MT房地产公司融资策略研究
研究生：周雄刚
指导老师：梁业章
学科专业：工商管理
研究方向：公司财务管理
年级：2019
摘要
房地产公司属于重资产、高度密集资金的公司，所开发的地产项目从立项、开发建设
到销售、经营管理的周期较长，对资金的需求量大，资产变现、再投入周转缓慢，其融资
策略是否科学、合理，资金获取途径是否丰富，资金成本是否在合理范围都关系到房地产
公司的长远发展。2016年以来，房地产公司的外部融资环境发生了显著变化，房地产公司
融资困难、财务风险高的情况更加显现，制定科学的融资策略成为房地产公司经营管理不
得不非常重视的关键环节。在这样的背景下，房地产公司融资策略成为了研究热点问题。
MT房地产公司是一家民营、中小房地产公司，在上述背景下，根据城市更新政策，开
发和运营管理了旗下房地产项目，该类房地产公司随着国内关于房地产的供地政策、城市
更新政策的不断规范和演化，将来会有更多的涌现，他们的融资问题具有普遍性。选择MT
房地产公司融资策略作为对象进行研究具有较强的现实意义。在分析了 MT房地产公司概
况、内外部融资环境、欧亿·体育（中国）有限公司环境、融资现状后，发现 MT房地产公司在融资中存在亟待解
决的问题。这些问题主要包括：一是内源性资金不足；二是融资结构不合理；三是融资成
本高；四是融资风险高。分析其原因后，发现主要来自以下四个方面：一是开发与运营能
力有待提升；二是过于依赖传统融资模式，资金主要来源于银行渠道，融资渠道狭窄；三
是融资规划不足，融资被动、仓促；四是融资创新不足。
国内外关于房地产公司融资管理方面的研究成果和成功经验非常值得借鉴。结合融资
有关的优序融资理论、生命周期理论、权衡理论，可总结归纳为以下六个方面的融资策略：
一是融资期限适配策略，根据公司发展战略、业务规划和资金投向，分别选择长、短期资
金，避免出现资金错配、短期资金用于长期投资项目的情况；二是内源性融资优先于股权
融资策略，公司优先通过经营管理回收内源性资金，最后考虑采用股权融资融入资金；三
是债务融资优先于股权融资策略；四是低成本融资优先策略；五是科学融资规划策略；六
是探索融资创新策略。
立足于 MT房地产公司融资中存在的问题，在借鉴国内外关于房地产公司融资管理方
面研究成果和成功经验的基础上，提出MT房地产公司融资策略，主要包含以下四个方面：
一是加强运营管理，提升内源性融资能力；二是拓展融资渠道，选择多元化融资模式；三
是进行科学融资规划；四是加强融资创新，探索发行国内类REITs。
制定融资策略是公司运营管理这一复杂的系统工程中重要的一部分内容，而且与公司
运营管理的其它方面息息相关，因此，要做好房地产公司的融资工作，仅仅从财务层面进
行融资管理是远远不够的，房地产公司要从公司战略管理高度，从公司决策管理层，到财
务部门，到业务部门，到人力资源部门等都需要参与进来，进欧亿·体育（中国）有限公司财信息共享，进行科学
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融资规划，在借鉴国内外研究成果和成功经验的基础上，顺应内外部环境变化，及时制定
融资策略。随着房地产融资调控政策的不断深化、演进，会有更多的房地产公司和学者参
与到房地产公司融资策略的研究和实践中来，房地产公司“融资策略”无论在理论研究方
面还是在实践探索方面都将取得长足进展。
关键词：房地产公司；融资模式；融资策略
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Research on Financing Strategy of MT Real Estate Company
Graduate student: Zhou Xionggang
Major: Business Administration
Grade: 2019
Instructor:Liang Yezhang
Direction: Corporate Financial Management
Abstract
The real estate company is a company with heavy assets and highly intensive capital. The
long-term development of the real estate company is closely associated with such factors as long
cycle of its real estate project developed by it from project approval, development and
construction, to sales and operation management, large demand for capital, slow asset realization
and reinvestment turnover, whether its financing strategy is scientific and reasonable, and
whether it has a lot of ways to access to capital, and whether the capital cost falls within a
reasonable range. Since 2016, due to significant changes in the external financing environment
of the real estate company, more prominent financing difficulties and high financial risks,
formulating scientific financing strategies has become the key link that the real estate company
has to attach great importance to. In such context, the financing strategies of the real estate
company has become a hot research topic.
MT Real Estate Company is a private, small and medium-sized real estate company. In the
context, according to the urban renewal policy, the company has developed, operated and
managed its real estate projects. With the continuous standardization and evolution of the
domestic land supply policy and urban renewal policy on real estate, more this type of real estate
company will emerge in the future, and their financing problems will be universal. It is of strong
practical significance to choose financing strategy of MT Real Estate Company as the research
object is. After analyzing the general situation, internal and external financing environment,
industry environment and current financing status of MT Real Estate Company, it is found that
there are urgent problems to be solved in the financing of MT Real Estate Company. These
problems mainly include: first, the lack of endogenous funds; second, unreasonable financing
structure; third, high financing cost; and fourth, high financing risk. After analyzing the reasons,
it is found that they are mainly caused by the following four aspects: first, the development and
operation capacity to be improved; second, excessive reliance upon traditional financing mode,
with funds mainly coming from the bank channels, resulting in narrow financing channels; third,
insufficient financing planning, and passive and hasty financing; and fourth, lack of financing
innovation.
The research results and successful experience with respect to financing management of
real estate companies at home and abroad are very worthy of reference. Combined with the
pecking-order financing theory, lifecycle theory and trade-off theory related to financing, the
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