| The real estate industry has been providing a steady stream of impetus for China's economic development.According to the national bureau of statistics,the economic added value of the real estate industry was 5984.6 billion in 2018,accounting for 6.6 percent of the GDP.It also fully confirms that the real estate industry occupies a crucial position in the country's macro economy.The real estate industry belongs to capital-intensive industry,from the early development,land acquisition,construction to the later sales,each node needs the assistance of capital.Therefore,capital is the pillar of sustainable development of real estate enterprises.With the continuous reform of the national policies for the real estate industry,real estate enterprises are facing the difficulties of blocked capital sources and high financing costs.How to ensure the smooth financing channels is an urgent problem for real estate enterprises to solve.However,the current real estate enterprises have not built a financing system that can be adjusted and adapted with the changes of the market,and the diversified financing methods of real estate enterprises are not yet mature.The analysis and research on the financing model of successful real estate enterprises can provide some references for real estate enterprises to find new financing methods,reduce financing costs and optimize financing structure.China fortune is a leader in the real estate industry.It has done a great job in the utilization of its own resources and the exploration of innovative financing methods.Through the flexible use of more than 20 financing methods,China fortune has provided a stable source of funds for the development of the enterprise,met the capital needs of the enterprise development,and achieved rapid development of the enterprise.In just six years after listing,it has entered the top 10 list of Chinese real estate companies.China fortune's distinctive diversified financing methods have also attracted much attention in the industry,and its innovative practices in financing are worth learning from other enterprises.Based on the Balance theory and Control Right theory,this paper defines some basic concepts of financing of real estate enterprises,understands some characteristics and principles of financing of real estate enterprises,and introduces some financing methods applicable to the real estate industry.Then,it analyzes the general financing motivation of the real estate industry,which includes large capital demand,long financing cycle and the financing is easily influenced by policies.This paper also introduces two kinds of analysis methods of financing effect.All of these lay the foundation for further study of the case of the company.Taking China fortune as an example,this paper introduces the shareholding structure and main business model of the company,and expounds some traditional and innovative financing methods mainly used by the company.Then,it comprehensively analyzes the internal and external financing environment of the enterprise,and summarizes the internal and external motivations of the company's application of diversified financing,including large capital demand,slow capital turnover,and strict policy supervision.External causes include limited bank loans,high asset-liability ratio,and enterprises seeking financial support for expansion.The main body of this paper is based on the literature research method and the case analysis method,mainly analyzes the economic effects of diversified financing of China fortune enterprises.Firstly,this paper USES the financial ratio method and the EVA index method,and through the calculation and horizontal comparison of the financial indicators during the research period,it finds that diversified financing improves the profitability and solvency of enterprises,brings positive wealth effect to investors and creates value.Finally,this paper summarizes the experience of China fortune in diversified financing mode,and provides enlightenment for the financing problems of Chinese real estate enterprises.In order to maintain the stability of the capital chain of enterprises,implementing diversified financing is the inevitable choice for the development of Chinese real estate enterprises.Capital structure is the cornerstone of an enterprise,only a solid foundation,healthy development.Stable capital structure is the precondition of financing;When the enterprise's performance is higher,the more money,its capital chain is more smooth and flexible.High rate of return on sales is the guarantee to bear higher capital financing cost.The communication and cooperation between enterprises and Banks can facilitate the operation of various financing methods,and a good bank-enterprise relationship is the guarantee of diversified financing channels.The support of the government may enable enterprises to obtain the investment of financial funds and enhance the financing ability of enterprises.The strong support of the government is the strong backing for diversified financing of real estate enterprises. |
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