【作者】 张峥；

【导师】 叶永刚；

【作者基本信息】 武汉大学 ， 金融学， 2004， 硕士

【摘要】 企业孵化器是一种新型的社会经济组织，由于该种组织在推动高新技术产业发展、孵化和培育中小企业，以及振兴区域经济、培育新的经济增长点等方向发挥了巨大作用，引起世界各国政府的高度重视，孵化器也因此在全世界范围内得到了较快的发展。为了借鉴国际经验，更快推动我国企业孵化器健康成长，本文分四章对我国企业孵化器建设融资方式进行了研究，其中第一、二章主要论述了企业孵化器的发展趋势与价值内涵，发展企业孵化器的现实意义及存在问题；第三、四章重点研究了企业孵化器融资方式比较与优选，以及关于信托融资方案设计的若干问题。通过研究，本文得出以下几个主要结论： 一是孵化器房地产项目面临融资和房地产交易流动性不足等问题；二是发行信托是目前进入房地产开发有效的融资渠道，融资成本较低；三是降低房地产交易成本的有效途径是房地产证券化，通过房地产证券的交易来在一定程度上回避房地产交易成本较高的问题，实现房地产的高流动性；四是就目前而言，通过发行信托可以实现孵化器房地产融资和流动性两方面的目标，就后续投资项目而言，基金是更好的融资方式；五是信托基金可以采取债权和股权两种形式进入孵化器房地产项目，信托基金采取股权形式进入是国际上主流的房地产信托模式，也可以更好地实现房地产流动性的目标，由于目前国内信托主要是债权信托，在进行信托方案设计时可以考虑将债权信托和股权信托结合起来，实行比例灵活调整；六是为了提高信托凭证的流动性，达到房地产流动的目的，孵化器管理方可以借鉴产权交易的模式，设立专门的房地产信托权益凭证交易平台，同时引入做市商制度；七是考虑到未来设立基金的必要性，在发起设立房地产信托的过程中，孵化器管理方应该充分发挥作用，可以作为房地产信托的共同管理人，一方面降低信托投资公司的风险，提高信托投资公司参与本项目的积极性，另一方面也为未来发起设立房地产产业投资基金提供基础。更多还原

【Abstract】 Business incubator is a new kind of economical organization. It can promote the development of high technology, incubate the small businesses and etc. Thus, it has stirred up the interests of many governments. Because of this, it has developed much in recent years. In order to learn from international experience to accelerate the healthy development of Chinese business incubators, this paper discusses the financing methods of business incubators. There are altogether 4 chapters. The previous half of the paper (namely 1st and 2nd chapter), I mainly introduce the development trend and inner connotation of business incubators. Besides, I reveal the significance and existing problems of business incubators. In the last half of the paper (namely 3rd and 4th chapter), I emphasize in the comparison and selection of the financing method. The most important of all, I set forth the issues relating to the trust financing method.In the end of the research, I make some conclusions as below: 1st, the business incubators face the problem of lack of money for the real estate, and the liquidity of the real estate. 2nd. Issuing trust is the relatively the best way to finance the real estate, together with lower cost. 3rd. the efficient way to decrease the cost is to securitize the real estate. 4th, in the initial stages, to issue is the best way to finance the real estate. However, as for the subsequent investment, we can take fund into account. 5th, trust fund can go into the program either by way of stock investment or by way of liability. 6th, in order to facilitate the flow of trust warrant, business incubator itself can serve as market-maker. 7th, the business incubator should better be the common manager of the trust warrant. In doing so, it can not only reduce the risks, but also lay foundation for the future fund’s needs.更多还原