我国房地产行业融资问题分析

【作者】 阎兆一；

【导师】 刘园；

【作者基本信息】 对外经济贸易大学 ， 金融学， 2003， 硕士

【摘要】 房地产业是国民经济中的重要行业，由房地产的开发、经营、销售和服务等组成。房地产的发展可以带动一系列相关产业的发展，为社会提供就业机会，加速国民经济的发展。房地产业的发展可以带动建筑、建材以及冶金等50多个物质生产部门的发展，并引发住宅消费等产业。房地产金融是房地产业发展的保障，也是我国调控房地产市场和促进房地产消费的主要手段。房地产建设涉及面广，规模大，投资大，一般在几百万乃至上亿元。在房地产投资额中，自有资金仅占一小部分，大部分资金是通过银行或其他金融机构筹集的，房地产业的发展大量地利用银行贷款，带动了银行业的发展；而银行业的发展特别是银行取得贷款资金方式的增加，反过来又会促进房地产的发展。二者相互促进，相互发展。首先，现阶段房地产业迅速发展而房地产金融发展滞后,其直接的结果是房地产业的发展对金融业的依赖性越来越强。在房地产业的资金来源中,银行信贷要占到60%,房地产贷款余额占商业银行各项贷款余额的比重更是高达7.8%。这两项统计数据让央行"寝食不安",为了"提前"防范房地产贷款快速增长中所隐含的风险, 为此央行出台了121号文件,要求商业银行从土地、开发、施工和销售等各个环节加强贷款管理。央行收紧房贷新政策的出台,也把如何拓宽房地产业融资渠道的问题再次凸现了出来。　　同时,我们也注意到,自去年以来,以往制约房地产金融 注释1发展的相关政策开始逐渐"解禁",房地产企业获取资金的渠道也开始不断拓宽。以采用信托方式融资为例,去年下半年以来全国发了10多个信托计划,如上海国投的新上海国际大厦信托项目和北京国投的"三环新城"信托项目等；以发行企业发债为例,上海金茂大厦用大厦做抵押,发了10个亿的企业债券；以房地产投资基金注释2为例,新加坡上市企业嘉德置地联合欧美60家投资基金,成立了拥有数十亿资金规模的嘉德中国地产基金。这表明,我国房地产业的融资渠道在不断拓展。　　在制约房地产金融发展的相关政策"开始解禁"后,相信央行今后会出台相关的政策,来促进和发展房地产金融工具的创新,例如资产证券化、房产信托、企业债券、房产抵押等,以此来推动和发展我国的房地产金融市场。　注释1：参见 郑之杰《房地产金融》，中国财政经济出版社 第21页注释2：参见 任映国 《投资银行与金融工程》经济科学出版社 P332<WP=6>其次，我国商业银行目前在经营管理上还普遍存在制度缺陷，具体表现在：授权授信缺乏制衡；资产负债比例管理和风险管理不落实；信贷风险管理体制不科学，抵押贷款担保和信贷资产管理责任制流于形式；财务会计制度不健全；资本金充实制度和风险补偿制度不健全等。商业银行对房地产信贷中出现的一些新问题也研究不足，业务能力不强，并且还出现恶性竞争等问题，造成信贷风险隐患。从市场的保障制度来看，我国目前社会信用制度、信用保证体系、公证抵押等法律体系也还不健全。此外，商业银行的资金来源主要是短期储蓄存款，所提供的贷款主要也是短期流动贷款，这对需要长期资本的房地产企业来说，还是不适应当前市场的需要，不能保证房地产业的持续发展，相反却成了房地产业发展的一个限制性因素。因此，为了增加资金来源渠道，分散资金风险，拓宽融资渠道，解决开发商资金紧缺的心病，建立全面的房地产开发融资体系已迫在眉睫了。当然，这并不表明银行等金融机构在融资体制中不再重要，相反，这种转变为银行融资机制拓展业务范围，创造新的融资产品，开拓市场空间提供了机会。 第三，目前我国房地产业投融资投融资体系还存在结构不合理的问题，主要表现在间接融资比例过大，直接融资比例过小，使商业银行承受了较大的金融风险压力。从商业银行间接融资和资本市场直接融资两个方面的比较上看，国际上把房地产业的资本化程度作为衡量该产业成熟与否的主要标准，而去年我国房地产开发企业资金来源的统计显示，企业自筹资金不足28%，银行融资占21.7%，建筑公司的工程垫款和购房者的预付款占38%，在资本市场的直接融资仅占总量的十分之一。在直接融资上，许多房地产开发商自然想到上市，推行房地产证券化，向社会大众筹集开发资金，通过证券化吸收多元化投资主体，让民营企业和社会个人投入新的资金，形成规模经济，降低房地产公司的投资风险。目前，我国2.5万余家的房地产企业中只有50多家实现了在证券市场上市融资，其数量同其在国民经济中的地位极不相称。但实际上资本市场并不过于看好房地产业。房地产开发项目本身具有现金流不均匀、投资回收期长，业绩变化大等特点，在股市上往往表现为劣势。从这几年的实际情况看，房地产板块的利润水平一直接近最下游。新的公司上市规则似乎放宽了上市限制，但券商等中介机构将承担完全责任，暗箱操作已无必要。在新规则面前，真正有实力，守规矩的开发商可以顺利上市，而在目前开发商数量过多.信用水平普 遍低下的情况下，欲通过<WP=7>大规模上市解决行业性的资金短缺，似乎并不现实。融资无疑是一把横在开发商头上的双刃剑，目前路虽不好走，但未来要走的路却很多。对于房地产业来说，扩大融资途径将是一场必须的革命，传统模式中以开?更多还原

【Abstract】 The real estate industry is very important in the national economy system. It consists of development、operating、marketing and service industry etc. The real estate industry can drive a series of related industries to develop and provide more employment opportunities to accelerate national economy development. The development of real estate industry can drive architecture、materials、metallurgy about fifty product sections to develop and cause home consume development. The real estate finance will guarantee it’s industry, it also is the main way to adjust market and accelerate consume. The real estate industry building involves wide limit, large scale and large amount invest about several millions and billions. In the quantity of invest, it is a small amount of their money own and large amount of money was collected from banks. On hand real estate industry’s development need a lot of money to loan from banks that improves the development of banks, the same reversely. Two will accelerate and develop each other. Firstly, for long time, primarily suffering the policy factors from limit and affect, the direct result is real estate industry has counted on financial industry more and more strong. In the funds source of the real estate industry, bank credit occupied 60%, The proportion of the balance real estate loan occupied the balance of commercial was also high to amount to 7.8%. These two statistic data let the Central Bank of China have not peace of mind day and night, how to advanced against the risk of the loan of the real estate to quickly increase , the Central Bank of China set No. 121 document, requested the commercial bank to enhance the loan management about the land, development, construction. The Central Bank of China set the tight mortgage policy, and how to breadth real estate industry way of the problem was again come out again.. At the same time, we also noticed that the former financial related policy limited the develop of real estate has began to relax gradually since last year, the channels of real estate getting money began to broaden continuously. As the<WP=9>example to adoption trust way to margin, all of the county has set more than ten trust plans since the later last year ,including international mansion in new Shanghai for trust planning, the Peking country of" three new city of wreaths" etc. As the example of enterprise to set loan, Shanghai golden mansion to do mortgage with mansion to put out business enterprise bond of 10 hundred millions; as the example of real estate investing fund, Singapore with the real estate unite 60 investment funds of Europe and America to establish own one billions scale JiaDe Chinese real estate funds. It indicated our channel of real estate industry was continuously expanding. After relaxing the limit to related policy of real estate financial development, the Central Bank will put out related policy definitely to promote and develop the innovation the tools of real estate, for example property stock certificate house property trust, business enterprise the bond, house property mortgage etc., to accelerate and develop our country’s real estate finance. Secondly, at present our Commercial Banks have system objection at management. Concretely, authorize the right and trust lacking balance; the management of property of capital loan and risk can’t put into effect; the management of credit risk isn’t science, etc. Commercial Bank is lack at studying and operating capability on some new problems in real estate credit, moreover come out bad competition problems that bring credit risks and hidden troubles. Seeing from system in guaranteeing of market, law systems of our country` s society trust system、 trust ensuring system、justness mortgage etc are not sound. Moreover, Commercial banks’ resources are short term saving that provide mainly short term flowage loan. It also isn’t fit for need of present market and can’t guarantee real estate industry’s continuous development. On the contrary, it has become a limited factor.更多还原