文档介绍：华中科技大学
硕士学位论文
中小型地产企业合作开发融资探析
姓名:芦斌
申请学位级别:硕士
专业:工商管理
指导教师:王宗军
20061027
华中科技大学硕士学位论文
摘要
房地产业是我国的支柱产业之一,其健康发展对国民经济的发展起着重要作
用。而房地产业是资金密集型行业,因此有效地解决该行业的融资问题是促进其健
康发展的重要条件。据统计,在我国房地产业的资金来源中,银行信贷占到 70%以
上,房地产贷款余额占商业银行贷款余额的比重高达 %。在房地产发展比较成熟
的国家,开发企业的主要资金来源是通过债券、房地产投资信托、房地产产业基金
等形式来自行筹资。国内房地产业的一个软肋就是资金途径过于依赖银行贷款。
本文研究的基本思路是从房地产行业政策入手,分析了 2003 年以来,国家出
台的一系列意在遏制过热的房地产投资、防范金融风险的宏观调控政策。进而指出
在这样的宏观环境下,中小型房地产企业更是面临着严重的融资困境。作为一个资金
密集型的行业,关系着中小型房地产企业生存发展的融资问题自然被摆到了台面
上。
然后介绍了国内房地产业除银行贷款外的主要融资渠道的涵义和操作原理,比
较了各自的优劣,并指出这些融资渠道目前并不适合中小型房地产企业广泛采用。
最后根据实际情况提出:在当 p 前环境下,合作开发是适合中小型房地产企业
的融资途径。随后,具体介绍了合作开发的定义、合作开发模式、合作开发操作实
务和合作开发融资实例。

关键词:房地产融资;房地产信托;房地产产业基金;合作开发
I
华中科技大学硕士学位论文
Abstract
The industry of real estate is one of the supporting industries of our country, and its
healthy development plays an important role to the development of our national economy.
It is an important aspect of promoting it's healthy development to solve it's financing
problem effectively. As the statistics show, about 70% project fund of real estate
enterprises of our es from the bank loan directly or indirectly, and the
amount of real estate fund accounts for % of the sum mercial bank's loan. But
in the more developed countries, the main fund of real estate e from
direct fund such as bonds, real estate trusts, and industry fund of real estate. The
ing of real estate enterprises in our country is that they depend excessively on
commercial bank loan.
After the year of 2002, it is obvious that the development of real estate is too fast.
On this condition, the nation began to macro-control the real estate industry, many small
real estate enterprises face to the shortage of fund.
The thesis firstly analyzed the reason and influence of the single way of financing
and gave some advice to develop multi-channel financing. Then, real estate trusts,
industry fund of real estate and mortgage-backed securitization were reviewed. Finally,