基于财务权变理论房地产融资模式选择
毕业论文关键词：融资模式选择 资本结构调整 财务权变理论 案例分析
Financial Contingency Theory Based on The Selection of Real Estate Financing Model
In Greentown Real Estate Case
Abstract: recapitalization decision as an important part of corporate decision-making, has been the subject of many important financial theory research scholars. Recapitalization is reasonable or not, related to the business can achieve optimal capital structure, the enterprise value maximization plays an important, and therefore affect the sustainable development of enterprises. The adjustment of capital structure is always accompanied by the choice of financing methods, so the choice of Enterprise financing is particularly important. In the pecking order theory, MM theory, represented by finance theory is typical static financing theory. With the rapid economic development, business environment is constantly changing, therefore, in a dynamic perspective to study corporate financing mode selection has become a trend. In recent years, real estate has experienced a period of rapid development in the future, starting from growing into maturity. Meanwhile, the country's macro-economic control on the development of the real estate industry had an important impact. In a highly competitive environment in the real estate business, the successful determine the optimal capital structure, to choose the right business financing model, the relationship between companies can be in a favorable position in the competition. Financial Contingency theory as a typical dynamic theory, as a theoretical basis for this article. Path dependence, the external environment, internal factors, sustainable development is the four dimensions of financial contingency theory. This article will stand dynamic perspective, based on the financial contingency theory, Greentown real estate, for example, to study the real estate sector recapitalization and financing mode selection.
Key Words：Financing Options Recapitalization Financial Contingency Theory
Case Studies
目 录
一、 引言. ..1
二、 财务权变理论概述.2
（一）相关概念2
（二）财务权变理论的四个文度4
（三）财务权变理论的四个文度之间的关系.5
（四）房地产企业可供选择的主要融资方式.6
三、 案例分析..6
（一）绿城地产公司简介 ...6
（二）绿城地产资本结构及融资现状分析.7
（三）绿城地产基于财务权变理论的融资模式的选择...8
（四）对绿城地产融资模式的建议..12
四、结语 12
参考文献14
一、引言
房地产行业是一个与民众生活息息相关，涉及面非常广，十分庞杂的一个行业，许多企业与它关联密切，如：冶金、装潢、建材、钢铁等等，所以，房地产行业在整个国民经济中起着举足轻重的地位，具有支持和引导作用，可以拉动内需，增加就业机会，带动整个国民经济的增长。 近年来，市场体制的不断完善，为房地产行业的发展提供了强有力的保障，房地产行业的发展为国家经济的增长发挥了不可替代的作用。房地产行业在经历了高速发展时期后，逐渐暴露出诸多问题，例如：房价虚高等。国家颁布的宏观调控政策为房地产行业融资带来了困难。2014年在迎来中国GDP增长速度1991年以来的新低的同时，中国房地产行业也显得并不轻松。虽然自2014年以来的两次降息、两次降准使得房地产的销售出现回暖，但是绝大部分的二三线城市的房地产依旧处于疲软状态。房地产企业是一种资金需求量大、投资规模大、投资周期长、资金回笼慢的企业。处在这种政策约束、竞争激烈的环境中，要想获得良好的发张就必须采取合适的融资方式，拥有良好的资本结构。否则企业很容易因为融资问题，出现资金缺口，是企业陷入困境。因此，房地产企业如何选择出一个适合企业自身发展的融资模式，保持良好的资本结构，将是企业面临的重要问题。
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