| In November1980, The Beijing urban devevelopment corporation was set up by the housing office to establish and operate, open a prelude for real estate development enterprise in our country. the real estate has got remarkable achievement after the30years of rapid growth, the real estate Estste industry has been playing a pillar role in boosting the domestic economy growth and showing a rapidly increasing trend. The data from the National Bureau of Statistics data indicates that4826.70748267.07billions investment has been completed put into national real estate development enterprise in2010, accounting accouts for12.13percent of GDP during the same period, increased increasing by33.2percent yearly; The total commodity estate Sales amount ammount to5247.87252478.72billions,accounting acounts for13.19%of GDP during the same period, increased increasing by18.3%yearly.However, with the rapid development of the real estate industry, some issues has been gradually highlighted which has been showing a number of issues:housing prices artificially high, the phenomenon of the real estate profiteering; low-income families failing to buy a house when facing the high house price face high prices, only on the purchase prohibitive., which resulted in The resulting range of livelihood issues, and which hampered the building of a harmonious society. In2011, to effectively control the rising momentum of the house price and to ensure people’s demand for house, the country has carried out a series of policies, such as the limit of credit, purchase, and house price, raising the interest rate of deposit and loan, increasing the construction of security house.the state in order to effectively control the momentum of housing prices to ensure that the housing needs of the people, have issued a credit limit, the purchase price, to improve the deposit and lending rates, increase the protection of housing construction and a series of policy measures. The traditional financial channels to control the unprecedented situation of the degree of intensity of regulation, making the property market, house prices fell, the developers of capital returns is also facing difficulties. Raising funds-the blood to run enterprise effectively, can make an enormous influence on the significance of the healthy development of the real estate. Real estate industry has to broaden the financing channel and optimize the capital structure. To raise funds-enterprise to achieve the effective functioning of the blood, evidenced by the healthy development of the significance of the real estate business, real estate companies to broaden the financing channels and the optimization of capital structure without delay.In this paper,from the aspects of micro,a comparision about the main different means of the real estate financing is made,and the related theories and reaserch conclusions of company financing are involved; in other aspects of microcosmics,by the means of analytic hierarchy process,the research model corcerning the financing structue is built up,which is optimized in the consideration of the availability of funds,the financing cost and the financing risks,this model explores a quite different ideas and resorts for the enterprise executives to build the reasonable financing structure.In the first place, by analyzing the present situation of the real estate enterprise financing and the different financing channel, the paper finds the problem:the financing channel is relatively small, the financing structure is unreasonable, and the measure of pro-risk is not very good. It also analyzes and summarizes the features of different financing channel. In the second place, it find the crucial factors of financing and choose the specific scheme of optimization according to financing modes of different uses and different-sized real estate developers. Lastly, take the financing case of Changsha JingFeng Industrial Park Co., Ltd for instance, the factors that can affect the financing structure, availability of capital, financing costs, financing, risk and project control of quantitative research through the establishment of the analytic hierarchy process model to determine the proportion of the financing process for pre-sale financing, bank loans, commercial credit and own funds structure, and the consistency of the test, then the financing channels for enterprises and their structure optimizationthe proposal, hoping to learn the theoretical basis for the practice of corporate finance. |
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