房地产企业资金管理问题研究中英文外文文献翻译2017Word格式.doc
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房地产企业资金管理问题研究中英文外文文献翻译2017Word格式.doc
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文献出处:
GothamC.Theresearchofrealestateenterprisecapitalmanagement[J].AmericanJournalofSociology,2017,1(5):
231-241.
原文Theresearchofrealestateenterprisecapitalmanagement
GothamCarl
Abstract
Fundisthebloodoftherealestateindustry,reasonableandeffectiveuseoffundsistherealestateindustrycontinuestodevelopthefundamentalguarantee.Inthelasttenyearstherealestateindustrybooming,foreconomicandsocialdevelopmentandtheimprovementinpeople'
slifehasplayedapositiverole.Howtogetenoughdevelopmentprojectfunds,howtoreasonableandeffectiveuseofinthelaterprojectoperationfunds,howtoacceleratetherecyclingofcapital,speeduptheturnoverofcapitalandsobecomeanurgentproblemintherealestateenterprises.Therefore,in-depththeoreticalresearchandpracticeofrealestateenterprisecapitalmanagementistoexploreisnecessary.ThisthesismainlyfromtheAngleofcapitalmanagementtostudyandexplorationoftherealestateenterprisesfacefundingproblems,payattentiontotherationalityofthesourceoffunds,thestabilityofthecapitaluseefficiency,capitalcirculation,inordertoprovidehelpforthecurrentrealestateenterprisesinadilemma.
Keywords:
realestatecompanies,fundmanagement,useoffunds,themoneyback
1Introduction
Capitalflowasthemonetaryformofrealestateenterprisecapitalmovement,realestateenterprisecapitalmanagementisthemainprocessandusagepatternsonvariousaspects(financing,using,andreflux)asawhole.Realestateisacapital-intensiveindustry,capitalrequirements,longdevelopmentcycle,risks,big,slowcapitalflowcharacteristics,strengthentheuseandmanagementoffundsistherealestateenterprisestobuildcorecompetitiveness,thecontroloftheenterprisecapitalchainandgraspintheirinvestmentdecision-makingisparticularlyimportant.Governmentinrecentyearsthroughthemacroeconomicregulationandcontrolmeasuressuchasfinance,tax,andlawandincreaseconstructionofaffordablehousingmeansstablehouseprice,inordertopromotehealthydevelopmentofrealestateindustry.Althoughthesemeasureshaveplayedapositiverole,butartificiallyhighpricesandnorealisreduced,therealestatebubbleisstillthere.Countriestokeeptheeconomyhealthyandstabledevelopment,curbinflationandshrinkingmoney,makestheexternalfundingshortagesandrealestatebusinessloansdifficult;
Continuousdownturnofthestockmarketcouldmakeitdifficulttocapitalmarketfinancing;
Buyerswait-and-seeattitudemakehousingvolumeshrinking.Inthefaceofthissituation,manyrealestatedevelopmententerprisesappearthesituationofthefinancialstrain;
appeareventhephenomenonofcapitalchainrupture.Sotherealestateenterprisecapitalmanagementmodelcanguidetheenterprisecapitalmanagement,improvetheefficiencyofenterprisecapitaloperation,theenhancemententerprisecorecompetitiveability,eventuallygettheinitiativeintheintensemarketcompetition.2TheresearchresultofrealestateenterprisecapitalmanagementDuetothetimeofmarketeconomyestablishedearlier,thefinancingenvironmenthasbeenquitemature,relativelystandardandsystem,managementoffundsusemoreattentionofpeople,especiallyintermsoffinancialmechanism,andfinancingchannelsrelatedcontent,moreforeignliteraturediscussionandresearch.Inmanyways,notonlythematuretheory,butalsohasastrongoperability.Inthefinancingtheory,financingchannelsandsoonalotofresearchachievements.
2.1Financingtheory—MMtheory,balancetheory,theoptimalordertheory
In1958,Modiglianiandmiller,anAmericanscholar,inthe"
Americaneconomicreviewonpublishedanarticlecalled"
thetheoryofthecostofcapital,corporatefinanceandinvestment.Authorundercertainconditions,throughdatacollectionandsamplingsurveyofalargenumberofenterprises,throughthepracticeofthestrictmathematicalmodelandthededuction,itisconcludedthattheMMtheory,namelytheenterpriseitselforitsmarketvalue(shareholdervalue)relatedtothetypeoffinancingisnottaken.
BalancetheoryisputforwardbyScottMeyersandbalancetheoryisthattheincreaseofthedebtmakesenterprisesfacegreaterdebtpressure,causedtheenterprisecashflownervous,addingtotheenterprisefinancialrisk,andmayevencausetheenterprisebankruptcyliquidation.Ascompaniesincreasedebt,andcorrespondingtoimprovetheenterprise'
sfinancialriskandmakethefinancialcostofadditional,reducedtheenterprisemarketvalue,andreducestheshareholderreturns.Balancetheory,therefore,shouldbecombinedwiththecharacteristicsindustryandenterprise,byfullyconsideringtheuseoffinancialleverageandcorporatecanwithstandthepressureoftherisingcostsofandfindthebestbalancebetweenriskfactors,toachievethecombinationofprofitabilityandrisk.
NewoptimalsequencetheoryisputforwardbyMeyers,itstheoreticalbasisis:
undertheconditionofinformationasymmetry,enterpriseshowtoconsiderthefinancingproblemandfinancingstructureofsequence.Firstofallshouldmaketheinternalrateofreturnofthereasonablesatisfactionofinternalfinancing,andthenconsidertheexternalfinancing.Optimalsequencetheoryshouldfirststrengthenwithintheenterpriseitself,throughinternalequityfinancingtoraisemoney,andthenconsidertheexternaldebtfinancing.2.2Financingway
Becausetherealestateindustrybelongstothecapital-intensiveenterprises,abletoraiseenoughcapitaltoensurethesmoothprogressoftheprojectisthemostrealestateenterpriseattention.Sothemoneyhasbeenarealestateenterprisecapitalmanagementtithecorepart.Therefore,intermsoffinancingchannelsandways,especiallyfinancingsystem,financingmodeandthestudyofthematurecapitalmarket,alotoftheoreticalandempiricalanalysisandresearchonforeignscholars.Anduserelativetototalallocationandcapitalflow,researchcontentandthedeptharerelativelysmall.
RichardImperial(2002)studyabroadinadditiontotheprimarymarket,secondarymarketalsohasarelativelydevelopedsecuritization,onthesecondarymarket,thefinancialinnovationmaketherealestatefinancetoolsemergeinendlessly.Thesefinancialinstrumentsincludeinvestmentfund,trust,securities,stockindex,etchingAmerica,forexample,therealestatemarketdevelopmentisrelativelymature,hasintegratedtheformofrealestatefinancing,fund,stock,bond,trustoverseascapitalinavarietyofways,suchasbankloanstothebackburner.
3ThecharacteristicsoftherealestateenterprisecapitalmanagementDuetothelargeenterprisecapitaldemand,realestatedevelopmentandconstructioncycleislong,riskisbig,andsotherealestateenterprisecapitalmanagementismorecomplex.Inmoneymanagementisdifferentfromotherindustriesandfields.Realestateenterprisecapitalmanagementhasthefollowingthreefeatures:
(1)Thetotalcapitalrequirements.Realestatedevelopmentbusinessisalargeandcomplexsystemsengineering,andinthewholeprojectoperationprocess,involvingthesurveydesign,construction,engineeringinstallationandotherindustriesandsystems,humanresourcescostisveryhigh,needalotoffinancialsupport.
(2)Capitalsourcediversification.Inviewoftherealestateenterprisecapitaldemand,forreasonsofrisk-sharing,sohugefundsdifficultalonebyindividualinvestorsorfinancialinstitutions.Sorealestateenterprisesinfinancingwillgivefullconsiderationtoitsownfundsandtheproportionofexternalfinancing,theanalysisofthestudyreasonablefinancingorderandstructure,toachievethebalanceoftheprofitabilityandrisk.
(3)Cyclelong,themoneycollectingspeedisslow.Oncetherealestatedevelopmentprojectisdiscussedthrough,intothestartupphasewillinvolvemultipleindustriesanddepartments.Fromthefirsttoraisefunds,obtainapprovalofland,thepreliminarysurveyanddesign,engineeringconstruction,floormainbodytocompletethecap,qualityinspectionuntilthelastsale,onlyinthehouserentingstagetorealizerecycling,andthisisverylong.Generallargerealestateprojectscantakethreetofiveyears.Asaresultoftherealestateprojectdevelopmentcycleislong,sothewholeprojecttosendintheprocessofcapitalmanagementandcapitalcycleislong,theincreaseinthenumberofuncontrollablefactorswillalsoappear,andsomefactorschangeswillaffecttherealestateprojectsmoothly.
4Theoverviewofrealestateenterprisefundsuse4.1TheuseoffundsforrealestateenterprisesTheusageoftherealestateenterprisecapitalwhereisthemainbasisofrealestateinvestmentanalysisanddecision-making.Itmainlyincludesthefollowingcategories:
(1)Landcost:
thelandcostisreferstothelandforrealestateprojectsandrelatedlandthematterofcostsofthehair.Includinglanduserights,land,land,landrequisitionrelocationcompensation,landcost,landtransfer,landrental,landinvestment,discount,etc.
(2)Theearlystageoftheconstructioncost,includingtheearlystageoftheprojectplanninganddesign,naturalgeologicalsurvey,feasibilitystudyand"
leveling"
phaseofthecost.(3)Thehousingdevelopmentfee:
housingfeesincludingconstructioncosts,complementaryandpublicfacilitiesinstallationfee,etc.(4)Themanagementfee:
referstoinordertoensurethatrealestateprojectsmoothlytakesotherspending.Mainlyincludeallkindsofmanagementandlogisticscosts.Suchascost,loss,poortravelingexpenses,tollfee,etc.
(5)the
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- 关 键 词:
- 房地产企业 资金 管理 问题 研究 中英文 外文 文献 翻译 2017
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