本文基于权变理论分析了房地产融资模式的选择,提出权变理论分析的四个框架:路径依赖、外部环境、内部环境、企业价值。并结合房地产行业进行具体分析。最后,通过对万科的融资模式进行介绍,对前文提出的理论进行了实践和检验。 Based on Contingency Theory, this paper analyzes the choice of real estate financing model and puts forward four frameworks of contingency theory analysis: path dependence, external environment, internal environment and enterprise value. Combined with the real estate industry for specific analysis. Finally, through the introduction of Vanke’s financing model, the theory put forward above has been put into practice and tested.