论文总字数：20848字

摘 要

从上个世纪90年代以来我国房地产行业展现出了蓬勃的生机，作为支柱性产业，房地产行业早已是我国国民经济的重要组成部分。而房地产行业作为资金密集型产业之一，对于资金量的需求是十分高的，同时也需要回收周期较长的现金流来保证其长期稳定的发展。仅仅靠企业内部的资金是难以支撑房地产持续稳定的发展的，这个时候就需要运用一些金融手段，通过一些融资的行为来为房地产企业获得资金上的支持。根据研究，当下我国房地产企业的融资方式主要还是通过向商业银行申请贷款这一单一渠道。这种融资方式使得房地产行业融资结构不合理，对整个行业以及银行系统都造成了一定的风险。

本文首先收集概括了目前运用较为广泛的几种房地产行业的融资方式，在此基础上通过研究房地产行业的不同的融资渠道，结合现阶段房地产行业融资的现状，对该行业融资的基本状况进行了分析。对包括商业银行借贷在内的5种融资渠道进行概述，同时分析了不同渠道的现状。了解房地产企业内部与外部的环境，通过对融资渠道的过去现在与将来的研究建立起对于房地产行业融资的初步印象。结合对于房地产行业中的代表性企业上海绿地集团的近些年的融资行为来了解其对于不同融资渠道的运用，同时通过对于上海绿地集团的财务报表中的与融资相关的资产负债比率的计算与对比来对其企业内部的融资情况进行了分析。通过对于具体文献资料的分析以及对于上海绿地这一实际案例的分析了解到其在战略模式上为了应对当下多变的经济环境，他的融资方式在变得越来越多元化，多种融资渠道的综合运用对提升房地产企业竞争力帮助房地产行业应对一些金融经济风险有着重要的意义，同时也可以启发人们对融资渠道的创新。最后结合理论与实践对于我国房地产企业融资渠道的发展提出合理的建议。

关键词：房地产行业；融资渠道；绿地集团

Research on Financing Channels of Real Estate Industry in China:

To Greenland Holdings Group Corporation Limited as an Example

Abstract

Since the reform and opening up, China"s real estate industry has been developing rapidly. It has become a pillar industry that supports China"s economic development and an important part of our national economy. The real estate industry, as one of the typical capital-intensive industries, requires a very large amount of capital and a long period of capital flow to ensure its long-term stable development. Only the enterprise internal funds is difficult to support the stable and continuous development of real estate, this time we need to use some financial means and through some financing behavior to obtain funding support for real estate enterprises. However, the current financing mode of Chinese real estate enterprises is mainly focused on the credit access of commercial Banks. This kind of financing method makes the financing structure of real estate industry unreasonable, the whole industry and the banking system have caused certain risk.

This paper summarizes existing concepts of real estate financing channel, basing on different financing channels of real estate industry, combining with the present situation of the financing channels of real estate industry, analyzing the basic situation of the financing about present stage of our country real estate industry. This paper gives an overview of five financing channels including commercial bank lending, and analyzes the current situation of different channels of real estate industry. Understand the internal and external environment of real estate enterprises, and establish a preliminary impression of financing of real estate industry through the past and future research on financing channels. Combined with the representative enterprises in real estate industry of Shanghai Greenland group in recent years to understand the financing behavior of to the use of different financing channels, at the same time, through the Shanghai Greenland group in the financial statements of assets and liabilities related to the financing ratio calculation and comparison to the enterprise internal financing is analyzed. Through the analysis on specific literature as well as to the analysis of actual cases to understand the Shanghai green space on its strategic mode in response to the changeable economic environment, his way of financing in becomes more and more diversified, the integrated use of a variety of financing channels to promote the real estate enterprise itself anti-risk ability and competition ability has an important meaning, at the same time also become increasingly important to the innovation of the financing channels. Finally, combining theory and practice, it puts forward reasonable Suggestions for the development of financing channel of real estate enterprises in China.

Key words: Real estate; Financing channels; Greenland Holdings Group Corporation Limited

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究意义 1

1.3 研究内容及方法 1

第二章 理论与文献综述 3

2.1 房地产企业融资的定义 3

2.2 文献综述 3

第三章 我国房地产企业融资渠道分析 4

3.1 房地产企业融资渠道 4

3.1.1 房地产企业融资渠道的内涵 4

3.1.2 房地产企业融资渠道的分类 4

3.1.3 房地产企业融资存在的问题 5

3.2 房地产企业融资渠道的创新 5

3.2.1 国外存在的新型房地产融资渠道 5

3.2.2 近年国内兴起的房地产融资渠道 6

第四章 案例分析———以绿地集团为例 7

4.1 企业简述 7

4.2 企业融资情况及财务相关指标分析 7

4.2.1 企业近年融资情况 7

4.2.2 企业相关财务指标分析 8

第五章 对融资渠道的建议 10

5.1 房地产企业的建议 10

5.2 对于房地产行业外部的建议 10

结论 12

致 谢 13

参考文献（References） 14

第一章　绪 论

1.1 研究背景

从改革开放以来，随着经济的开放与发展，房地产行业也在飞速的发展，作为当下国民经济的重要组成部分，房地产行业的发展可以带动许多的附属行业一同发展，例如钢铁行业，建材业，家电业等，所以这一行业也可以被称之为支柱性产业，对于我国整个经济乃至社会都有着不可估量的作用。

从1998年至今，我国的房地产一直处于一个上升的阶段，包括房地产的总体销售规模、总资产、总投资额都在大幅提升。就拿房地产行业开发投资额举例，根据国家统计局的数据显示，2015年我国的房地产行业总开发投资额为95978.85亿元，相比于2014年增长了943.24亿元，每年都有大量的资本在涌入房地产市场。也证明在这样一个巨大的金融和商业机遇面前，越来越多的投资者和企业将目光聚焦在房地产行业。

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