近年来，国家各级政府出台各项措施，加强对房地产欧亿·体育（中国）有限公司的宏观调节与金 融控制，但在实际的房地产政策实行效果来看，宏观调控背景下房地产企业融 资难问题仍然存在。部分房地产企业未能跟进新阶段的经济发展需求，选择合 适的时宜并拓宽融资渠道，房地产企业的融资结构仍相对单一。A房地产有限公 司作为诸多房地产企业中的一员，也面临融资策略受限的问题。如何在国家及 各级政府宏观调控下，实现对房地产企业融资策略的形成及优化，这是A房地 产有限公司发展的重点和难点。 本文将以A房地产有限公司为例，在宏观调控背景下，展开对A房地产有 限公司融资策略的系统研究。本文明确了研究背景和研究意义，在梳理国内外 研究概况后，归纳出研究方法和研究创新点。阐述了资本结构理论、有效市场 理论和生命周期理论。从公司基本概况、融资策略主要做法及融资策略主要特 征三方面，展开对A房地产有限公司融资现状的说明，同时，分析A房地产有 限公司融资策略存在的问题及原因等。A房地产有限公司融资的问题主要在于， 政府加大宏观调控力度及自身融资渠道成效不显著。在宏观调控背景下,借助 SWOT分析的框架，来展开对A房地产有限公司融资策略的优化，融资策略的优 势体现为，在福建中小城市房地产市场占主导地位，土地获取时的融资需求金 额较少，而融资策略劣势则在于自有资金储备仍有不足，银行信用贷款额度有 限等。结合A房地产有限公司融资策略的机遇与挑战，A房地产有限公司的后续 发展应结合房地产企业发展需求，努力创新融资渠道。除了从努力适应经济形 势、顺应经济改革和市场需求等角度，强调融资环境优化的重要性外，A房地 产有限公司还要借助供应链金融模式、代建模式、CMBS模式和夹层融资模式等， 实现融资渠道的创新及融资结构的优化。 关键词：融资策略融资结构渠道A房地产有限公司 4 Abstract Inrecentyears,thegovernmentatalllevelshasissuedvariousmeasuresto strengthenthemacro-regulationandfinancialcontroloftherealestateindustry. However,intermsoftheactualeffectofrealestatepolicyimplementation,the financingproblemofrealestateenterprisesstillexistsunderthebackgroundof macro-control.Somerealestateenterprisesfailtofollowuptheneedsofthenew stageofeconomicdevelopment,choosetheappropriatetimeandbroadenthe financingchannels,andthefinancingstructureofrealestateenterprisesisstill relativelysingle.Asamemberofmanyrealestateenterprises,ARealEstateCo.,Ltd. alsofacestheproblemoflimitedfinancingstrategy.Howtoformandoptimizethe financingstrategyofrealestateenterprisesunderthemacro-controlofthestateand governmentsatalllevelsisthekeyanddifficultpointforthedevelopmentofAReal EstateCo.,Ltd. ThispaperwilltakeARealEstateCo.,Ltd.asanexample,underthe backgroundofmacro-control,carryoutasystematicstudyoffinancingstrategyofA RealEstateCo.,Ltd.Thispaperclarifiestheresearchbackgroundandsignificance, andsummarizestheresearchmethodsandinnovationpointsafterreviewingthe researchsituationathomeandabroad.Thecapitalstructuretheory,effectivemarket theoryandlifecycletheoryareexpounded.Fromthecompany'sbasicoverview, financingstrategiesandmaincharacteristicsoffinancingstrategies,thispaper explainsthefinancingstatusofARealEstateCo.,Ltd.andatthesametime,analyses theproblemsandreasonsoffinancingstrategiesofARealEstateCo.,Ltd.Themain problemoffinancingofARealEstateCo.,Ltd.liesinthefactthatthegovernment's effortstoincreasemacro-controlanditsownfinancingchannelshavenotachieved remarkableresults.Underthebackgroundofmacro-controlandwiththehelpof SWOTanalysisframework,thispaperoptimizesthefinancingstrategyofAReal EstateCompanyLimited.Theadvantagesoffinancingstrategyareasfollows:inthe realestatemarketofsmallandmedium-sizedcitiesinFujian,thedominantposition isintherealestatemarket,theamountoffinancingdemandislesswhenlandis 5 acquired,andthedisadvantageoffinancingstrategyisthattheself-ownedcapital reservestillexists.Insufficient,bankcreditlimitislimited,etcbinedwiththe opportunitiesandchallengesoffinancingstrategyofARealEstateCo.,Ltd.,the follow-updevelopmentofARealEstateCo.,Ltd.shouldcombinewiththe developmentneedsofrealestateenterprisesandstrivetoinnovatefinancingchannels. Inadditiontoadaptingtotheeconomicsituation,adaptingtoeconomicreformand marketdemand,andemphasizingtheimportanceofoptimizingthefinancing environment,ARealEstateCo.,Ltd.alsoneedstoinnovatefinancingchannelsand optimizefinancingstructurebymeansofsupplychainfinancialmodel,modelling model,CMBSmodelandsandwichfinancingmodel. Keywords:financing;strategy;structure;ARealEstateCo.,Ltd. 6 目录 第一章绪论...............................................................................................1 第一节研究背景及意义......................................................................................1 一、研究背景..........................................................................................................................1 二、研究意义..........................................................................................................................2 第二节研究方法和技术路线..............................................................................2 一、研究方法..........................................................................................................................2 二、技术路线..........................................................................................................................3 第三节主要研究内容和创新点..........................................................................4 一、主要研究内容..................................................................................................................4 二、创新点..............................................................................................................................4 第二章国内外研究概述和理论基础.....................................................5 第一节国内外研究概述......................................................................................5 一、国外研究动态..................................................................................................................5 二、国内研究动态..................................................................................................................6 第二节理论基础..................................................................................................9 一、融资顺序理论..................................................................................................................9 二、资本结构理论..................................................................................................................9 三、有效市场理论................................................................................................................10 四、生命周期理论................................................................................................................11 第三章A房地产有限公司融资的现状及评价.....................................13 第一节融资的现状............................................................................................13 7 一、公司基本概况................................................................................................................13 二、现行五种融资方式........................................................................................................13 三、融资的特征....................................................................................................................17 第二节存在的问题及原因................................................................................18 一、企业融资存在的问题....................................................................................................18 二、企业融资存在的原因....................................................................................................20 第四章A房地产有限公司融资策略的选择.........................................22 第一节SWOT分析...............................................................................................22 一、优势分析......................................................................................................................22 二、劣势分析......................................................................................................................24 三、机遇分析...................................................................................................