Investigation Of The Real Estate Listed Company’s Financing Channel And Management Of Capital Cost

With the rapid development of Chinese economy, the real estate industry hasbecome an important pillar industry of our national economy. In the background ofmacro economic development trend, and as the backbone of the industry, the real estatelisting Corporation continued growth in several rounds of regulation, steadydevelopment, and will bring profound influence on the development of the real estateindustry and the entire national economy. The real estate industry is a typical capitalintensive industry, capital is the starting point for the business activities of enterprises,and also it is the basis of income distributing follow. Enough capital size can guaranteethe need of enterprise investment. And to properly match the financing activities canreduce the cost of capital.The financial resources of the real estate mainly come from the domestic loans,self-financing, and other funds(the deposit and advance payment)。The proportion of itsown funds in real estate enterprises are relatively low, while the bank credit fundsaccounted for a relatively high investment in real estate. The central bank and theCBRC to the30provinces except Tibet(city) survey data show that, the debt rate of thereal estate enterprise is75.76%, and the proportion of the bank loans in total debt is41.32%, bank loans accounted for all sources of funds40.8%. From the actual situationin the real estate market funds chain, commercial banks involved in the whole processof land reserve, land trade,real estate development and real estate sales. In leading tobank credit for real estate financing pattern, other financing methods such as the listingand financing, trust financing, bond financing and other financing accounted forrelatively small. This indicates the basic characteristics of the real estate financing inChina is debt financing is the dominant, the proportion of equity financing is small, the channel of financing is single, the financing structure is not reasonable, adding theimpact of the financial crisis, and the continuous macro-control policies for the realestate enterprises, and forcing the real estate enterprises to optimize the capital structure,and to seek the new financing channels actively.This paper, firstly,aims at the real estate industry of our country’s economic andpolitical background to do a brief summary, secondly, according to the financing andcapital structure survey data on China’s real estate enterprises are described, and then,combine the survey of the real estate listed corporation financing channels and the costof capital, using the SWOT analysis method and comparative method, summarized theexisting in the financing structure and capital cost management problem of listingcorporation. At last according to the problems, aiming at the real estate short-termlongitudinal development and long-term transverse development and puts forward somesuggestions. Through the investigation, this paper, resolves the financial crisis of thereal estate enterprises and the single financing channels of real estate enterprise;optimize the capital structure and provide the theoretical references for the practiceof the corporate financing; help them to find a feasible and diversified financing mode.And then the real estate can develops continuously, and realize the maximization ofenterprise value.