This paper mainly adopts the method of combining theory with practice, and studies the financing strategy of Vanke Company. The full text is divided into six parts.
The first part is the introduction, which is a brief introduction to the background and significance of the topic, the status of the research, the thinking and methods of the research.
The second part is the basic theory of financing. Analyzes the demand characteristics of real estate funds, payment on working capital, the financing requirements analysis, and summarizes the related theories of real estate financing: balance theory, pecking order theory, agency cost theory, control theory, project financing theory.
The third part is the classification of real estate financing, financing pattern and influence factors. The main financing way of real estate enterprises: financing, bank loans, issuance of corporate bonds, real estate trust, financial leasing, real estate investment funds, cooperation and building contractor financing; the main factors affecting the real estate enterprise financing are: the policy environment, economic environment, financial market environment change, land policy, tax policy and so on.
The fourth part is the research on Financing Strategy of Vanke Company. This is the focus of this article. In this part, firstly analyzes the financing situation of Vanke Company faces different financing environment, the financing situation of Vanke Company from two aspects of internal financing and external financing are analyzed, and points out the success factors and problems; finally the financing strategy of Vanke future analysis from two aspects of internal financing and external financing.
The fifth part is the financing risk control research of Vanke. The risk of financing is objective. In this part, we analyze the financing risk control measures of Vanke from two aspects: financial risk control and operational risk control.
The sixth part is the revelation of the financing strategy of Vanke to other companies in the real estate industry in China.
The domestic and international economic situation is not optimistic, the real estate enterprises in China is facing more tightening situation. The development of real estate industry and economic environment, policy environment are closely related, in order to ensure the normal operation of the capital, enterprise financing strategy must be based on the environment constantly adjusted. The success of an enterprise whether from a perspective of the enterprise depends on the source of funds and the market forecast ability. This paper focuses on the financing strategy of Vanke Company and analysis the financing risk control, with a view to China's other real estate companies in the financing provide useful inspiration.

【學(xué)位授予單位】：廣西師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42

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