| The real estate industry is a typical capital-intensive industry,both initial development,purchase of land,construction and subsequent sales,will need a lot of money,especially in the initial development,if the lack of money,so the whole project will not be able to run down.It can be said that capital is the most concerned factor in the real estate industry.In 2013,the real estate industry has entered into the phase of steady development in our country,there are a large number of commercial housing inventory,commercial housing vacancy cannot sell,seriously affected the real estate enterprise pays,also influence the steady development of the economy.If a large number of commercial housing stock,real estate enterprise financing problems,is facing the danger of bankruptcy,and real estate industry as a national important economic support,if there is a large area of the crisis,will make the country economic instability.Therefore,since 2013,China has started to advocate the policy of de-stocking.The approval of loans for real estate enterprises has become more strict,and the financing difficulties for real estate enterprises have begun to emerge.In order to solve the problem of financing difficulties,real estate enterprises began to seek diversified financing methods.The Real Estate Investment Trusts(REITs)are fund products and are a kind of Real Estate securitization.REITs have unique advantages.Investors have a low entry threshold,which enables them to raise stable funds from the public.Meanwhile,it is also conducive to activating the inventory of commercial housing and promoting the liquidity of funds.REITs is already mature and commonly used in foreign financing way,but in our country is still in its infancy,Vanke REITs in it is special public offering fund products,before issued REITs are private equity fund products,so Vanke REITs has important research significance.This article adopts the method of theory combined with empirical analysis,the study of REITs,on the basis of relevant theories,combining with the present situation of real estate enterprises financing in China,the domestic Vanke company issued REITs successful case study analysis.First of all,the relevant research literature of REITs is sorted out,and the domestic and foreign research status is summarized from the two aspects of application mode and financing effect of REITs,laying a direction for the following case analysis.Then define the basic concept of REITs,systematic understanding to implement REITs financing motive and effect analysis method,and expounds the financing theory,for the further study of REITs financing effect played a solid theory foundation.Next,taking Vanke REITs as an example,this paper introduces the basic situation of Vanke REITs financing and focuses on the characteristics of Vanke REITs financing.At the same time,combined with the external financing environment and internal financing needs,the external and internal motivations of Vanke 's adoption of REITs financing were analyzed.Finally,the effect of Vanke 's REITs financing was analyzed,and the impact of Vanke 's REITs financing on the company was evaluated by using event analysis,financial index method and EVA index.Through the theoretical analysis of REITs and case analysis of Vanke 's use of REITs financing,this paper mainly draws the following conclusions: REITs financing is conducive to improving shareholders' wealth;The adoption of REITs financing helps to improve financial performance;Financing through REITs can reduce the cost of enterprise financing.At the same time,in order to promote real estate enterprises to adopt REITs financing more effectively,this paper also gives some Suggestions: the strong support from the government is the basis for successful implementation of REITs.High quality commercial real estate is an important condition for REITs financing.Public offering is an effective means to develop REITs financing.Through the analysis of this paper,it is hoped to provide Suggestions for real estate enterprises to issue REITs,make full use of the unique advantages of REITs,and promote the vigorous development of REITs in China.There are many commercial real estate in China.If REITs are widely used,real estate enterprises can obtain effective ways to solve the financing difficulties.The financing difficulties of real estate enterprises will be alleviated,and the real estate market will tend to develop smoothly,which will have a good promotion effect on China's economy.The innovation of this paper is as follows: first,Vanke REITs is the first public offering fund product,which is different from previous private placement fund products and has great research significance.Vanke as a leader of real estate industry,Vanke's decision affects the real estate industry,this paper analyzes the Vanke REITs financing effect,it can provide ideas for other real estate enterprises.Secondly,compared with other financing methods,there are few literatures on REITs in China.Most literatures focus on the operation process of REITs.This paper focuses on the financing effect of REITs and introduces REITs from a new perspective,hoping to supplement this aspect so that more real estate enterprises can understand the financing effect of REITs. |
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