摘要
后疫情时代影响下,房地产企业面临着资金偿还压力和现金流不足等问题,应用新的融资模式迫在眉睫。对此,以我国第一家在商业地产项目上实施REITs的公司新城控股为例,探讨商业地产项目当前的融资结构、融资效果、融资风险等问题。研究发现,REITs融资模式能够带来良好的短期市场反应,增强市场对企业的信息,帮助企业财富增值,同时能够降低企业融资成本和提高风险方法能力,有利于提高盈利能力和增强财务效率,对于商业地产企业来说具有积极的价值。同时,研究发现新城控股REITs面临着法律、政策、宏观经济周期风险,并提出了推动法律环境的优化与完善、建立科学的内部响应机制、建立长效风险评级机制等针对性建议。
Under the influence of the post pandemic era,real estate enterprises are facing problems such as fi⁃nancial repayment pressure and insufficient cash flow,making it urgent to apply new financing models.Taking Xincheng Holdings,the first company in China to implement REITs in commercial real estate projects,as an exam⁃ple,this article explores the current financing structure,financing effectiveness,and financing risks of commercial real estate projects.Research has found that REITs financing models can bring good short-term market response,enhance market information about enterprises,help enterprises increase their wealth,reduce financing costs and improve risk methods,which is beneficial for improving profitability and financial efficiency,and has positive val⁃ue for commercial real estate enterprises.At the same time,the study found that the REITs of New Town Holdings are facing risks from laws,policies and macro business cycle,and put forward targeted suggestions such as promot⁃ing the optimization and improvement of the legal environment,establishing a scientific internal response mecha⁃nism,and establishing a long-term risk rating mechanism,hoping to play a positive role in the development of real estate enterprises.
作者
栗继祖
侯皓中
黄绍升
LI Ji-zu;HOU Hao-zhong;HUANG Shao-sheng(School of Economics and Management,Taiyuan University of Technology,Taiyuan 030024,China;School of Business Administration,Shanxi University of Finance&Economics,Taiyuan 030006,China)
出处
《经济问题》
CSSCI
北大核心
2023年第6期80-86,共7页
On Economic Problems
