中国城市建设用地一级开发融资体系研究

【作者】 王旭升；

【导师】 张泓铭；

【作者基本信息】 上海社会科学院 ， 产业经济学， 2010， 博士

【摘要】 20世纪90年代以来,我国逐步确立了城市建设用地有偿使用制度。城市建设用地的有偿使用,包括两个层面,即土地的一级开发和土地的二级开发。土地一级开发是土地进入市场的源头,土地一级使用权的流向与流量决定了使用权在二级市场的流转与再配置。但是,关于土地一级开发的定义、范围和具体内容,我国一直没有很明确的界定。而我国社会主义制度下的土地制度的特殊性,又使得世界各国的土地一级开发的经验对我国有借鉴作用,但并不完全适用。特别是在土地储备制度推行之后,土地一级开发的主体是谁,土地一级开发采取什么模式,土地一级开发的资金从哪里来,这些问题都需要从理论上和实践上进行探索和解决。而在关于土地一级开发的问题中,最紧迫也是最核心的问题,是土地一级开发的融资问题。由于我国现有的土地政策、银行贷款政策、政府管理体制等各个方面原因,目前我国许多地区的土地一级开发因为资金不足处于停滞不前的状态,直接的结果是土地供给不足,最终导致房地产价格的持续上涨。因此,研究土地一级开发,解决其融资问题,对实现我国对房地产业的宏观调控,解决房地产价格持续上涨这一关系国际民生的问题也有重要的意义。基于土地一级开发问题的复杂性,本文在梳理和定义土地一级开发基本模式的基础上,重点探讨土地一级开发的融资体系的问题。为了探讨这一问题,本文对中国土地一级开发的现状及问题做了深入的研究,并且通过对土地一级开发两种模式交易费用的研究,得出土地一级开发适宜采取专业化的开发模式的结论。针对中国当前金融环境和背景,本文提出完善土地一级开发融资体系的总体构想。其一,是提出关于土地一级开发融资体系的理论分析以及完善土地一级开发融资体系的基本思路;其二,是针对我国土地一级开发金融的特点,提出如何建立土地一级开发融资的体系,综合考虑银行、基金、信托、债券等在土地一级开发中的地位和作用;其三,是提出土地一级开发融资体系的重点方向和工具。在对完善土地一级开发融资体系理论分析的基础上,围绕完善土地一级开发融资体系的重点方向,研究私募股权基金、房地产信托、房地产投资信托基金(REITS)三种金融工具提出了用于土地一级开发的实践构想。重点考察这几种金融工具的发展历史、在我国房地产业应用的基本情况、三种金融工具的特点等,探讨三种金融工具用于我国土地一级开发的理论可行性、应用的必要性以及运用方式的具体设想。进一步的,考察多种金融工具的交叉运用,提出实践构想。最后,从宏观层面探讨国家对土地一级开发融资体系的政策管理以及土地一级开发金融创新的营造等。本文的创新之处,首先在于对土地储备制度这一新的土地管理政策全面推行之后土地一级开发的基本模式问题做了较为全面的探讨,提出了土地一级开发在新的政策背景之下的创新模式设计。其次,针对土地一级开发中最核心的融资问题,提出了完善我国土地一级开发融资体系的理论分析和基本设想。这些基本设想的提出,既考虑了我国现有的土地制度和政策、现有的金融法规和政策的制度约束,同时又考虑了针对土地一级开发自身特点和未来的优化路径,因此,是一种创新的制度设计探讨。更进一步的,围绕完善土地一级开发融资体系这一基本构想,探索重点金融工具即私募股权基金、信托、房地产投资信托基金(REITS)在土地一级开发融资中的应用以及重点方向的突破,这是在当前我国土地一级开发金融工具使用基础实践的基础上,通过理论研究,对金融工具运用的进一步深化思考。更多还原

【Abstract】 Today first-level development of urban land becomes more and more popular in china. It is very important to solve the problem of how to finance in first-level development of urban land .As first-level development of urban land is new area not only in theory but also in action. It is necessary to build a study on finance in first-level development of urban land.The study focuses on financing of first-level development of urban land. We will talk about what is the basic model of finance on first-level development of urban land and who is the subject of finance and how to finance.To solve this problem the paper makes deep research on the reality of china’s first-level development of urban land. The paper analysis the relation between the government and the company who is awarded to develop urban first-level land and research the case and reality on china urban land development and find the problem on first-level development of urban land. The situation of finance on first-level development of urban land in china and other country also is studied. We find it is very special for first-level development of urban land in china depending on the china’s environment of real-estate and finance environment..The paper researches the character of finance on first-level development of urban land in theory and build basic model of finance on first-level development of urban land. It is the first time to build theory model to discuss the problem of finance on first-level development of urban land. From the model we can find five character of first-level development of urban land and the right channel for first-level development of urban land.To make further research the paper probes how different finance tools are used in first-level development of urban land. These tools include PE(private equity)\trust\REITS(real estate Investment Trusts).Every tool is be detailed studied in the character and the way to be used in first-level development of urban land.How to manage finance on first-level development of urban land is also be studied. It includes the policy on first-level development of urban land and how to build good finance environment.With the policy of land-bank is be carried first-level development of urban land will be more and more important. The paper sums up the case and the policy on china land development and conclude the basic model of finance on first-level development of urban land. The paper also investigations the road on how to use finance tools on first-level development of urban land. It will make sense on today china first-level development of urban land.更多还原