会计学院知识库

当前，“租售并举”背景下，房地产行业竞争开始转向租赁住房市场。房地产企业纷纷探索轻资产化转型，以谋求新的发展机遇与方向。相关企业竞争战略升级将引起新一轮融资需求。一般而言，企业融资难易程度将深刻影响到企业战略规划制定与实施效果。2020年“三道红线”政策的推行进一步加大了房地产企业的融资难度，为了在困境中谋求突破与发展，房地产企业开始积极探索多元化融资路径，房动产信托投资基金（REITs）受到了越来越多的市场关注。本文以华发股份为研究对象，通过分析华发股份发行REITs前，企业面临的融资结构问题与转型升级的新需求，围绕华发股份租赁住房REITs融资动因、特点和发行流程等，利用现代资本结构理论与财务分析指标，结合企业资本结构最优化目标，分别从对资产负债结构的优化路径，降低融资成本，提升企业净资产收益率，对公司剩余价值提供正向反应等方面探究华发租赁住房REITs对企业资本结构的优化路径。最后，为保障我国REITs的顺利发展，缩小与国际标准化REITs的差异性，发挥规模效应，本文结合我国REITs发展现状，针对性提出相关保障建议，包括积极推进标准化REITs实践、保证底层资产质量、完善增信保障措施、积极落实相关法律和风险控制制度等。

At present, under the background of "rental and sale", the competition in the real estate industry has started to shift to the rental housing market. Real estate companies are exploring asset-light transformation to seek new development opportunities and directions. The upgrading of the competition strategy of related enterprises will cause a new round of financing demand. The implementation of the "three red lines" policy in 2020 has further increased the difficulty of financing for real estate companies, and in order to seek breakthroughs and development in the difficult situation, real estate companies have started to actively explore diversified financing paths. Real estate trust investment funds have received more and more market attention.

This paper takes Huafa shares as the research object, through analyzing the financing structure problems faced by enterprises before Huafa shares issued REITs and the new demands of transformation and upgrading, focusing on the motives, characteristics and issuance process of Huafa shares rental housing REITs financing, using modern capital structure theory and financial analysis indexes, combined with the goal of optimizing enterprise capital structure, respectively, from the optimization path of asset and liability structure, reducing The objective of capital structure optimization is to explore the optimization path of Huafa's rental housing REITs in terms of optimizing the capital structure, reducing the cost of financing, improving the return on net assets, and providing a positive response to the residual value of the company. Finally, in order to guarantee the smooth development of China's REITs, narrow the differences with international standardized REITs, and bring into play the scale effect, this paper puts forward relevant safeguard suggestions targeted at the current situation of China's REITs development, including actively promoting the practice of standardized REITs, ensuring the quality of underlying assets, improving the credit enhancement safeguard measures, and actively implementing relevant legal and risk control systems.