| Since the 21 st century,with the rapid development of China’s market economy,real estate development has gradually become the pillar industry of China’s national economy.The rapid development of the industry is inseparable from the continuous supply of funds,especially for real estate enterprises,which take funds as the first factor of development.China’s real estate industry started late but developed rapidly on a large scale,which is a highly capital intensive industry.Compared with other industries,the use of funds has a larger demand and a longer capital occupation cycle,and has always been a high demand for financing scale.The financing strategy of real estate industry is closely related to national policy regulation and social economic environment.Enterprises need to make corresponding financing strategies according to different policy and economic environment to disperse risks and finance efficiently.Since 2016,the state has strictly and intensively regulated the real estate industry,and local governments have constantly issued regulatory policies to tighten the financing channels of the real estate industry.Due to the introduction of national macro-control policies and the characteristics of real estate industry’s own financing,the real estate industry financing in China is facing unprecedented challenges,and the transformation of financing mode is imminent.Based on the research results of many scholars at home and abroad,starting from the financing theory of each period,this paper uses the agency cost theory,enterprise life cycle and financing life cycle theory,combined with the real estate industry’s own financing characteristics and current situation,summarizes the financing mode of the real estate industry,analyzes the financing channels,financing characteristics and financing problems under different modes And the effect of different modes.In thecase part,taking Vanke Real estate,a leading domestic development enterprise,as an example,this paper analyzes the reasons and effects of financing mode selection in different development stages since its establishment,and evaluates different financing modes by analyzing the operating performance before and after its selection of financing mode through financial data.Extract the reference suggestions for other real estate companies.The purpose is to find out the importance of different financing decisions in different environments,provide experience for real estate enterprises with single financing mode,and predict how to make the optimal financing structure for real estate development enterprises under the current policy regulation,so as to realize the long-term development,step-by-step growth and enhance the enterprise value.Finally,through the research on the financing risk theory of scholars at home and abroad,this paper makes a summary analysis on the financing mode of China’s real estate industry,and then combines with the actual cases of Vanke to study the influencing factors of choosing different financing modes in different periods of enterprise development,and draws the following conclusion: large-scale real estate enterprises can refer to Vanke’s mature financing mode and choose a relatively new one The medium-sized real estate enterprises can refer to the financing mode of Vanke growth period and choose the financing channels that meet the policy focus.The financing of listed enterprises refers to the financing of Vanke to build a stable and sustainable enterprise structure. |
