【作者】 鲁丹；

【导师】 魏建国；

【作者基本信息】 武汉理工大学 ， 产业经济学， 2013， 博士

【摘要】 2010年以来出于对房地产市场过热和民生问题的考虑,政府收紧了房地产贷款和购房投资的资金供给量,这造成了以资本为支撑的房地产业的巨大的资金供给缺口。我国的房地产金融创新也正是在这种宏观背景下产生和发展起来的。当然,由于信息不对称、机会主义行为和委托代理等制度问题的存在,也阻碍了房地产金融创新的健康发展,这也是需要引起我们重视的问题。基于以上背景,如何克服我国的金融市场的不成熟和不完善,通过何种制度安排来促进我国房地产金融创新的合理规范发展是非常值得研究的新课题。本论文综合运用新制度经济学中交易成本理论、产权理论、契约理论、制度变迁理论和博弈论等相关学科的理论和方法,重新界定房地产金融的制度创新内涵。通过分析了房地产金融创新中的制度问题和各个利益主体的微观利益结构,在制度安排方面提出了促进我国房地产金融创新政策建议。全文主要研究内容如下：本文首先对房地产金融创新的相关概念进行定义,并在此基础之上概述了国外房地产金融创新的发展状况,包括房地产金融工具创新、组织创新和监管创新。通过构建新制度经济学的理论分析框架,将金融交易成本、金融契约、金融产权、金融制度变迁等概念引入房地产金融创新的研究范畴,从契约理论的角度界定了房地产金融创新的制度内涵,认为房地产金融创新从本质上具有契约性质,其产生和发展都有其内在的制度逻辑,这为后文的研究奠定了基础。从制度的角度对重新审视房地产金融工具的创新、组织创新,认为金融创新的契约本质决定了房地产金融创新中的关系治理的必要性。运用交易成本理论和不完全契约理论进一步分析了房地产金融创新中契约关系的治理问题,提出金融合约的标准化是解决这些复杂关系的有效途径。从金融创新与监管的互动关系出发,对房地产金融监管制度的供给和需求进行了具体的分析,进而得出房地产金融监管创新和变迁的制度逻辑。只有针对房地产金融工具创新和组织创新的问题根源,并实施相应的监管制度创新,才能提高金融监管的有效性和控制金融风险。以房地产金融创新中各个主体之间的博弈关系为基点,建立了以房地产企业、金融机构、金融投资者和监管者为主要参与者的博弈模型,通过分析金融机构与房地产企业、金融机构与投资者、金融机构与监管者以及金融机构与金融机构之间的微观利益结构,进一步说明了房地产金融监管在金融创新中的重要作用。在制度安排方面,以我国房地产金融市场的宏观调控为背景,通过分析近三年来我国房地产金融创新的现状、问题及其原因,并据此提出了我国大力发展房地产金融创新的重要意义。在结合房地产金融创新的理论分析和我国具体国情的基础上,从政策和法制层面上,提出了促进我国房地产金融创新的相关制度安排和若干政策建议。综合各部分的研究,本文认为,促进我国房地产金融创新的思路应该从金融监管的创新和相关配套制度的建设入手,构建了包含产权保护制度、信息披露制度、人才培养机制和创新激励机制在内的“全方位”的制度框架,从宏观和微观两个层面推动我国房地产金融创新的可持续发展。更多还原

【Abstract】 Since2010, from the consideration of the overheated real estate market and people’s livelihood issues, the government tightened the the money supplement for the real estate enterprises and real estate investment in the credit market, which resulted in a huge gap between the funding supplement and demand in real estate financial market. Chinese real estate financial innovation has come in to being and developed under this background. Due to asymmetric information, opportunism and the principal-agent problem, there are still many problems in the development of our real estate financial innovation.Based on this background, how to overcome the immaturity and imperfect of the financial markets in China and promote the reasonable development of standard real estate financial innovation though building institutional arrangements is very new subject worthy of study.In this paper, comprehensive using the theory of transaction cost, property rights, contract theory and institutional change in new institutional economics, and the other relevant methods such as game theory, we redefined the connotation of the real estate finance innovation system. After the analysis of the microscopic interest structure of all stakeholders and the governance issues of the contractual relations in the innovative real estate financial investment instruments, we promoted some recommendations about institutional arrangements for our policy maker.The rest of the paper is structured as follows:Firstly, we defined related concepts of the real estate financial innovation. Based on these summarizes, this paper gave an overview of foreign real estate financial innovation, including the innovation of real estate financial instruments, organization and regulation. By constructing the analysis framework of the new institutional economics theory, introduced the concept into the scope of our study, such as financial transaction costs, financial contracts, financial property rights, financial institutional change. From the perspective of contract theory, we defined the contractual nature of the real estate financial innovation. So, the emergence and development of the system has its own inherent logic, which laid the foundation for later research.From the perspective of institutional innovation, we reviewed the innovation of real estate financial tool and organization. We believed that the contractual nature of financial innovation determined the necessity of transaction relation governance. Using the transaction cost theory and incomplete contract theory; we further analyzed the governance problem of contractual relationship in the process of real estate financial innovation, and proposed that standardization of financial contracts is an effective way to solve these complex relationships.From the interaction of financial innovation and regulation, this paper analyzed the supply and demand of the real estate financial regulation system, and then concluded the theoretical logic of real estate financial regulation innovation and changes. Only in view of real estate financial tool innovation and organizational innovation inherent problem, and implement the corresponding supervision institutional innovation. In this way, we can improve the effectiveness of financial regulation and control of financial risks.From game theory, we constructed the game model of real estate companies, financial institutions, financial investors and regulators, and analyzed the relationship of them. Based on these analyses, we further illustrated the important effect of real estate financial regulation in financial innovation.In the institution of innovation, this paper focuses on the background of real estate macro-economic control in China. Based on the analysis of empirical data, according to the characteristics of the domestic real estate financial innovation, problems and constraints, we believed that China should devote major efforts to developing real estate finance innovation combined with the capital requirements of the current real estate market. In the end, on the base of the theory analysis and Chinese specific national conditions, on the policy and legal system level, we put forward the relevant institutional arrangements and several policy suggestions to promote financial innovation of real estate in our country.Comprehensive content of each part, this paper argued that the idea of promoting China’s real estate financial innovation should focus on the financial regulatory system innovation and related supporting system construction. We should establish a "comprehensive" institutional framework which included property rights protection system, information disclosure system, talent cultivation mechanism and risk prevention mechanism to promote the sustainable development of real estate financial innovation in China from the macro and micro two aspects.更多还原