控制权、资本成本、现金流和中小房地产融资模式——以DH地产为例

Control Rights,Capital Cost,Cash Flow and Financing Mode of Small and Medium-sized RealEstate Enterprises—Taking DH Enterprise for Example

本文在比较各融资方式效率的基础上,基于控制权、资本成本和现金流的分析,提出了中小房地产企业融资模式确立的系统框架,并以DH房地产企业为例进行详细的说明。结论表明,无股权出让的融资模式和有股权出让的绝对控股融资模式对于DH地产都是可行的,各有利弊,要根据控制性股东个人对于控制权以及个人利益最大化还是企业利益最大化的偏好进行相机选择;利用股权出让获得银行担保贷款的融资模式,资本成本很低;部分控制权的转移,有助于企业绩效增长,但是,如果小股东过多,则搭便车现象严重,反而使企业绩效下降,二者之间应该存在一个均衡。

This paper brings forward a systematic frame for constructing appropriate financing mode based on control rights,capital cost and cash flow.Then we take DH enterprise for example to explain this frame.It can be concluded that either the financing model without equity to sell or the absolute equity-holding financing model with equity to transfer is feasible for the DH estate.As both advantages and disadvantages exist,the choice should be made according to the personal preference of the controlling shareholder,regarding the maximization of individual interests or enterprise interests.The financing model of using equity transfer to obtain the bank guarantee loan enjoys low cost of capital,and part transferring of the holding will contribute to the growth of corporate performance.However,if there are too many small shareholders,it will cause serious problems of free-rider,which will hinder corporate performance.Thus there should be a balance between the two.