發(fā)布時間：2018-03-21 07:54

  本文選題：新“國五條”　切入點：房地產(chǎn)企業(yè)　出處：《江西財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自改革開放起,房地產(chǎn)行業(yè)在我國政府的大力支持下,經(jīng)歷了數(shù)十年的迅猛發(fā)展,已經(jīng)成為國民經(jīng)濟(jì)支柱性產(chǎn)業(yè)之一,為社會經(jīng)濟(jì)的長足發(fā)展做出了一定的貢獻(xiàn)。然而近幾年,由于樓市過度火爆,大多數(shù)一二線城市的房價屢創(chuàng)新高,遠(yuǎn)遠(yuǎn)超出了消費者的承受能力,民眾頗有微詞。在這樣的社會背景下,政府接連出臺了一系列房地產(chǎn)調(diào)控政策,包括國八條、國六條、國十條、新國八條等。隨著上述政策的調(diào)控效果被沖淡,政府為進(jìn)一步穩(wěn)定房價,抑制投資投機(jī)性購房,于2013年2月20號又推出了新“國五條”,繼續(xù)加大房地產(chǎn)市場調(diào)控力度。 現(xiàn)階段,我國房地產(chǎn)企業(yè)融資格局仍以銀行信貸為主,在房地產(chǎn)資金來源中銀行信貸占比超過60%,無疑給房地產(chǎn)企業(yè)和商業(yè)銀行帶來了較大的系統(tǒng)風(fēng)險。尤其是近年來,銀行貸款利率持續(xù)上升,使得融資成本越來越高,銀監(jiān)會又不斷要求縮減房地產(chǎn)信貸投放量,進(jìn)而加大了房地產(chǎn)企業(yè)的融資難度。此外,目前房地產(chǎn)市場觀望氣氛濃厚,剛性購買需求不足,資金回流受阻,房地產(chǎn)企業(yè)極易出現(xiàn)資金短缺、償付能力受限等問題,融資風(fēng)險進(jìn)一步加劇。.因此,探索在新“國五條”背景下如何破解房地產(chǎn)企業(yè)多渠道融資、強(qiáng)化融資風(fēng)險控制、構(gòu)建融資風(fēng)險防范體系對于房地產(chǎn)企業(yè)持續(xù)健康發(fā)展具有非常重要的現(xiàn)實意義。 本文主要采用規(guī)范研究方法,適當(dāng)運用比較分析法,從房地產(chǎn)企業(yè)融資風(fēng)險控制的一般理論闡述入手,敘述新“國五條”的出臺背景和具體內(nèi)容,總結(jié)新政出臺前后房地產(chǎn)企業(yè)融資狀況的變化,剖析房地產(chǎn)企業(yè)融資風(fēng)險控制中存在的問題,并深入研究房地產(chǎn)企業(yè)融資風(fēng)險控制失效的具體原因,在借鑒國外房地產(chǎn)企業(yè)成功經(jīng)驗的基礎(chǔ)上進(jìn)而提出強(qiáng)化房地產(chǎn)企業(yè)融資風(fēng)險控制的建議。 除引言和結(jié)論外,論文在結(jié)構(gòu)上分四章闡述房地產(chǎn)企業(yè)融資風(fēng)險控制的有關(guān)問題。 第一章主要概述了房地產(chǎn)企業(yè)融資風(fēng)險控制的基本理論。首先介紹了房地產(chǎn)企業(yè)融資風(fēng)險控制的基本概念,對房地產(chǎn)企業(yè)、融資、融資風(fēng)險、融資風(fēng)險控制進(jìn)行層層界定。其次對融資風(fēng)險控制的一般理論進(jìn)行簡要闡述,包括風(fēng)險控制的基本流程和融資風(fēng)險控制的一般策略。最后分析了房地產(chǎn)企業(yè)融資風(fēng)險的類型與風(fēng)險控制的特點。 第二章是新“國五條”背景下房地產(chǎn)企業(yè)融資風(fēng)險控制的現(xiàn)實分析。在介紹新“國五條”的出臺背景和內(nèi)容的基礎(chǔ)上,總結(jié)新政出臺前后房地產(chǎn)企業(yè)融資狀況的變化,以此剖析我國房地產(chǎn)企業(yè)融資風(fēng)險控制中存在的問題,主要表現(xiàn)為：商業(yè)信用風(fēng)險控制不足；銀行貸款風(fēng)險控制效果不理想；股票、債券融資困難,風(fēng)險分散受阻；應(yīng)交稅費壓力長存,支付風(fēng)險擴(kuò)大；資金沉淀嚴(yán)重,風(fēng)險控制難度加大；融資風(fēng)險控制存在滯后性等方面。之后,為了解當(dāng)前房地產(chǎn)企業(yè)融資風(fēng)險大小,運用Z-score模型對選取的樣本進(jìn)行Z值測算,發(fā)現(xiàn)我國房地產(chǎn)行業(yè)整體面臨較高的財務(wù)風(fēng)險,風(fēng)險控制未能發(fā)揮應(yīng)有的作用。由此,進(jìn)一步深入分析房地產(chǎn)企業(yè)融資風(fēng)險控制存在問題的內(nèi)部原因和外部原因。其內(nèi)部原因包括少數(shù)企業(yè)管理層融資風(fēng)險控制觀念不足；融資渠道較少,結(jié)構(gòu)不合理；企業(yè)內(nèi)部監(jiān)管制度不健全；資金管理缺乏長期規(guī)劃；融資風(fēng)險預(yù)警制度不完善；部分企業(yè)缺少風(fēng)險控制部門和有經(jīng)驗的專業(yè)人才；房地產(chǎn)行業(yè)實力參差不齊,抗風(fēng)險能力低等。其外部原因包括相關(guān)法律制度不完善；金融體系不健全；國家宏觀調(diào)控政策的影響作用大；外部監(jiān)管制度不完備等。 第三章以美國、日本、英國為例,總結(jié)國外房地產(chǎn)企業(yè)融資風(fēng)險控制的經(jīng)驗,從而探討對我國的啟示：融資方式選擇應(yīng)以直接融資為主；創(chuàng)新金融工具和健全金融結(jié)構(gòu)體系；政府政策引導(dǎo)房地產(chǎn)融資市場有序發(fā)展。 第四章在梳理房地產(chǎn)企業(yè)融資風(fēng)險控制整體思路的基礎(chǔ)上提出具體的對策建議。就企業(yè)內(nèi)部而言,這些建議包括應(yīng)建立現(xiàn)代風(fēng)險控制理念,增強(qiáng)風(fēng)險防范意識；擴(kuò)寬融資渠道,實現(xiàn)融資方式多元化；加強(qiáng)階段性融資結(jié)構(gòu)優(yōu)化管理；健全企業(yè)內(nèi)部監(jiān)管制度；合理安排資金規(guī)劃,加強(qiáng)資金管理；建立融資風(fēng)險預(yù)警系統(tǒng)；培養(yǎng)和引進(jìn)先進(jìn)的融資風(fēng)險管理人才等。就外部環(huán)境而言,這些建議包括應(yīng)完善房地產(chǎn)融資的法律法規(guī)建設(shè)；培育和發(fā)展房地產(chǎn)金融市場,進(jìn)行金融產(chǎn)品創(chuàng)新；大力加強(qiáng)會計師事務(wù)所誠信建設(shè)；加強(qiáng)政府政策引導(dǎo),強(qiáng)化房地產(chǎn)企業(yè)融資的監(jiān)管；利用房地產(chǎn)企業(yè)聯(lián)合開發(fā),建立融資風(fēng)險共擔(dān)機(jī)制等。
[Abstract]:Since the reform and opening up, the real estate industry in our government's strong support, after decades of rapid development, has become one of the pillar industries in the national economy, to make a certain contribution for the rapid development of social economy. However, in recent years, due to excessive property hot, most of the second city residents record high, far beyond the affordability of consumers, people complained. In this background, the government has introduced a series of real estate macro-control policies, including eight countries, six countries, ten countries, Eight Control Regulations on House Prices and so on. With the above policy regulation effect is diluted, the government to further stabilize prices, inhibit speculative investment, in February 20, 2013 launched a new "five countries", continue to increase efforts to control the real estate market.
At this stage, the financing pattern of real estate enterprises in China is still dominated by bank credit in real estate funds in bank credit accounted for more than 60%, no doubt to the real estate enterprises and commercial banks brought bigger systematic risk. Especially in recent years, bank lending rates continued to rise, the cost of financing is more and more high, the China Banking Regulatory Commission it requires reducing the real estate credit amount, and increase the real estate enterprise financing difficulty. In addition, the current real estate market strong wait-and-see atmosphere, the purchase of rigid demand, the return of funds blocked, real estate enterprises prone to a shortage of funds, solvency problems such as the limited financing risk further intensified. Therefore, in the new exploration "five states" under the background of how to solve the real estate enterprise financing channels, strengthen financial risk control, construction financing risk prevention system for the real estate enterprises with sustainable and healthy development It is very important and practical.
This paper mainly adopts normative research method, the appropriate use of comparative analysis, from the general theory of real estate enterprise financing risk control of the expounding, narrative background and specific content of the new "five countries", summarizes the changes before and after the introduction of the New Deal real estate enterprise financing situation, analyzes the existing financing risk control of real estate enterprises in the problem. Specific reasons and in-depth study of the real estate enterprise financing risk control failure, on the basis of drawing on the successful experience of foreign real estate enterprises and puts forward to strengthen the real estate enterprise financing risk control suggestions.
In addition to the introduction and conclusion, the thesis is divided into four chapters to explain the related problems of financing risk control in real estate enterprises.
The first chapter mainly introduces the basic theory of real estate enterprise financing risk control. This paper first introduces the basic concepts of real estate enterprise financing risk control, the real estate enterprises, financing, financing risk, financing risk control layer definition. Secondly this paper briefly describes the financing risk control of the general theory, including the general process and basic strategy the financing risk control risk control. Finally analyzes the financing risk of real estate enterprise types and risk control.
The second chapter is the analysis of the reality of the new "Five" background of real estate enterprise financing risk control. Based on the introduction of the new "Five" the background and content of the new deal, summarizes the changes before and after the introduction of the real estate enterprise financing situation, analyzes China's real estate enterprise financial risk control problems in the existing capital and the main performance is: the insufficiency of commercial credit risk control; risk control effect of bank loans is not ideal; the stock, bond financing difficulties, risk dispersing blocked; tax payable payment pressure forever, increase the risk of serious sedimentation of funds, risk control; difficulty; financing risk control lag and so on. After that, in order to understand the current financing risk the real estate enterprise size, using Z-score model to calculate the Z value of selected samples, found that China's real estate industry as a whole face high financial risk, the risk of failing to control To play its due role. Thus, further analysis of the real estate enterprise financing risk control problems of the internal causes and external causes. The internal causes include a few managers of the enterprise financing risk control concept; financing channels and unreasonable structure; internal supervision system of enterprise funds management is not perfect; the lack of long-term planning; early warning system of financial risk not perfect; some enterprises lack of professional risk control departments and experienced uneven; the real estate industry strength, anti risk ability is low. The external causes include the relevant legal system is not perfect; the financial system is not perfect; the impact of the national macro-control policy role; external supervision system is not perfect.
The third chapter to the United States, Japan, Britain, summed up the foreign real estate enterprise financing risk control experience, so as to explore the enlightenment to our country: financing choices should be based on direct financing; financial innovation and financial system; the government policy to guide the orderly development of the real estate financing market.
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