银海公司项目融资方案研究
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摘要
中国的房地产业是国民经济的支柱产业之一,但是房地产融资市场的发展相对较为缓慢。房地产业对金融市场具有高度的依赖性,因此,加快房地产融资市场的发展已成为整个房地产业所面临的紧迫课题。近年来,随着国家对房地产行业的宏观调控,为了应对融资困局,房地产公司开始试行多元化融资策略,诸如信托、基金、上市以及私募融资等形式开始频繁出现,房地产融资也成为业内最受关注的议题。
本文通过对房地产融资制度和策略的研究和比较分析,为健全房地产融资体系和创新融资策略提供理论依据;其次,通过深入分析多元化融资策略及其可行性,包括商业银行、信托公司以及保险公司,以及专业化的房地产投资基金等金融机构通过借助资产证券化、基金化等金融手段等,力图提出我国房地产融资制度和融资策略创新的初步建议。同时,通过对银海公司房地产项目融资方案的实证研究,提出各种融资方式的适用条件和融资策略的不同组合,力争从微观角度反映房地产企业实际融资需求并探讨房地产企业融资可行性策略及其操作性方案。
本文还归纳分析了国内外房地产金融理论研究和房地产融资制度的现状,集中专注于房地产融资策略和方案的研究,论文的创新之处主要包括融资策略创新、实务创新和监管政策创新等三个方面。本文对于房地产企业融资策略和项目融资实务具有一定借鉴作用,本文还针对性地提出了房地产金融领域内政府融资政策方面的措施和建议,为政府及相关研究机构提供了投融资政策建议。
Real Estate has been one of the mainstay industries of China's national economy, while the estate financing market has lagged behind. Owing to the great dependency of real estate industry over financial market, eupediting the development of estate financing market has become one of the urgent issues that the whole real estate industry faced. In recent years, real estate companies have tried diversified financing strategy in order to handle with the financing predicament following the country's macro control over real estate industry. The frequent emergence of financing strategy, such as trustee, fund, listing on capital market and private equity, etc., has made the estate financing the most concerned topic within the industry.
By studying and analytic comparison on the real estate financing system and strategy, the article provides a theoretical basis for the improvement and perfection of real estate financing system and financing strategy innovation; Thereafter, by thoroughly analyze diversified financing strategy and its possibility, including some financial means, such as securitization and fund, made by commercial banks, trustee company, insurance company and professional estate investment fund, the article tries to bring up some preliminary suggestions on Chinese real estate financing system and financing strategy innovation. At the same time, by analysis over the project financing strategy of Yinhai real estate company, the article comes up with the applicable conditions for different kinds of financing means and portfolio of financing strategies, reflecting the actual financing needs of real estate companies fro micro perspective, and discusses about the financing possibility strategy and operation scheme for the real estate companies.
The article also summarize theoretical research on the real estate financing from home and abroad and analyze the current situation of real estate financing system, focusing on the real estate financing strategy and scheme study. The innovative part of the article lies mainly on the innovation of financing strategy, practices and regulatory policy. The article can be used for reference on real estate financing strategy and project financing practices, it also brings up some suggestions and measures on government financing policy within the real estate financing field, providing investment and financing policy suggestions for government and related research institutions.
本文通过对房地产融资制度和策略的研究和比较分析,为健全房地产融资体系和创新融资策略提供理论依据;其次,通过深入分析多元化融资策略及其可行性,包括商业银行、信托公司以及保险公司,以及专业化的房地产投资基金等金融机构通过借助资产证券化、基金化等金融手段等,力图提出我国房地产融资制度和融资策略创新的初步建议。同时,通过对银海公司房地产项目融资方案的实证研究,提出各种融资方式的适用条件和融资策略的不同组合,力争从微观角度反映房地产企业实际融资需求并探讨房地产企业融资可行性策略及其操作性方案。
本文还归纳分析了国内外房地产金融理论研究和房地产融资制度的现状,集中专注于房地产融资策略和方案的研究,论文的创新之处主要包括融资策略创新、实务创新和监管政策创新等三个方面。本文对于房地产企业融资策略和项目融资实务具有一定借鉴作用,本文还针对性地提出了房地产金融领域内政府融资政策方面的措施和建议,为政府及相关研究机构提供了投融资政策建议。
Real Estate has been one of the mainstay industries of China's national economy, while the estate financing market has lagged behind. Owing to the great dependency of real estate industry over financial market, eupediting the development of estate financing market has become one of the urgent issues that the whole real estate industry faced. In recent years, real estate companies have tried diversified financing strategy in order to handle with the financing predicament following the country's macro control over real estate industry. The frequent emergence of financing strategy, such as trustee, fund, listing on capital market and private equity, etc., has made the estate financing the most concerned topic within the industry.
By studying and analytic comparison on the real estate financing system and strategy, the article provides a theoretical basis for the improvement and perfection of real estate financing system and financing strategy innovation; Thereafter, by thoroughly analyze diversified financing strategy and its possibility, including some financial means, such as securitization and fund, made by commercial banks, trustee company, insurance company and professional estate investment fund, the article tries to bring up some preliminary suggestions on Chinese real estate financing system and financing strategy innovation. At the same time, by analysis over the project financing strategy of Yinhai real estate company, the article comes up with the applicable conditions for different kinds of financing means and portfolio of financing strategies, reflecting the actual financing needs of real estate companies fro micro perspective, and discusses about the financing possibility strategy and operation scheme for the real estate companies.
The article also summarize theoretical research on the real estate financing from home and abroad and analyze the current situation of real estate financing system, focusing on the real estate financing strategy and scheme study. The innovative part of the article lies mainly on the innovation of financing strategy, practices and regulatory policy. The article can be used for reference on real estate financing strategy and project financing practices, it also brings up some suggestions and measures on government financing policy within the real estate financing field, providing investment and financing policy suggestions for government and related research institutions.
引文
[1]特瑞斯·M·克劳瑞特[美].房地产金融:原理和实践.经济科学出版社,2004.12
[2]刘亚臣.房地产经营管理.大连理工大学出版社2002.01.01
[3]丹尼斯·J·麦肯齐[美].房地产经济学.经济科学出版社,2003.11
[4]潘江红,周小斌.房地产与金融依存度分析[J].城市开发,2005.04
[5]施金亮 房地产融资.上海大学出版社,2004年11月
[6]陈怡,彭岩编著.房地产融资理论与实务.中国建筑工业出版社,2005
[7]邓宏乾 房地产金融.复旦大学出版社,2006年12月
[8]施金 亮房地产融资.上海大学出版社,2004年11月
[9]余宏 房地产经济学.人民交通出版社,2008年1月
[10]金碚主编 中国企业竞争力报告(2008).社会科学文献出版社,2008
[11]张红 房地产经济学讲义.清华大学出版社,2004.9
[12]朱光.房企融资又遇困局[J].城市开发,2008.04
[13]易宪容 房地产多元化融资:中国之发展[J].新金融,2005.6
[14]Jack Harvey.Urban land Economics,5~(th) ed.[A]MACMILLAN PRESS LTD,2000
[15]段湘姬 《我国中小型房地产企业融资的SWOT分析》 金融经济,Finance&Economy,2008年02期
[16]王希迎等.房地产企业融资新解.中国经济出版社,2005.2
[17]央行研究局课题组.中国房地产业发展和金融的支持,2004.3
[18]特瑞斯·M·克劳瑞特[美].房地产金融:原理和实践.经济科学出版社,2004.12
[19]韩丽.房地产企业融资方式研究[J].科技广场2008.06
[20]陈淑贤等.房地产投资信托:结构、绩效与投资机会.经济科学出版社,2004.5
[21]王秀军 我国房地产企业融资策略研究[J].赤峰学院学报,2008
[22]路君平 我国房地产金融的融资渠道探析[J].成人高教学刊,2004.05
[23]杨丽媪 夹层融资:看起来很美?[J].北京房地产,2006.02
[24]王希迎等.房地产企业融资新解.中国经济出版社,2005.2
[25]范如国.房地产投资与管理.武汉大学出版社,2004
[26]华伟主编 房地产金融学.复旦大学出版社,2004
[27]田奋飞.企业竞争力研究.中国经济出版社,2005
[28]Denise Di Pasquale,William C.Wheaton.Urban Economics and Real Estate Markets[A]Prentice Hall,Englewood Cliffs,NJ,1996:149-181.
[29]Dennis J.Mckenzie,Richard M.Betts.Essentials of Real Estate Economics.
[30]O Sullivan.Urban Economics 5~(th)ed[A].McGraw-Hill Higher Education,2003.
[31]John F.McDonald.The Fundamentals of Urban Economics.Prentice Hall,1990.
[32]搜狐网(http://www.sohu.com)
[33]新浪网(http://www.sina.com)
[34]住宅与房地产杂志社(http://www.zzyfdc.com.cn)
[35]中国住宅与房地产信息网(http://www.realestate.gov.cn)
[2]刘亚臣.房地产经营管理.大连理工大学出版社2002.01.01
[3]丹尼斯·J·麦肯齐[美].房地产经济学.经济科学出版社,2003.11
[4]潘江红,周小斌.房地产与金融依存度分析[J].城市开发,2005.04
[5]施金亮 房地产融资.上海大学出版社,2004年11月
[6]陈怡,彭岩编著.房地产融资理论与实务.中国建筑工业出版社,2005
[7]邓宏乾 房地产金融.复旦大学出版社,2006年12月
[8]施金 亮房地产融资.上海大学出版社,2004年11月
[9]余宏 房地产经济学.人民交通出版社,2008年1月
[10]金碚主编 中国企业竞争力报告(2008).社会科学文献出版社,2008
[11]张红 房地产经济学讲义.清华大学出版社,2004.9
[12]朱光.房企融资又遇困局[J].城市开发,2008.04
[13]易宪容 房地产多元化融资:中国之发展[J].新金融,2005.6
[14]Jack Harvey.Urban land Economics,5~(th) ed.[A]MACMILLAN PRESS LTD,2000
[15]段湘姬 《我国中小型房地产企业融资的SWOT分析》 金融经济,Finance&Economy,2008年02期
[16]王希迎等.房地产企业融资新解.中国经济出版社,2005.2
[17]央行研究局课题组.中国房地产业发展和金融的支持,2004.3
[18]特瑞斯·M·克劳瑞特[美].房地产金融:原理和实践.经济科学出版社,2004.12
[19]韩丽.房地产企业融资方式研究[J].科技广场2008.06
[20]陈淑贤等.房地产投资信托:结构、绩效与投资机会.经济科学出版社,2004.5
[21]王秀军 我国房地产企业融资策略研究[J].赤峰学院学报,2008
[22]路君平 我国房地产金融的融资渠道探析[J].成人高教学刊,2004.05
[23]杨丽媪 夹层融资:看起来很美?[J].北京房地产,2006.02
[24]王希迎等.房地产企业融资新解.中国经济出版社,2005.2
[25]范如国.房地产投资与管理.武汉大学出版社,2004
[26]华伟主编 房地产金融学.复旦大学出版社,2004
[27]田奋飞.企业竞争力研究.中国经济出版社,2005
[28]Denise Di Pasquale,William C.Wheaton.Urban Economics and Real Estate Markets[A]Prentice Hall,Englewood Cliffs,NJ,1996:149-181.
[29]Dennis J.Mckenzie,Richard M.Betts.Essentials of Real Estate Economics.
[30]O Sullivan.Urban Economics 5~(th)ed[A].McGraw-Hill Higher Education,2003.
[31]John F.McDonald.The Fundamentals of Urban Economics.Prentice Hall,1990.
[32]搜狐网(http://www.sohu.com)
[33]新浪网(http://www.sina.com)
[34]住宅与房地产杂志社(http://www.zzyfdc.com.cn)
[35]中国住宅与房地产信息网(http://www.realestate.gov.cn)