摘 要

近年来我国房地产行业存货逐年增加，企业存货的增多加大了企业的资金压力，而房地产企业的融资现状却没有多大变化，融资渠道仍然是以银行贷款为主。针对当前房地产行业的现状，国家提出了去库存的口号，推出了一系列政策。

本文选取了房地产行业中具有代表性的127家上市公司，首先是对房地产存货和企业融资的概念进行解释说明，然后收集分析房地产这一行业的近年来存货规模的变化情况及现状数据，其次收集分析与存货规模相对应的房地产上市公司融资状况的变化及现状的数据，将他们之间做出现状性的关系分析，随后通过对关键指标进行实证分析，进而探讨得出房地产上市公司存货与企业融资的关系。继而针对上述分析得出的房地产存货和融资的相关问题提出相应的结论和政策建议,最后对本文的研究进行总结和展望。笔者意在针对当前房地产企业存货规模大、融资难的情况下，通过本文分析得出房地产企业存货和融资的关系以期改善房地产行业的经营发展状况，为我国房地产行业的健康发展提出理论性的建议。

研究结果表明房地产存货与企业债务融资是负相关的，即房地产企业存货规模越大，企业负债融资额越少。

本文的特色：本文主要特色是根据我国当前房地产市场的宏观环境，通过实证分析得出房地产企业存货与企业负债融资的关系，为房地产企业合理控制存货规模，更好进行负债融资提供合理参考建议。

关键词：房地产上市公司；存货；企业融资

Abstract

In recent years, China's real estate industry inventory has increased year by year, business inventories increased the number of enterprise financial pressure, and the current situation of the financing of real estate enterprises did not change much, financing channels is still mainly bank loans. For the current status of the real estate industry, the state presented to the inventory slogan, introduced a series of policies.

This article has selected 127 listed Corporation representative of the real estate industry, first, the concept of real estate inventory and corporate finance will be an explanation, then collect and analyze recent changes in the size of the inventory data and the status of the real estate industry, change and current situation and next through the collection and analysis of relative scale and inventory should the real estate listing Corporation financing status data, they will make analysis of the relationship between, follow through the empirical analysis of key indicators, and to explore the relationship between the real estate listing Corporation that stock and enterprise financing. then, some conclusions and suggestions for issues related to stock financing and the analysis of the real estate. Finally, the research paper summarized and discussed. The author intended in the current real estate business inventories large scale financing situation for, in order to improve business development of the real estate industry to draw the relationship between real estate business inventories and financing through this paper put forward the suggestion of the healthy development of China's real estate industry.

The Research results show that real estate inventory and corporate finance is negatively related, that is, the greater the size of the real estate business, the less the amount of corporate debt financing.

In this paper, the main features of this paper is based on the macro environment of the real estate market, through the empirical analysis we can get the relationship between the real estate business inventories and corporate debt financing, for the real estate enterprises reasonable inventory control scale, better debt financing to provide reasonable suggestions.

Key Words：Real estate industry；inventory；business finance；

目 录

第1章 绪论 1

1.1研究目的及意义 1

1.2文献综述 2

1.2.1国外研究现状 2

1.2.2国内研究现状 3

1.3研究内容与方法 4

1.3.1研究内容 4

1.3.2研究方法 4

第2章.房地产上市公司存货与企业融资的理论分析 6

2.1房地产存货基本概念及特征 6

2.2影响房地产企业存货的因素 6

2.3房地产企业融资的主要渠道及特征 8

2.4房地产行业存货与企业融资的理论关系 8

第3章 房地产上市公司存货与企业融资现状分析 10

3.1房地产上市公司存货现状 10

3.2 房地产上市公司企业融资现状 14

3.3 房地产上市公司存货与企业融资之间现状的关系分析 18

第4章 房地产上市公司存货与企业融资关系实证分析 21

4.1房地产企业存货与企业融资方式的相关性分析 21

4.2模型设计 23

4.3回归分析及检验 25

4.4实证分析结论 29

4.5 政策建议 30

第5章 研究结论与展望 31

5.1研究结论 31

5.2 研究展望 31

参考文献 33

致谢 34