【作者】 单连德；

【导师】 李鹏雁；

【作者基本信息】 哈尔滨工业大学 ， 政治经济学， 2006， 硕士

【摘要】 在发达国家成熟的房地产金融市场中,房地产企业融资模式的多样化为房地产企业的发展提供了有力的资金保障。而在我国,由于金融体制尚需进一步改革和完善,房地产融资体系有待健全。因此,研究我国房地产融资模式问题具有十分重要的现实意义。由于我国对房地产企业融资理论研究较晚,所以对于我国房地产企业融资理论的研究还处于起步阶段,尤其对我国房地产企业融资模式研究的不够深入,特别是我国房地产企业绝大多数规模小、信用差,以及金融市场的不健全等因素更增加了我国房地产企业融资的复杂性。基于以上原因,通过分析我国房地产企业的现有融资模式的现状及国外房地产企业成功的融资模式,对不同融资模式之间的对比分析,提出了在我国建立以房地产信托为核心的多元化融资模式,为我国房地产企业融资提供了一个新的渠道。以便突破目前房地产企业资金供给严重依赖银行的单一模式,为我国房地产融资创造更多的市场选择。提出建立适合我国国情的房地产投资信托法律规范,在规范中推动房地产投资信托的健康和稳定发展。形成良性运行决策机制、实现科学有效的执行机制、构建高效独立监督机制来达到对房地产投资信托的有效治理。房地产企业选择自己需要的融资方式,确定合适的融资规模以及利用各种融资方式的时机,制定最佳融资策略,提高我国房地产企业的融资效率,形成良性循环的融资机制,提升其竞争力,以促进我国房地产企业的成长与壮大。更多还原

【Abstract】 The mature real estate financial markets of developed countries provide diversified financing modes which secure the fund supply of real estate enterprises. In China, with a financial system in much need of further reform and improvement, the real estate financing system requires much enhancement. Therefore, the study on the modes of real estate financing in China is of great significance.Beginning late in China, the research of the theories of real estate financing is still in its infancy, and especially for financing mode there has been lack of in-depth researches. The financing for real estate corporations is further complicated with the vast majority of our real estate business being small-sized and poor credited, and the financial markets being undeveloped. In order to address the above problems, the paper, through the analysis of and comparison between the existing finance modes of Chinese real estate enterprises and the developed modes of foreign real estate enterprises, proposes a pluralistic financing mode with real estate trust as its core as a new channel of financing for Chinese real estate enterprises. This mode breaks apart from the current way of financing which is heavily dependent on bank financing, and thus provides more choices for real estate financing. The paper also advocates enhancing legislation on the real estate investment trusts in order to regulate the health and stable development of the real estate investment trusts, and facilitate the construction of favorable decision-making mechanisms, scientific and effective implementation mechanisms, and effective independent oversight mechanisms, and thus achieve effective management of real estate investment trusts. Real estate enterprises need to each choose their appropriate mode and scale of financing and make best use of various opportunities, and come to a best financing strategy. Thus doing enhances the efficiency of real estate business financing, creates a mechanism of virtuous cycle finance, improves their competitiveness and promotes the growth and expansion of the real estate business in China.更多还原