摘要 近几年，房地产欧亿·体育（中国）有限公司发展迅速，在国民经济中有着不可替代的地位。房地产欧亿·体育（中国）有限公司 是资金高使用率的运作体，资金运用是房地产企业的关键，在房 企中起到重中之重的 作用。本文以中海地产为例对融资渠道进行了研究分析，该公司融资渠道均以银行贷 款（开发贷）为主要融资方式，其融资方式单一，且因政府对现房地产 的宏观调控， 相关贷款的获取将会越来越困难，企业的融资难的问题也渐渐凸显，房地产扩大经 营、开发投资需要资金不仅需要高周转率，且需要资金规模较大。再加上区域营 商环 境不同等因素，各大开发商对资金有了更多的要求。本文将以中海地产为例研究房地 产融资的现状和渠道分析。 近期，在外界强烈预期楼市即将宽松时，2020年3月7日，海 南省出台楼市新规 《我省推出安居型商品房并全面实施商品房现售销售制度》，该制度提出商品住房取 消预售制改为现房销售制度。可以看出，海南不仅没有放松，反而加速捆 绑了楼市。 这一政策可预测出，全国各大城市因而会相继出台相关政策，在现住房短缺时代，预 售制不仅提高了周转速度，更有效的解决了房屋供给问题，而现在，部分城市已 经出 现住房过剩的问题，且内地还允许开发商在建设三分之一甚至在完成地下工程之后就 能对外销售。预售，相当于让开发商在竣工之前就能获得资金回笼，从而加快资金周 转 速度，房地产的高周转模式由此而来。而现售不仅仅加大了房地产开发周期，且对 房地产资金的需求迅速加大。 本文主要分为四大部分，首先是绪论，介绍了房地产融资的研究 背景，对房地产 融资背景进行分析，目前国内的研究现状是融资渠道单一，一旦银行融资渠道出现风 险，那么整个房地产企业融资风险将会瞬间加剧，且在本文中还提出了房地 产研究的 目的和意义，阐述了本文研究的基调，旨在解决融资渠道分析的研究。其次以中海地 产为例说明了关于融资结构和资本结构的详细依据，介绍中海地产现融资方式单一 、 融资环境局限、融资方式方法。为接下来的理论研究提供基础佐证。接下来对中海地 产的资金需求和融资成本的测算，分析了融资周期长，不利于企业经营发展，融资成 本较 高，增加了企业的经营负担，在经营和理论中的融资风险，对中海地产的融资需 求进行全面的预测。最后，对中海地产的融资问题提出解决方案与改进计划，房地产 经营当中从 拿地阶段、销售阶段、开发节奏等阶段，中海地产更希望能够快速开发， 摘要 以高进程成功转型，这是中建系统在大整合前提下做出的重要战略举措。融资难问题 将进一步凸显 ，可见，融资渠道的研究迫在眉睫。 本文从发现问题、提出问题、解决问题的角度，试图解决典型房企融资渠道多元 化的问题。 关健词： 房地产市场，企业资本，融资渠道 Abstract Abstract Inrecentyears,therealestateindustry,asoneoftheimportantpillarindustriesofthe nationaleconomy,hasdevelopedrapidlyandhasanirreplaceablepositioninthenational economy.Realestateisnotonlyahigh-speeddevelopingindustry,butalsoanoperating bodywithahighutilizationrateoffunds.Theuseoffundsisthekeytorealestatecompanies andplaysatoproleinrealestatecompanies.ThisarticleusesCOBRealEstateasan exampletostudyandanalyzethefinancingchannels.Thecompany'sfinancingchannelsall usebankloans(developmentloans) asthemainfinancingmethod,anditsfinancingmethod issingle.Duetothegovernment'smacro-controloverexistingrealestate,relatedloanshave beenobtained.Itwillbecomemoreandmoredifficult,andtheproblemoffinancing difficultiesforenterpriseswillgraduallybecomeapparent.Theexpansionofrealestate operationsanddevelopmentinvestmentwillrequirenotonlyahighturnoverrate,butalsoa largescaleoffunds.Coupledwithfactorssuchasthedifferentbusinessenvironmentinthe region,capitaloperationhasbecomethemostconcernedissueforrealestatedevelopers.This articlewilluseCOBRealEstateasanexampletostudythestatusandchannelanalysisof realestatefinancing. Recently,whenitisstronglyexpectedthatthepropertymarketwillbeloosesoon,on March7,2020,HainanProvinceintroducedthenewrulesofthepropertymarket,"the provincelaunchesresidentialhousingandfullyimplementsthecurrentsalessystemof commercialhousing",whichproposesthecancellationofthepre-salesystemforcommercial housingChangetotheexistinghomesalessystem.ItcanbeseenthatHainannotonlydidnot relax,butacceleratedthebundlingofthepropertymarket.Thispolicypredictsthatmajor citiesacrossthecountrywillsuccessivelyintroducerelatedpolicies.Inthecurrenteraof housingshortage,thepre-salesystemnotonlyimprovestheturnoverrate,butalsomore effectivelysolvestheproblemofhousingsupply.Now,somecitieshavealreadyseen housing.Theproblemofexcess,andthemainlandalsoallowsdeveloperstosellexternally evenafterone-thirdoftheconstructioniscompleted.Pre-saleisequivalenttoallowing developerstogetfundsbackbeforecompletion,therebyacceleratingtheturnoverrateof capital,andthehighturnovermodelofrealestatecomesfromthis.Thesalenownotonly increasestherealestatedevelopmentcycle,butalsorapidlyincreasesthedemandforreal estatefunds. Thisarticleismainlycomposedoffourparts.Thefirstpartistheintroduction.It introducestheresearchbackgroundofrealestatefinancingandanalyzesthebackgroundof Abstract realestatefinancing.Thecurrentstatusofdomesticresearchisthatthereisasinglefinancing channel.Itwillintensifyinaninstant,andthepurposeandsignificanceofrealestateresearch arealsoproposedinthisarticle,andthebasicrouteofthisarticleisproposed,whichisa studytosolvetheanalysisoffinancingchannels.Inthesecondpart,wetakeCOBReal Estateasanexampletoexplaintherelatedtheoriesoffinancingstructureandcapital structureofCOBRealEstate,andintroducethesinglefinancingmethod,limitedfinancing environment,andfinancingmethodsofCOBRealEstate.Providetheoreticalbasisand supportfortheanalysisandconclusionsbelow.Thethirdpartanalyzesthecapitalneedsof COBRealEstateandthecalculationoffinancingcosts,andanalyzesthelongfinancingcycle, whichisnotconducivetotheoperationanddevelopmentofenterprises.Thefinancingcosts arehigh,whichincreasestheoperatingburdenofenterprises,andthefinancingrisksin operationandtheoryprehensivelyforecastthefinancingneedsofCOBProperty.The fourthpartproposessolutionsandimprovementplansforthecurrentfinancingsituationand existingproblemsofCOBRealEstate.Intherealestateoperation,fromthelandacquisition stage,salesstage,developmentrhythmandotherstages,COBRealEstatehopestodevelop quicklyandsuccessfullytransformwithahighprocess.Thisisanimportantstrategicmove madebyChinaConstructionSystemunderthepremiseofgreatintegration.Thedifficultyof financingwillbefurtherhighlighted.Itcanbeseenthatresearchonfinancingchannelsis imminent. Thisarticleattemptstosolvetheproblemofdiversifyingthefinancingchannelsof typicalhousingenterprisesfromtheperspectivesoffindingproblems,raisingproblems,and solvingproblems. Keywords: Realestatemarket；Enterprisecapital；Financingchannels 目录 第1章绪 论.......................................................................................................................................... 1.1研究背景与意 义....................................................................................................................1 1.2研究方法与内 容....................................................................................................................4 1.3文献综述与理论基础研 究..............................................................................................5 第2章中海地产融资渠道的现状与问 题....................................................................7 2.1公司基本情况简 介..............................................................................................................7 2.2融资方式单 一..........................................................................................................................9 2.3房地产融资环境收 紧.......................................................................................................14 2.4融资方法局 限.......................................................................................................................17 第3章中海地产融资困境的成因分 析.............................................................................20 3.1融资方式单一及周期长成因分 析...........................................................................20 3.2融资环境收紧及成本高成因分 析...........................................................................22 3.3融资方法局限及经营风险高成因分 析...............................................................24 第4