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

1、（此文档为word格式,下载后您可任意修改编辑!）文献出处：Gotham C. The research of real estate enterprise capital managementJ. American Journal of Sociology, 2017,1（5）: 231-241. 原文 The research of real estate enterprise capital managementGotham CarlAbstract Fund is the blood of the real estate industry, reasonable and effecti

2、ve use of funds is the real estate industry continues to develop the fundamental guarantee. In the last ten years the real estate industry booming, for economic and social development and the improvement in peoples life has played a positive role. How to get enough development project funds, how to

3、reasonable and effective use of in the later project operation funds, how to accelerate the recycling of capital, speed up the turnover of capital and so become an urgent problem in the real estate enterprises. Therefore, in-depth theoretical research and practice of real estate enterprise capital m

4、anagement is to explore is necessary. This thesis mainly from the Angle of capital management to study and exploration of the real estate enterprises face funding problems, pay attention to the rationality of the source of funds, the stability of the capital use efficiency, capital circulation, in o

5、rder to provide help for the current real estate enterprises in a dilemma. Keywords: real estate companies, fund management, use of funds, the money back 1 Introduction Capital flow as the monetary form of real estate enterprise capital movement, real estate enterprise capital management is the main

6、 process and usage patterns on various aspects （financing, using, and reflux） as a whole. Real estate is a capital-intensive industry, capital requirements, long development cycle, risks, big, slow capital flow characteristics, strengthen the use and management of funds is the real estate enterprise

7、s to build core competitiveness, the control of the enterprise capital chain and grasp in their investment decision-making is particularly important. Government in recent years through the macroeconomic regulation and control measures such as finance, tax, and law and increase construction of afford

8、able housing means stable house price, in order to promote healthy development of real estate industry. Although these measures have played a positive role, but artificially high prices and no real is reduced, the real estate bubble is still there. Countries to keep the economy healthy and stable de

9、velopment, curb inflation and shrinking money, makes the external funding shortages and real estate business loans difficult; Continuous downturn of the stock market could make it difficult to capital market financing; Buyers wait-and-see attitude make housing volume shrinking. In the face of this s

10、ituation, many real estate development enterprises appear the situation of the financial strain; appear even the phenomenon of capital chain rupture. So the real estate enterprise capital management model can guide the enterprise capital management, improve the efficiency of enterprise capital opera

11、tion, the enhancement enterprise core competitive ability, eventually get the initiative in the intense market competition. 2 The research result of real estate enterprise capital management Due to the time of market economy established earlier, the financing environment has been quite mature, relat

12、ively standard and system, management of funds use more attention of people, especially in terms of financial mechanism, and financing channels related content, more foreign literature discussion and research. In many ways, not only the mature theory, but also has a strong operability. In the financ

13、ing theory, financing channels and so on a lot of research achievements. 2.1 Financing theory MM theory, balance theory, the optimal order theory In 1958, Modigliani and miller, an American scholar, in the American economic review on published an article called the theory of the cost of capital, cor

14、porate finance and investment. Author under certain conditions, through data collection and sampling survey of a large number of enterprises, through the practice of the strict mathematical model and the deduction, it is concluded that the MM theory, namely the enterprise itself or its market value

15、（shareholder value） related to the type of financing is not taken. Balance theory is put forward by Scott Meyers and balance theory is that the increase of the debt makes enterprises face greater debt pressure, caused the enterprise cash flow nervous, adding to the enterprise financial risk, and may

16、 even cause the enterprise bankruptcy liquidation. As companies increase debt, and corresponding to improve the enterprises financial risk and make the financial cost of additional, reduced the enterprise market value, and reduces the shareholder returns. Balance theory, therefore, should be combined with the characteristics industry and enterprise, by fully considering the use of financial leverage and corporate can withs