On Real Estate Enterprises Financing Combination Based on the Industry Life Cycle
Real estate enterprises in different life cycle stages, face different economic environment, different competitors and different national macroeconomic policies, as well as their self-condition, operating and financial status differences are very obvious. Therefore, different life cycle of financing strategy must conform to the actual development stage, which determines the choice of financing strategy and financing tools. The paper analyses the characteristics of real estate enterprises financing and the characteristics of each life cycle stage. According to these characteristics, we make the choice of financing tools and design financing combination for each stage of the life cycle. Give priority to risk investment funds and try to get bank loans in initial stage, give priority to listed financing and actively seek the trust agencies in growing stage, give priority to bank loans and bonds and actively increase listed financing in mature stage, give priority to bank short-term loans and take opportunity to seek risk investment funds in decline stage. Additionally, through the financing case of Vanke Corporation, we verify the financing combination which we have designed. Research on real estate enterprises financing combination based on the industry life cycle, can provide a new approach for real estate enterprises financing and references for real estate enterprises financing combinatorial optimization.
real estate enterprises financing combination the industry life cycle
CHENG Fu WANG Xiaowei
School of Management, Harbin Institute ofTechnology, Harbin, China 150001 School of Management, Harbin Institute of Technology, Harbin, China 150001
国际会议
2009 International Conference on Construction & Real Estate Management(2009建设与房地产管理国际会议)
北京
英文
611-615
2009-11-05（万方平台首次上网日期，不代表论文的发表时间）