导　　师： 杜金岷

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 房地产业作为我国国民经济的重要支柱产业，在整个社会生活中起着非常重要的作用，融资问题是我国当前房地产企业面临的重要难题。从外部融资环境来看，银行信贷规模的收缩、房地产信托的限制、股市融资的困难、债券市场的不成熟，融资渠道的不通畅、融资成本的高企使得融资困难已经成为制约我国房地产企业健康发展的瓶颈。从企业资本结构来看，债务融资的过度使用使得企业负债率居高不下，高比例的财务杠杆成为企业再融资的制约因素。银行作为房地产企业最重要的资金来源地，在国家宏观调控、利率市场化的影响下，信贷规模紧缩、流动性紧张、信贷资金不足。在此情况下，既能大幅降低境外上市公司负债率、拓宽企业融资渠道、改善资本结构、增加企业再融资能力，又能使得银行在不占用信贷规模情况下创造盈利的新兴融资方式——永续债应运而生。 随着恒大永续债业务的开展，各大地产企业纷纷试水永续债，一时间，永续债成了一种炙手可热的融资方式。但目前，关于这一创新融资方式的研究较少，本文力争在全面、深入介绍这一融资方式的基础上，探讨其业务开展背后的动因及潜在的风险，通过对其深入的剖析，不仅有助于大家更加深入和全面的了解永续债这种新兴融资方式，对于地产企业创新融资方式以及商业银行监管套利的研究也具有一定的意义，也为金融当局的监管决策提供了一个参考。 The real estate industry, a pillar industry of the national economy, plays a veryimportant role in the social life. But in recent years,there are lots of factors thatworsen the industry’s financing environment which means essential to the real estateindustry’s development, such as shrinking size of bank credit, low level of the stockmarket, limit of the real estate trust financing, as well as high price of thedebt-financing. The banking system,which is the most important funding sources ofthe real estate company, lack of liquidity and credit funds, under the government’smacro-control and interest rate liberalization. In this case, the perpetual bond, anemerging financing model which can helps not only broaden the financing channels,increase corporate cash flow and reduce asset-liability ratio in the mean time for thereal estate business, but also allow banks to make profits without occupying creditscale, came into being. After Evergrande Group‘s application of perpetual bond, other major real estatecompanies follow,which makes perpetual bond financing hot. But up till the presentmoment, the research on this innovative financing model was still not enough, sothis paper strives to present a comprehensive, in-depth perspective of this financingmodel and also explore the motivation and the risks behind.Through this,it can makea contribution to the research of the real estate company 's innovative financing modeland Commercial bank‘s regulatory arbitrage, and provide a reference for the financialauthorities to make regulatory decisions.

关 键 词： 永续债 动因分析 风险分析

领　　域： [经济管理]