英语论文网

lely on internal financing real estate companies can not meet the needs of all the funds , more funds need to obtain external financing . Main channels are issuing shares , equity investment, issuing corporate bonds, bank loans, real estate trusts , foreign investment , cooperative development, industry funds. In China, real estate corporate finance is more dependent on bank loans, finance a single channel .

According to related statistics data show that China's real estate development is financed mainly by self-financing or other real estate funds . Perspective as a starting point for the development of the real estate industry development funds , at least 20% from bank loans ; while the other part is self-financing , pre-sales , very small part of the credit conversion from individuals . Therefore, the real estate business operations , most rely on bank loans , the real estate investment credit risk, market risk is concentrated in commercial banking, corporate risk awareness is difficult to form and apply mechanisms . Over the years , the real estate enterprises increasingly high debt ratio , the new policy of requiring companies to own funds of at least 35% of the total investment , but in practice, widespread in their funds for 20% of total investment The following is far not meet the requirements . High debt increases the real estate business pressures and risks , and the risk of creditors also increased , reducing the level of corporate financing .

Financing can be divided according to their length of long- term financing and short-term financing . The real estate industry is a typical capital-intensive industries , because the real estate development enterprises developed relatively long time required for the project is a huge capital investment process, in the financing requires a relatively high proportion of long-term liabilities . Because such funding is relatively stable , able to guarantee a complete corporate capital chain , in order to meet the needs of the real estate enterprise production and management . China's real estate listed companies in the overall proportion of long-term financing is not high , even these relatively strong comprehensive strength of the real estate listed companies in the proportion of long-term financing only 20% -30 %, and they are more relying on short-term liabilities , such a financing structure will lead to funding relatively unstable , short-term repayment pressure, poor flow of funds is easy to guard against market risks capability is weak.

Because of China's bond market is not perfect, China's real estate listed companies in common equity financing preference . This preference affects corporate finance capital efficiency , is not conducive to the sustained and healthy operation of the real estate business , but also brought to the enterprise market risk , and ultimately affect corporate value . We all know that when the stock market downturn , the stock market fluctuations, preferred equity financing of the real estate financing business in the stock market there is great difficulty , many enterprises through the issuance, allotment and other forms of financing, such financing is generally cumbersome formalities for real estate so strong corporate demand for funds , if financing was shelved , will result in corporate cash flow difficulties, and increased risk of the enterprise market , a direct result of enterprise funds strand breaks

本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。