文档介绍：天津大学
硕士学位论文
房地产开发企业融资模式研究
姓名:刘忠绘
申请学位级别:硕士
专业:工商管理
指导教师:杨宝臣
20040601
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中文摘要
从上个世纪 90年代后期开始,中国房地产业进入了一轮高速增长期。房地产行业是典型的资金密集型行业,巨额的贷款余额使传统融资渠道商业银行积累了巨大的金融风险。寻求新的多样化的融资渠道己成为迫在眉睫的问题。
本文主要研究了房地产企业融资创新方式。首先,对房地产业融资渠道的现状及其历史成因进行了全面系统的总结,指出了多元化融资的必要性和紧迫性。同时通过对证券市场股权和债权的融资方式及发展趋势的剖析,指出其尚不具备作为房企融资的主要途径的条件。在此分析基础上,本文重点研究了房地产信托融资方式的创新及其他融资创新模式:先介绍了信托业在国内外的发展历史与现状,进而重点分析了国内房地产信托融资主要方式,探讨了其规范化运作的模式,并分析了信托资金对房地产企业开发的影响,然后分析得出, 资金信托计划方式短期内将起到为房地产开发作"过桥资金"的作用,同时其发展趋势是主要面向中小房地产企业融资:而从长期来看,以基金形式运作的信托投资模式作为房地产业发展到高级阶段所采用的主流融资方式,将主要为收租型物业及大型房地产企业提供融资平台。
本文在全面总结各种融资渠道的基础上,通过优劣对比分析,提出了以信托业为核心的多元化融资模式,以支持作为国民经济支柱产业的房地产业的发展,同时化解商业银行金融风险。
关键词:房地产融资证券融资 资金信托投资信托基金
ABSTRACT
Since later stage of the -] 990s last centu巧, Chinese real estate trade has entered a rise period at a high speed. The real est创e trade is a typical intensive trade of fu时, the huge loan ba1ance makes mercia1 bank as the traditional fmancíng channeJ accumulate enormous fmancial risks. It already e extremely urgent problems to
seek the new diversified fmancing channels.
This thesÌs has researched the innovative ways of the real estate developing enterprisels fmancing mode mainly. Firstly,it has summarized overallly
systematically to current sÌωation and historical. OrigiD cause of fonnation of the
:financing channel of real estat飞 and has pointed 0旧 the necessity and urgency of pluralistic fmancing. By analysing the financing way and development trend through the stock right and creditorts rights of security market at the s创ne time,the thesis has pointed out its does not still possess the condition as the maîn way of rea1 estate enterprise fmancíng. On the basis of 伽is analysis,this thesis especia11y has
researched the innovation of the rea1 estate 位ust financing way and other innovative fmancing mode. At first, thesÎs has introduced de飞1eloping history and current situation at home and abroad of trust business,拉len has analys