目录摘要......................................................1关键词....................................................10前言....................................................21相关概念界定............................................31.1永续债的概念.................................................31.2永续债的特点.................................................32永续债融资的理论基础....................................42.1资本结构理论.................................................42.2财务杠杆理论.................................................52.3财务弹性理论.................................................53房地产上市公司永续债券融资现状分析——以恒大集团集团为例63.1恒大集团永续债融资背景.......................................63.2恒大集团永续债融资的原因分析.................................94恒大集团永续债融资对企业财务的影响分析.................104.1偿债能力分析................................................104.2盈利能力分析................................................114.3信用评级分析................................................124.4营运能力分析................................................124.5综合财务分析................................................134.6恒大集团永续债融资面临的风险................................1315结论和建议.............................................145.1结论........................................................145.2建议........................................................14致谢...................................................1615参考文献...............................................16152房地产上市公司永续债融资问题研究——以恒大集团集团为例学生姓名：加央罗布专业方向：指导老师：陈琛教学单位：经济与管理学院摘要：房地产业具有开发周期长，投资大，投资回收期长的特点。目前我国的上市房地产企业比较倾向于优先考虑外源间接融资方式来筹集资金。然而，在许多房地产企业正在努力圈地的节点上，关于房地产企业的债券融资渠道以及其他融资渠道政策已经开始收紧，致使永续债成为房地产企业的融资的新宠。目前，对这种创新融资方式的研究很少。本文旨在通过全面深入地介绍这种融资方法，探讨其业务发展背后的问题和潜在风险。通过深入分析，更全面地了解新的可持续债务融资方法。研究房地产企业创新融资方式和商业银行监管套利具有一定的指导意义，也为金融机构的监管决策提供参考。Abstract：Therealestateindustryhasthecharacteristicsoflongdevelopmentcycle,largeinvestmentandlongpaybackperiod.FormerlistedrealestatecompaniesinChinatendtogiveprioritytoexternalindirectfinancingtoraisefunds.However,atthenodeswheremanyhousingcompaniesaretryingtoencircle,therefinancingofhousingcompaniesandthefinancingchannelsforcorporatebondshavebeentightened,andpermanentdebtseemstobethenewfavoriteofhousingcompanies.Atpresent,thereisverylittleresearchonthisinnovativefinancingmethod.Thispaperaimstoexploretheproblemsandpotentialrisksbehinditsbusinessdevelopmentbyprovidingacomprehensiveandin-depthintroductiontothisfinancingmethod.Throughin-depthanalysis,amorecomprehensiveunderstandingofthenewsustainabledebtfinancingmethods.Itisofcertainguidingsignificancetostudytheinnovativefinancingmethodsofrealestateenterprisesandtheregulatoryarbitrageofcommercialbanks,andalsoprovidereferencefortheregulatorydecisionsoffinancialinstitutions.关键词：永续债恒大集团融资KeyWords：PerpetualdebtEvergrandeGroupfinancing10前言我国企业之间的竞争越来越激烈，特别是对房地产企业而言。在这个阶段，中国的房地产公司普遍存在资金不足和融...
