| After the middle of 1990's, promoted by a series of policy in housing-consumption the real estate industry has beening holding a rapid growth and blooming both of supply and demand. The real estate industry plays a very important part in rising GDP. Despite of its importance, there are so many choke points. A problem standing out is the contradiction between the increasing investment demand and the limited financial-channels. The starting-funds are over-depended on the bank loan. The real estate industry, as the capital-intensive industry, how to choose the most proper financial ways to realize the multiple-finance and sustain-development became the important issue which is also the government and the whole industry pay attention and want solve the problem of real estate enterprises'finance.It's analyzed from five parts as follows:The first chapter is the literature summary.Enterprise financing is refers to the enterprise's form, the method, the way and the channel to obtain needs the fund. Enterprise's financing decision-making decides the capital's source constitution and structure. Based on MM theory, transaction-fee theory and the contract theory are two important branches in modern enterprise financing theory field.Real estate enterprise financing is refers to the activity to use kinds of ways for real estate's production, reproduction and the sales collection to be sure the real estate development ,promotion ,circulation and the consumption. Real estate enterprise financing's characteristic are obvious: huger fund demands, longer deadline and higher financing cost.The method of real estate enterprise financing divides into internal and exterior ways. The main internal financing forms are the innate fund and the advance receipt account funds. Exterior financing may divide into indirect financing and direct financing. Indirect financing mainly is obtaining the loan from the bank for short-term demands of fund. While, direct financing mainly is obtaining from the capital market, including stock financing, bond financing, the real estate industry investment fund, the real estate trust and so on for the long-term demands of fund.The second chapter is taking reference for use from experience and lessons abroad. The overseas real estate industry has developed hundred years which accumulated so many success experiences worth studying:Direct financing is the primarily financing way. Actually, the one is Stockholder-financing, which is to sell the stockholder's rights to obtain the funds from market. It can get direct financing through stock market. The other one is bond financing. It became the main method in developed country and the scale of enterprise bond was 3 to 10 times of the stockholder's rights financing.Financial tools are so rich and the financial system is perfect. Depended on the set of complete financial systems, the developed country's real estate industry development healthily. The American real estate finance system's characteristic is as follows: firstly, rich financial tools which including investment fund, fund trust and so on. Secondly, perfect two levels of markets. Thirdly, government's finance balance gear. The three points are something in common between development real estate finance systems in developed country.The government instruction is accurate. In American's real estate financing system, the government's function does not lie in providing fund, but lies in providing the two levels of markets in real estate mortgage loan to be sure the fluidity and carrying on legislation safeguard for the real estate industry fund in order to reduces the real estate finance's macroscopic risk , perfect real estate finance system and make real estate transaction market became more prosperous. Looking from the lesson, because the real estate price raised fast, many real estate market were over-hot, appeared"bubbles". For example, Asian real estate's"bubbles"bursts taking Japan as representative, is due to its economic basis and financial system unsatisfactory, bringing a more tremendous negative influence to Japan and the correlated countries.The third chapter is the analysis of current situation in real estate industry. At present our country real estate enterprise's financing way mainly has innate fund, advance receipt account funds, bank loan, real estate bond, stock financing, real estate trust financing, real estate fund, joint-venture company and so on. But it also has following problems:Their financial structures are comparatively simple majoring in bank credit. Because the domestic financial system is undeveloped, the real estate finance depends on bank loan primarily at present, other financing ways such as stock financing, trust financing, bond financing as well as fund financing occupies so slight.The ratio of stock and bonds is unreasonable and the amount of bounds financial is too small. The real estate enterprises'direct financing methods have two ways presently: one is stock financing which just occupy 2‰- 3‰. The other is bond financing which also accounts for a minimum part. Even in 1999, the ratio is still only 2‰. In 2005, bond financing is only 0.42 million Yuan, the ratio nearly approach to zero.Capital overseas finds no way to come in. Although the trend of using foreign capital is obviously after 2001, but the proportion of using foreign capital actually drops. In 2005, the foreign investment just accounts for 1.19% in the real estate industry's total investment.The unhealthy regulation or laws bring bad influence. For example, "Company Law" and "Enterprise Bond Act of administration" limit excessively to enterprise bond distribution which hindered the first level of market's expansion. Majority of real estate enterprise is unable to go on the stock market under the frame of"Negotiable Securities Law". The related legal laws and regulations are not perfect even vacancy, which becomes the real estate industry financing innovation's biggest barrier, and urgently need to be perfected.The fourth chapter is concerned politic suggestions. The author give two levels suggestions. The first one is multiplying the financial ways. The second one is encouraging enterprises'bounds. Including several concrete forms as below:Use Mezzanine Financing nimbly. Mezzanine Financing is a financing way between the debt and the capital stock. It may provide 5 - 7 years long term loan and can arrange nimble financing structure or repays way according to the real estate enterprise's special financing request and the condition of management. Further more, it also does not dilute the company the stockholder's domination, suited the real estate industry very much.Vigorously develops industry fund of real estate. The pattern of real estate industry is from fund to project. Firstly, collects massive funds, then make combinations to invest on different projects, ranging from different recycling time and different developing-phase. This financing method is another quite good financing way.Finance the overseas capital curvely. Because our country does not permit the foreign direct investment in domestic real estate industry, therefore it's very difficult to adopt the international way, which including pouring into stockholder's rights, purchasing property, using mortgage loan property and so on. See from the actual operation model, our country's cooperation pattern is: the overseas industry fund first established a investment company, then cooperate with the our domestic enterprise, sharing equity of different ratio. After the project finished, the two sides share the returns.Mortgage-backed securitization. In the concern of bank credit, Mezzanine Financing, the real estate industry fund, the Mortgage-backed securitization provides the following fund for the real estate industry's development.Encouraging enterprises'bounds. The debenture bond floats over the water in the recent years. The rate generally is lower than the e bank deposit interest rate, is good to improve the company's financial burden and enhance company's competitive ability. In 2005, the central Bank of China promulgates "Short-term Financing Ticket Policing method", announced a new bond innovation. In the long term, bond is the important financing channel.The fifth part produced the suggestions how to math the related problems.Multiplying the financial way depend a certain economic system, including Developing and perfecting the two levels of financial market; establishing financial support system, cultivating and the developing independent and fair intermediary organization, enhancing the credit supervising, establishing financing laws and regulations. |
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