房地产业属于资金密集型欧亿·体育（中国）有限公司，开发周期长、资金需求量大是其显著的特点，我国 大量的房地产企业又采取负债经营模式，对外部资金需求量巨大。近年来，随着政府对 房地产的监管变得越来越严格，更于 2008 年提出了抑制房地产价格上涨的政策目标， 房地产企业资金回流更慢长，融资难度不断增加。而抵押贷款的条件越来越苛刻也成为 必须面对的现实。随着市场风险的增加，很难通过银行贷款弥补房地产公司的资金缺口。 所以，大部分的房地产企业已经意识到拓宽融资渠道和对融资的形式进行创新是必由之 路。 在国家调控趋于严格、贷款银根收紧的背景下，房地产欧亿·体育（中国）有限公司就暴露出了严重的融资 问题，HT 公司也不例外。本文从 HT 公司的业务经营现状入手，首先分析了其融资的 方式与方法、渠道与途径、成本与期限等基本情况；然后深入分析了 HT 公司资金运用 的期限结构、形式和状态，研究了 HT 公司资金来源与资金运用的配比问题；从这些研 究中，本文分析了 HT 公司暴露出来的融资问题，并从宏观、欧亿·体育（中国）有限公司以及企业自身经营管 理等多角度分析了问题产生的原因。 本文研究发现，HT 公司在银根宽松的情况下依然存在融资成本过高、融资渠道单 一、结构不合理等问题。重要的是，一般会计准则对资产、预收账款划分的规定运用到 地产欧亿·体育（中国）有限公司后，造成了地产欧亿·体育（中国）有限公司流动资产、预收账款的严重高估。所以，地产欧亿·体育（中国）有限公司包括 HT 公司的资金错配不仅是存在的，而且比财务报表表现更为复杂。在这种情况下，当 地产欧亿·体育（中国）有限公司市场重大调整时，如果企业的经营、管理工作也有不足，企业就会面临巨大的 财务和经营风险。为此，本文提出融资时不仅要考虑报表层面的资产负债率，更为重要 的是要通过分析企业自身资产和负债的实质，避免资金错配的风险。最后，本文从理论 出发，对 HT 公司融资渠道、融资方式等方面的改进与创新提出了应对方案。 本文的研究有助于揭示地产欧亿·体育（中国）有限公司资金链风险及其背后深刻的政策、市场风险以及企 业自身经营管理风险，对 HT 企业自身、地产欧亿·体育（中国）有限公司的财务管理以及会计法规的完善都起 着关键作用。 关键词，房地产；资金错配；融资创新II Abstract The real estate industry is a capital-intensive industry. The long development cycle and large capital demand are its distinctive features. A large number of real estate enterprises in China have adopted a debt business model, which has a huge demand for external funds. In recent years, as the government's supervision of real estate has become more and more strict, the policy goal of suppressing the rise of real estate prices has been put forward in 2008. The return of real estate enterprises is slower and the difficulty of financing is increasing. The increasingly harsh conditions of mortgages have also become a reality that must be faced. As market risks increase, it is difficult to make up for the funding gap of real estate companies through bank loans. Therefore, most real estate companies have realized that expanding financing channels and innovating the form of financing is the only way. In the context of stricter state regulation and tightening of lending, the real estate industry has exposed serious financing problems, and HT is no exception. This paper starts with the current business situation of HT company. Firstly, it analyzes the basic methods of financing methods and methods, channels and ways, cost and time limit. Then it analyzes the term structure, form and status of HT company's fund utilization and studies HT. From the research, this paper analyzes the financing problems exposed by HT Company, and analyzes the causes of the problems from the perspectives of macro, industry and enterprise management. The research in this paper finds that HT Company still has problems such as excessive financing cost, single financing channel and unreasonable structure in the case of loose monetary policy. What is important is that the application of the provisions of the general accounting standards on the division of assets and advance receipts into the real estate industry has caused a serious overestimation of the current assets and advance receipts of the real estate industry. Therefore, the mismatch of funds in the real estate industry, including HT, is not only present, but also more complicated than financial statements. Under this circumstance, when the local production industry market is undergoing major adjustments, if the company's operation and management work are insufficient, the enterprise will face enormous financial and operational risks. To this end, this paper proposes not only to consider the asset-liability ratio at the reporting level, but more importantly, to analyze the nature of the company's own assets and liabilities and avoid the risk of mismatching funds. Finally, based on the theory, this paper proposes a solution to the improvement and innovation of HT's financing channels and financing methods.III The research in this paper helps to reveal the risk of the capital chain of the real estate industry and the profound policies, market risks and risks of the company's own operation and management. It has important enlightening significance for the financial management of HT enterprises and the real estate industry as well as the improvement of accounting regulations. Key words: Real estate; Real estate financing; Financing problemsIV 目 录 摘要...........................................................................................................................................I Abstract ..................................................................................................................................... II 图表清单.................................................................................................................................VII 第一章 绪论..............................................................................................................................1 1.1 研究背景和意义............................................................................................................. 1 1.1.1 研究背景.................................................................................................................. 1 1.1.2 研究意义.................................................................................................................. 2 1.2 文献综述......................................................................................................................... 2 1.2.1 融资约束研究.......................................................................................................... 2 1.2.2 融资创新及优化研究.............................................................................................. 4 1.2.3 文献评述.................................................................................................................. 7 1.3 研究内容和方法............................................................................................................. 7 1.3.1 研究内容.................................................................................................................. 7 1.3.2 研究方法.................................................................................................................. 8 第二章 理论基础....................................................................................................................10 2.1 资本结构与资金配置................................................................................................... 10 2.1.1 资本结构含义........................................................................................................ 10 2.1.2 资本结构理论........................................................................................................ 10 2.1.3 资金配置风险........................................................................................................ 12 2.2 融资方式与模式........................................................................................................... 12 2.2.1 股权融资................................................................................................................ 12 2.2.2 债务融资................................................................................................................ 13 2.3 房地产业及其融资....................................................................................................... 14 2.3.1 房地产业及其资产特点..............