摘要:房地產業是我國國民經濟的主導產業，在現代社會經濟生活中有著舉足輕重的地位。一方面，房地產業有十分強大的關聯效應，它對我國國民經濟的發展起著一定的重要作用。另一方面，房地產業還具有投資收益的功能。然而房地產開發項目規模大，周期長，房地產價值高昂等特點使得房地產企業開發所需的資金量巨大，隨著國家政策的宏觀調控使得目前房地產企業融資渠道單一、資本結構不合理，尤其是銀行信貸的比例占到70%以上。因此在控制房地產金融風險的同時，如何能夠拓寬融資渠道，創新融資方式，以緩解資金需求的壓力，從而推動我國房地產融資體制改革和融資結構的調整，發展資本市場，推動金融機構的風險控制能力，成為迫切需要加以研究的課題。

　　　本文首先總結了國內外學者對房地產企業融資問題研究的成果，接著從房地產企業融資的理論與融資管理的原則切入，分析保利地產股份有限公司的融資現狀。主要包括公司流動債務偏高、依賴信托融資，私募基金補充以及融資成本高，并深入分析該公司融資難的成因。主要包括市場的不確定性、企業資本的擴展、公司財務狀況欠佳以及公司的管理效率低下。針對這些分析，提出保利地產股份有限公司融資問題的對策，包括創新融資方式，拓寬融資渠道；構建多元化融資模式；重視企業信用。

關鍵詞 房地產企業；融資；多元化融資

Abstract:The real estate industry is the leading industry of our national economy, play a decisive role in the modern social and economic life.On the one hand, the real estate industry has related effect is very strong, be it plays an important role in the development of our national economy. On the other hand, the real estate industry has the investment income function, "education real estate", "sports estate", "tourism real estate" has become a new investment hot spot.However, the real estate development projects are large in scale, cycle is long, real estate and other high value features make the amount of funds required for the real estate enterprise development greatly, with the national macro-control policies so that the current real estate enterprises financing channels single, unreasonable capital structure, especially the bank credit accounted for more than 70%. Therefore, in the control of real estate financial risk at the same time, how to broaden the financing channels, financing methods, in order to ease the pressure on funding needs, and promote China's real estate financing system reform and financing structure adjustment, the development of the capital market, promote the ability of risk control of financial institutions, has become the urgent need to study the issue.

　　　This paper summarizes the results of domestic and foreign scholars on the real estate enterprises financing problem research, then theory and financing management and financing from the real estate business principle starting, analysis of financial status of Poly Real Estate Limited by Share Ltd. Including the company debt, high flow depends on the trust financing, private equity fund supplement and the high cost of financing, and in-depth analysis of the causes of corporate financing. Mainly includes the uncertainty of the market, enterprise capital expansion, the company's financial situation is poor, low efficiency of management. According to the analysis, put forward the Countermeasures for the financing problem of Poly Real Estate Limited by Share Ltd, including the innovation of financing, broaden the financing channels; construction of diversified financing mode to enterprise credit.

Keywords  real estate enterprises financing the diversification of financing