房地产上市公司债券融资研究-产业经济学专业论文.docx

摘 要 房地产市场的发展，离不开房地产企业的自身的发展。我国房地产市场的发 展已经到达比较成熟的阶段。很多房地产企业已经意识到，要想在这个成熟的市 场继续发展，对自身的现金流情况需要进行优化。过去，房地产企业的现金流情 况也并不是非常不乐观，因为房地产市场的刚性需求，使得只有少数房地产企业 会在现金流断裂的情况下，不能迅速得到恢复而失去发展的机会。而今房地产市 场的发展使得房地产企业想通过卖房子来进行现金的回流，资金的补充，已经是 一件不很容易的事情。对于房地产产业的发展特点，发展的周期性 等问题，使得 房地产企业除了寻求传统的银行贷款和积极筹备企业上市的融资之外，还需要寻 找更多新的渠道融资。2010 年到 2011 年，国家出台了一系列收紧银根，出台房产 税等政策调控，使得房地产企业的发展面临着急迫的机遇和挑战。此时，国家却 没有对房地产企业企业债券的发行进行更多的限制，这使得房地产企业债券可能 成为房地产企业融资的下一个主要的市场。因此对房地产企业债券的研究作为对 地产融资方式之一的研究是非常有必要的。本文通过对国外房地产企业债券的研 究和国内房地产企业债券的发展情况进行调查研究，通过前沿分析法对我国房地 产企业债券的发展进行了模拟分析。得出一些结论：房地产企业债券的发展是随 着房地产市场的融资方式的逐步完善而发展的。房地产企业债券的发展还有很大 的发展空间，并且房地产企业如果能积极改变企业自身的财务结构，来适应房地 产企业债券的发行条件，获得房地产企业债券这种融资方式不是不可能的。综上 所诉，房地产企业债券的发展处于上升过程中，房地产企业要抓紧这个机遇，来 迎接企业发展新的春天。 关键词：融资，房地产市场，债券 ABSTRACT The real estate market development, cannot leave the estate enterprises own development . The development of the real estate market in China has arrived very mature stage. A lot of real estate enterprise has realized that want to in the mature markets of continued development of their cash flow, optimize the situation requires. In the past, real estate enterprises cash flow also is not very not optimistic. Because the real estate market demand, makes the rigid only a minority of real estate enterprise will be in cash flow fracture of the cases, cannot recover rapidly lose the opportunity of the development. Now the development of real estate market by selling real estate enterprise wants to make the house to cash backflow, capital of supplement, is not a very easy thing. For real estate development characteristics, development of such issues, making periodic except for real estate enterprises of traditional bank loans and preparing enterprise listed financing besides, still need to find more new financing channels. 2010 until 2011, the country has issued a series of tightening monetary policy on real estate taxes, such as real estate enterprise, make policy regulation faced in its development with urgent challenges and opportunities. At this time,