房地产融资工具流通研究.pdfVIP

摘要 摘 要 衣食住行，“住”是重要一环。自国家住房制度改革以来，房地产业作为支 柱性产业一直处于经济发展的浪尖，近年来随着产业更深层次的发展，很多潜 伏的问题随之显现，其中融资问题是制约房地产业发展最重要的瓶颈之一：发 展初期的开发商需要资金开发项目；发展期的企业需要资金维持项目；成熟期 的企业需要融资扩大规模，谋求进一步发展。所有的企业都希望融资，但所有 的融资大道都不太平坦：银行贷款有收缩的风险；信托、基金尚不成熟；企业 发债规模小；外资进入日趋谨慎；直接上市之路太窄等。总之，在证券化模式 尚未完全建立、融资工具流通平台亟需完善的条件下，房地产企业融资谈何容 易？理论界对此问题一直争论不休，虽然有很多不同的声音，但并没有形成一 个系统的理论来指导。 本文关注的焦点不再仅仅是新融资工具的提出，而是通过对现有国内房地 产企业主要融资工具的研究比较，得出在各融资工具存在的诸多问题中，多层 次融资工具流通市场的缺失是它们发展面对的共同障碍，而解决问题的关键就 是要借鉴国外的先进经验，大力发展和完善我国多层次房地产融资工具流通平 台。此外，通过融资工具流通理论分析，强调应辩证的看待融资工具的流通。 在积极搭建和完善我国房地产融资工具的流通平台的同时，还要吸取美国“次 贷危机”的教训，加强金融市场监管，防范新流通体系下的风险。 关键词：房地产融资；融资工具流通；多层次流通平台；风险防范 I 房地产融资工具流通研究 ABSTRACT Housing is an important element among clothing, eating, housing and walking. The real estate industry has been in the wave of economic development as a pillar industry since the housing system reform of the country. Recently, with the deeper development of the industry, a lot of potential problems have become apparent, and financing is one of the most important bottlenecks restricting the development of the real estate. The nascent company needs money to drive projects. The developing company needs money to operate projects. The mature company needs refinance to expand the scale and seek further development. In a word, finance is the most important thing in real estate industry. However, there are so many obstacles on the way to finance successfully. For instance, the contraction risk of bank credit, the immature of trust and fund markets, the small-scale of enterprises bonds and etc. In the meantime, foreign investment is more cautious and the road of direct listing is too narrow. In short, before the model of securitization has not been completely set up, and the circulation platform of financing tool has yet