房地产企业资金管理问题研究中英文外文文献翻译2017Word文档格式.doc

房地产企业资金管理问题研究中英文外文文献翻译2017Word文档格式.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,byfullyconsideringtheuseoffinancialleverageandcorporatecanwiths