摘要：房地产业是国民经济的基础性和先导性产业，属于国民经济发展的重要行业之一，对社会经济的持续稳定增长具有举足轻重的作用。近几年，房地产投资比重大，投资增幅持续增高，贷款业务成倍增长，面对这样的情况，房地产企业如何进行合理化的负债融资成为企业发展的重要问题。为此，房地产企业只有通过合理的融资方式，保持合理的资产负债率，选择合理的融资渠道，才能进一步保证企业资本增值，增加企业收益，减少企业财务风险。

　　　本文综述了国内外学者对负债融资的研究成果，概述了负债融资的基本理论，阐述了负债融资的主要来源，分析了万科股份有限公司负债融资的现状，探讨了该公司负债融资的成因和影响因素，针对其负债融资现状，提出了选择合理的负债融资结构，优化万科股份有限公司的负债融资建议。

关键词 万科股份有限公司；资产负债率；负债融资

Abstract：The real estate industry is the foundation of the national economy and the leading industry, one of the most important industry of national economic development, has play a decisive role to the social economy sustained and stable growth. In recent years, the real estate investment is large, the growth rate of investment continued to increase and loan business doubled, in the face of such a situation, how to carry on the reasonable real estate enterprise debt financing has become an important issue in the development of enterprises. Therefore, the real estate enterprises only through reasonable financing modes, to maintain a reasonable debt ratio, the selection of a reasonable financing channel, to further ensure the capital increment, increase revenue, reduce the financial risks of enterprise

　　　This paper summarizes the research achievements on debt financing by scholars both at home and abroad, summarizes the basic theory of debt financing, the main source of debt financing, analyzes the present situation of China Vanke Co., Ltd debt financing, discusses the causes and influencing factors of debt financing of the company, according to the current situation of the debt financing, debt financing structure reasonable, optimization of China Vanke Co., Ltd debt financing proposals.

Keywords   China Vanke Co., Ltd   Capital Debt Rate   Debt Financing